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Veteran Advisor

From the floor May 6

At the close:

The July corn futures settled 22 1/2 cents lower at $6.86 1/2. The July soybean contract closed 4 1/4 cents higher at $13.26. The July wheat futures settled 5 1/2 cents higher at $7.59 1/2. The July soybean meal futures ended $2.00 higher per short ton at $349.50. The July soyoil futures closed $0.04 lower at $55.69.

 

In the outside markets, the NYMEX crude oil is $1.93 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 54 points.

 

Mike

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At mid-session:

The July corn futures are  12 1/4 cents lower at $6.96 1/2. The July soybean contract is 3 1/4 cents higher at $13.25. The July wheat futures are 1 cent higher at $7.55. The July soybean meal futures are unchanged at $347.50. The July soyoil futures are $0.12 higher at $55.85.

 

In the outside markets, the NYMEX crude oil is $1.68 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 148 points.

 

New Informa Wheat Estimates:

SRW=418 million bushels

Winter wheat=1.44 billion bushels

HRW=792 million bushels

White=232 million

 

Mike

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At the open:

The July corn futures opened 2 cents higher at $7.10 1/2. The July soybean contract opened 13 cents higher at $13.36. The July wheat futures opened 22 cents higher at $7.77. The July soybean meal futures opened $2.10 per short ton higher at $349.60. The July soyoil futures are $0.47 higher at $56.21.

 

In the outside markets, the NYMEX crude oil is $0.04 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 142 points. Job growth numbers have surprised the stock market Friday.

 

Mike

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At 7:30am:

South Korea buyers have passed Friday on corn and soymeal tenders. They want to see the prices go lower. Some say the world buyers could re-enter the market next week.

 

Mike

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At 6:20am:

Early calls: Corn 12-14 cents lower, soybeans 5-7 cents lower and wheat 1-2 cents lower.


Trackers:

Overnight grain, soybean markets=Trading lower.

Crude Oil=$1.97 lower.

Dollar=Higher.

Wall Street=Seen trading higher, after yesterday's steep losses. Also, today, non-farm April payrolls numbers will be announced. 

World Markets=Asia/Pacific markets are lower, Europe miuxed.

 

More in a minute,

 

Mike

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8 Replies
Veteran Advisor

Re: From the floor May 6

You look lonely today, Marketeye!!

 

Hope that means most can be in the fields...

 

We're putting down Wednesday May 4 as the biggest corn planting day in history of Iowa agriculture

 

don't think we can go any faster than that, as we now hearing of guys getting done in western 1/3 of state, so daily planting pace will moderate just a bit...

 

I doubt the published numbers on Monday can capture full extent of what has been done, especially when so much is done on the weekends anymore....

 

Ray J

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Veteran Advisor

Re: From the floor May 6

I am lonely. But, I'm glad many are getting corn and soybeans planted. The talk on the floor is the traders are having trouble making money because the spreads are not cooperating. For instance, the 'out' months are not providing premium, as the prices are lower than the July contract right now.

 

Mike

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Senior Contributor

Re: From the floor May 6

Mike don't worry, we're still stuck in the office here in Ohio and Indiana to keep you from being too lonesome. The lakes in the fields are getting smaller but they are still there. No rain here yesterday but it moves back in this pm. I'm still projecting Ohio will remain at 1% planted on Monday's report. Looking at our long range forecast (if it is accurate) we might be able to start spreading fertilizer May 18th or 19th. ugh

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Senior Contributor

Re: From the floor May 6

In Ontario I understand there were a few tomato guys working yesterday down in Essex county near Windsor. Daughter saw some big outfits going near Kitchener. She saw a couple of 4 horse hitches and some three horse teams too. Kitchener is Amish country. Our ground was getting dry on top yesterday but showers early this morn. Only 4 mm by noon and went through heavy rain during a parts run so checked when I get home and only 1 more mm here to total 5 for the day, so far.

 

Now Mike I wish you could get a little more excitement in the markets. Corn down again, 22 and 14 cents. Gives me a spot price of $250/t. I sold some OC 10 days ago at $275/t. Beginning to think I should have got the shovel and broom out for that sale. 

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Veteran Advisor

Re: From the floor May 6

Good luck with those rains. Hey, ship me some pies from those Amish neighbors. They know how to bake them don't they? Anyway, excitement for the markets is hard to come by right now, with so much broad sell-off in the commodities sector. I have a strong feeling these funds will return.

 

Mike

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Senior Contributor

Re: From the floor May 6

pretty good chart damage this week. if we dont reverse higher very early next week, tops are probably in. im not sellin im just sayin! marketeye, with the fund money pulling out, where are they parking it? seems like alot of cash got pulled out of everything commodty related this week. seems its all about money flow and it is hot money, here today gone tomorrow.

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Advisor

Re: From the floor May 6

   I'd say a lot of fund money went into buying dollars by looking at how the dollar gained strength late this week.

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Advisor

Re: From the floor May 6

   Not a thing done around here southwest.   The "early birds" have their planters parked outside.  The dryest ground I have is pasture but it's still too soft to turn the cattle out on it yet.   Weeds are growing but sure ain't gonna spray anytime soon with mornings in the low 40 degree range.   Had frost Wednesday morning.

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