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Veteran Advisor

From the floor May 9

At the close:

The July corn futures settled 21 1/4 cents higher at $7.07 1/2. The July soybean contract closed 9 cents higher at $13.35. The July wheat futures ended 31 cents higher at $7.90 1/2. The July soybean meal futures settled $0.90 per short ton higher at $350.40. The July soyoil futures closed $0.60 higher at $56.29.

 

In the outside markets, the NYMEX crude oil is $5.41 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 53 points.

Mike

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More Wed. Preview Talk:

 

One grain merchandiser says the government is in a los-lose situation with Wed. S/D & Stocks Reports. He says, "As for Wednesday, I don't know what to think. Probably the biggest question going in is whether or not they show demand as being curbed currently. I haven't noticed it slowing enough to maintain any type of supply number at all. I have to believe that from the USDA's end it's a lose-lose situation. No matter what they come out with, someone is going to discount the numbers."

 

Mike

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At mid-session:

The July corn futures are 13 1/4 cents higher at $6.99 1/2. The July soybean contract is 10 cents higher at $13.36. The July wheat futures are 25 1/2 cents higher at $7.85. The July soybean meal futures are $1.10 per short ton higher at $350.50. The July soyoil futures are $0.56 higher at $56.25.

 

In the outside markets, the NYMEX crude oil is $3.62 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 46 points.

 

Mike

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At 10:40am:

Farm markets remain well supported. One analyst says hot,dry weather affecting the wheat crop in the HRW states, namely Kansas, is pushing the market higher. He says, "We are recovering today on weather. Midwest weather is ok now, but will get worse fast. So, planting progress will stay slow overall. Should have been some pretty good progress over the weekend in western areas, less in the east. We could see 30% or so of the corn in the ground. The forecasts should support prices if they are confirmed, the weather will not allow for tons more planting.  No doubt part of the move today is that we got overdone last week, but there is fundamental support to help things along."

 

For Wednesday's USDA May Stocks and Supply/Demand Reports the same analyst sees friendly numbers. He says, "Should be bullish reports on Wednesday, I think. Old crop changes should not be real big, and I think the average trade guesses show a tight situation into next year."

 

Mike

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At the open:

The July corn futures opened 8 1/4 cents higher at $6.94 1/2. The July soybean contract opened 4 1/4 cents higher at $13.30 3/4. The July wheat futures opened 16 1/4 cents higher at $7.75 3/4. The July soybean meal futures opened $1.10 per short ton higher at $350.60. The July soyoil futures are $0.45 higher at $56.14.

 

In the outside markets, the NYMEX crude oil is $2.23 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 14 points.

 

Mike

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At 6:05am:

Early calls: Corn 4-6 cents higher, soybeans 5-7 cents higher and wheat 12-13 cents higher.


Trackers:

Overnight grain, soybean markets=Trading higher.

Crude Oil=$2.79 higher.

Dollar=Lower.

Wall Street=Seen trading higher, as the market eyes meetings between the U.S. and Chinese officials. Also, there is new concern about Greece's debt problems. No data reports are scheduled to be released Monday.

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

 

Note: I drove from central Illinois to Chicago Sunday and noticed a planter in almost every other field. A lot of corn got planted from Bloomington to Chicago, along I-55.

 

Poll: How much corn do you think this afternoon's USDA Crop Progress will show planted?

A)   20%

B)   25%

C)   30%

D)   Over 40%

 

Thanks for taking part in this unscientific poll.

 

Mike

 

More in a minute,

 

Mike

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13 Replies
Senior Contributor

Re: From the floor May 9

You left out 0% for Ohio!

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Senior Contributor

Re: From the floor May 9

As you read on one other posts this weekend, alot of corn got planted in our NIowa area last week. We finished Friday and are going to start beans if this rain shower doesn't amount to much. Sounds like tomorrow in the 80's(first all year) and possible some of Wednesday are working days. By watching the radar maps all last week, it would be hard for me to understand alot got planted in the Eastern belt. We still have subsoil profiles that 1 inch of rain would put us out for a couple of days. Sounds like that could be in the cards for this system Wed/Thurs. I feel for those in those flood plains areas. It makes me sick looking at the pics. Can't imagine living around it every day....MikeM

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Veteran Advisor

Re: From the floor May 9

I guess I did. But, what's your estimate for the country's planting progress?

 

Mike

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Advisor

Re: From the floor May 9

Marketeye,

I am home for some R&R for a couple of weeks.  Been planting for a few days now, east central Iowa, we are 50% done.  Even had a tree planting party and planted 5 acres of trees!  From looking out the back door I would guess nation wide 25%, a lot of corn went in the ground over the weekend!  Contrary to what many say taking a break from the Navy and being able to run the planter is the best vacation one can have!

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Veteran Advisor

Re: From the floor May 9

tree fmr,

 

It's always great to hear when someone is on vacation. This past weekend, my wife's niece was running around the yard wearing a shirt that read "Every day is a Saturday". Wouldn't that be nice? Sounds like you are enjoying your time off from sea water and onto rich, black soil in Iowa. I agree, I think A LOT of corn went into the ground, over the weekend. It will be interesting to see if this afternoon's report reflects the heavy fieldwork Iowa did last week. Again, thanks for your service. I appreciate it and so do many others.

 

 

Mike

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Veteran Advisor

Re: From the floor May 9

Looks like more is coming to the eastern Corn Belt. Wow! Looks like the entire Corn Belt is getting rain today. Mike

 

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Senior Contributor

Re: From the floor May 9

Mike, you can keep those showers out west. I just went tromping in the mud to check our field conditions and had to leave the shoes at the door. My guess is it will take three more days to get on my driest field but 50% chance tomorrow and more friday makes this week a wash.

 

As for guesstimating what the USDA will show in their corn report it is hard to say from my view on farm country. Judging by posters here and elsewhere it sounds like Iowa and Nebraska will be in the 70%-80% range. Illinois at 40% Indiana and Ohio at 1%, and 20 to 30% in the northern belt. How that will add up for the national figure I'm not sure, lets say 33%. Again it is hard to see what's happening from our little paradise. Oh I just spotted a groundhog outside the window gotta go dust off the 22.

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Senior Contributor

Re: From the floor May 9

Freese-Notis is predicting 38% complete on corn.

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Contributor

Re: From the floor May 9

D. 40 % is my guess taking into consideration of  how fast it can go in with the nice weekend that we just had.

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