Edwards Market Thoughts

5/22/2019 8:10am 

Yesterday it was reported by a news service that the Trump administration is considering payments of $2 per bushel for soybeans, 63 cents per bushel for wheat and 4 cents per bushel for corn as part of a package of up to $20 billion to offset farmers' losses from the trade war with China a news service reported.  They went on to say in their news story that more details will come Thursday.

The market reacted accordingly with soybeans hit hard with talk that more acres of soybeans would be planted in the areas due to the wet conditions.  Markets lower overnight on profit taking and funds willing to protect their short positions in the corn trade.  Short term the weather continues a wet bias and cool temperatures.

Mexico has lifted the tariffs placed on U.S. products last year after the U.S. agreed to lift it's tariffs against Mexican steel and aluminum. President Trump is urging Congressional leaders to pass the U.S./Mexico/Canada trade deal before taking up any other major legislation.  It would seem that the current parties in Washington would rather drag this out as a push for power.   

Beijing is ready to resume trade talks with Washington, China's ambassador to the United States Cui Tiankai said, as a top U.S. business lobby in China said nearly half its members are seeing non-tariff barrier retaliation in China due to the trade war a news service is reporting. 

Dow futures off 62 pts. Crude half a buck lower. US $ slipping negative.

Drier 5-day outlook enough to pressure corn trade overnight? Not that it creates a perfect planting window, but short-range maps are drier. NWS 6 - 10 forecast remains wet.

Funds have bought an estimated 164K corn contracts the previous 7 sessions and still have an estimated net short of 164K.

Where do we go from here? Thinking market may level off here a little bit continuing to watch weather forecast daily, and  Fund money direction. With a .40 plus cent rally off the lows, its a good time to reward the market and make some sales. Great opportunities to be locking $4 plus dollar corn out in Cn20 with some HTA Contract. Cash corn levels over $3.80, and new crop corn at $3.70 are great levels to make sales also. 

 

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Weather radar map

Sioux Center, Iowa (51250)

Current Conditions: Partly Cloudy
Temperature: 59°F Dew point: 48°F
Humidity: 67% Pressure: 29.57 in. Hg
Wind: 19 mph From: Southwest

Forecast

Wednesday
Weather condition
Hi: 61°
Lo: 44°
Thursday
Weather condition
Hi: 67°
Lo: 56°
Friday
Weather condition
Hi: 75°
Lo: 51°
Saturday
Weather condition
Hi: 72°
Lo: 49°
Sunday
Weather condition
Hi: 71°
Lo: 50°

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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes retrieved on May 22, 2019, 01:41:14 PM CDT
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
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Commentary
Ag Market Commentary -

Corn futures are mixed at midday, with nearby contracts lower and back months fractionally higher. Some traders are taking profits in the front

Wheat Mixed on Wednesday -

Wheat futures are showing mixed trade in most contracts on Wednesday. KC is steady to a penny higher, with CBT down 1 to 3 1/4 cents. MPLS is 1 to 5

Cotton Lower at Midday -

Cotton futures are trading 18 to 90 points lower in most contracts on Wednesday. USDA will release their weekly update to the Export Sales report on

Soybeans Higher at Midday -

Soybean futures are trading 5 to 6 1/4 cents higher in the front months. July soy meal is up $3.10/ton, with soybean oil 14 points in the green.

Hogs Slightly Lower on Wednesday -

Lean Hog are steady to 35 cents lower in most contracts on Wednesday. The CME Lean Hog Index was down 22 cents from the previous day @ $84.37 on May

Corn Mixed on Wednesday -

Corn futures are mixed at midday, with nearby contracts lower and back months fractionally higher. Some traders are taking profits in the front

Full commentary...


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