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Community Manager
marketeye
Posts: 3,133
Registered: ‎05-03-2010
0

Floor Talk August 20

[ Edited ]

JOIN US: The Successful Farming Marketing Academy

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At the close:

The Sep. corn futures clolsed 9 cents lower at $4.83 per bushel. The Dec. corn futures contract finished 10 cents lower at $4.75. The Sep. soybean futures contract closed 13 cents lower at $13.09, new-crop Nov. soybeans ended 13 cents lower at $12.90. Dec. wheat futures ended 8 cents lower at $6.46 per bushel.  
In the outside markets, the NYMEX crude oil is $0.96 per barrel lower, the dollar is lower and the Dow Jones Industrials are 43 points higher.

 

Mike

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At 11am:

At mid-session, the Sep. corn futures are trading 4 cents lower at $4.89 per bushel. The Dec. corn futures contract is trading 5 cents lower at $4.80. The Sep. soybean futures contract is trading 10 cents lower at $13.12, new-crop Nov. soybeans are trading 10 cents lower at $12.93. Dec. wheat futures are trading 1 cent higher at $6.54 per bushel.  
In the outside markets, the NYMEX crude oil is $0.82 per barrel lower, the dollar is lower and the Dow Jones Industrials are 56 points higher.

 

One analyst offers this summary of how the trade is nervous about the large short positions held by the hedge funds. She says, "Weather is still the key factor, even this late in the season. With all of the frost talk, soybeans are the biggest concern and have continued to push higher. What makes corn traders nervous is the record short position of the hedge funds that could make short-covering precarious if weather problems did indeed occur.  And the plantings story continues to remain unfinished, even as we head toward harvest. Needless to say, if FSA is even close in their plantings estimates the market is underpriced. Throw in an early frost and the market is heading for a serious price correction."

 

Mike

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At the open:

At the open, the Sep. corn futures opened 4 cents lower at $4.88 per bushel. The Dec. corn futures contract opened 5 cents lower at $4.80. The Sep. soybean futures contract is trading 8 cents lower at $13.13, new-crop Nov. soybeans are trading 9 cents lower at $12.93. Dec. wheat futures are trading 4 cents lower at $6.49 per bushel.  
In the outside markets, the NYMEX crude oil is $1.12 per barrel lower, the dollar is lower and the Dow Jones Industrials are 12 points higher.

 

Mike

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At 6:45am:
Early calls: Corn is seen 4-6 cents lower (old-crop), soybeans 10-12 cents lower (old-crop), and wheat 3-5 cents lower. Meanwhile, new-crop corn 5-7 cents lower and soybeans are seen 15-17 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.39 per barrel lower.
Dollar=Lower.
Wall Street=Seen lower, as tapering concerns mount.
World=Asia/Pacific stocks were lower and Europe's stocks are lower.


More in a minute,

 

Mike

Advisor
time:thetippingpoint
Posts: 556
Registered: ‎05-20-2010
0

Re: Floor Talk August 20

Hey, just for the record, USDA has IND beans at 74% G/E.

 

Those boys/girls need to "GET-A-LIFE".

 

50% might be more accurate. jmo

Veteran Contributor
docharing
Posts: 137
Registered: ‎05-14-2010
0

Re: Floor Talk August 20

Mike,

Clicked on the Marketing link and requested more info. That was yesterday morning, still no response. Is the class full already?

Community Manager
marketeye
Posts: 3,133
Registered: ‎05-03-2010
0

Re: Floor Talk August 20

docharing,

 

We're getting a lot of response. I'll follow up with you.

 

Mike