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Community Manager
marketeye
Posts: 3,180
Registered: ‎05-03-2010
0

Floor Talk August 23

[ Edited ]

At the close:

The Dec. futures corn contract settled 20 cents lower at $8.14 3/4. The Nov. soybean contract closed 12 3/4 cents lower at $17.15. Dec. wheat futures closed 22 1/4 cents lower at $9.05 1/2 per bushel. The Dec. soyoil futures contract is trading $0.07 lower at $56.76. The Dec. soymeal futures contract is trading $4.50 per short ton lower at $515.20. The Dec. soyoil futures are trading $0.07 lower at $56.76.


In the outside markets, the NYMEX crude oil is $0.91 per barrel lower, the dollar is lower and the Dow Jones Industrials are 115 points lower.

 

Mike

---------

At mid-session:

The Dec. futures corn contract is trading 14 3/4 cents lower at $8.20. The Nov. soybean contract is trading 13 1/2 cents lower at $17.14 1/4. Dec. wheat futures are trading 11 1/4 cents lower at $9.05 1/2 per bushel. The Dec. soyoil futures contract is trading $0.07 lower at $56.76. The Dec. soymeal futures contract is trading $4.50 per short ton lower at $515.20. The Dec. soyoil futures are trading $0.07 lower at $56.76.


In the outside markets, the NYMEX crude oil is $0.58 per barrel higher, the dollar is lower and the Dow Jones Industrials are 90 points lower.

 

Mike

---------

At 11am:

Corn and soybean prices fall, due to more profit-taking Thursday. Anybody surprised that the fresh export sales, this morning, haven't helped the market?

 

Mike

------

At the open:

The Dec. futures corn contract is trading 4 cents lower at $8.30. The Nov. soybean contract is trading 2 cents higher at $17.30. Dec. wheat futures are trading 2 1/4 cents higher at $9.19 1/2 per bushel. The Dec. soyoil futures contract opened $0.04 higher at $56.87. The Dec. soymeal futures contract opened $1.40 per short ton higher at $521.10. The Dec. soyoil futures are trading $0.04 higher at $56.87.


In the outside markets, the NYMEX crude oil is $0.42 per barrel higher, the dollar is lower and the Dow Jones Industrials are 83 points lower.

 

Mike

---------

At 8:15am:

HUGE fresh sales announcesd by the USDA Thursday:

--202,000 mt of U.S. soybeans sold to 'unknown' buyer for 2012-13 delivery.

--165,000 mt of U.S. soybeans sold to China for 2012-13 delivery.

--55,000 mt of soyoil sold to China Thursday.

 

Demand destruction my left foot!!

 

Mike

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At 7:30am:

USDA releases neutral Weekly Export Sales Thursday:

 

Corn=325,400 mt vs. the trade's expectation of between 200,000-500,000 metric tons
Soybeans=718,700 mt vs. the trade's expectation of between 400,000-800,000 metric tons.
Wheat=474,800 mt vs. the trade's expectation of between 300,000-400,000 metric tons.
Soybean meal=345,400 vs. the estimates of 150,000-300,000 metric tons.

 

--Japan seeks 320,000 mt of feed wheat, barley.

--Russia drops its grain output to 75.0 million tons.

 

Mike

 

----------

At 6:35am:

Early calls: Corn 1-2 cents higher, soybeans 2-4 cents higher, and wheat 5-7 cents higher.

 

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.87 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening higher, with U.S. Jobless Claims Report expected. In August, China's manufacturing dropped sharply.

World=Higher.

 

More in a minute,

 

Mike

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
0

Re: Floor Talk August 23

[ Edited ]

Does the trade look at the ProFarmer Tour numbers, or do they view it like I do.  Corporate write off.   

 

I can get the numbers that they come up with but when you look at the kernel size, test weight I think That will throw this yield way off.  

 

Community Manager
marketeye
Posts: 3,180
Registered: ‎05-03-2010
0

Re: Floor Talk August 23

highyields,

 

I think they watch it like they do a parade. When it goes by, they wave and oooh and awww. But, it's a short parade and everything is over before you know it.

 

Mike

Community Manager
marketeye
Posts: 3,180
Registered: ‎05-03-2010
0

Re: Floor Talk August 23

[ Edited ]

highyields,

 

 

If you want to know what the market is really watching, it's actual yields. Take a look at the results being reported, this week, in the Yield Monitor.

 

Mike

Frequent Contributor
frank232
Posts: 28
Registered: ‎07-07-2010
0

Re: Floor Talk August 23

The European wx model (most accurate out there) has a strong hurricane going into MS/AL on day 7...  This should cause a lot of oil production to shut down in the Gulf of Mexico in the next few days.  Watch oil soar...   Notice gold was way up today too...  Probably the talk of QE3...

Veteran Advisor
Palouser
Posts: 2,227
Registered: ‎05-13-2010
0

Re: Floor Talk August 23

It is amazing how many in ag and trade still do not understand that price/demand relationships for food and feed are not like for widgets in the industrial economic model. They DO NOT correlate at times of low supply and high prices.

 

Like the saying 'crops mainly grow', 'people mainly eat' and 'governments make sure they do' in order to retain power. 

 

'Food demand is mainly inelastic'.

Advisor
giolucas
Posts: 1,127
Registered: ‎06-25-2010
0

Re: Floor Talk August 23

Why are we falling ???? Any news....

Contributor
luckykid
Posts: 6
Registered: ‎05-04-2012
0

Re: Floor Talk August 23

More sellers than buyers !  Your living through what might be the bubble of all bubbles !!  Look at the open interest do you think there are any speculators.

Advisor
giolucas
Posts: 1,127
Registered: ‎06-25-2010
0

Re: Floor Talk August 23

[ Edited ]

Great Job Luckykid,

 

More sellers than buyers.   Thanks for not pointing out the obvious.  Also, for your first post what the hec are you talking about Bubble??  Shed some of your intelligence please.

Veteran Contributor
Kstater85
Posts: 114
Registered: ‎06-28-2012
0

Re: Floor Talk August 23

as always there are exactly the same number of buyers as sellers today.