08-30-2012 06:42 AM - edited 08-30-2012 02:31 PM
VIDEO: Very interesting dialogue from the Chicago trading floor.
At the close:
The Dec. futures corn contract settled 5 cents lower at $8.08 1/2. The Nov. soybean contract settled 10 1/2 cents higher at $17.63 1/2. Dec. wheat futures ended 2 1/4 cents lower at $9.03 per bushel. The Dec. soyoil futures contract finished $0.05 lower at $57.25. The Dec. soymeal futures contract settled $5.30 per short ton higher at $535.30.
In the outside markets, the NYMEX crude oil is $0.81 per barrel lower, the dollar is higher and the Dow Jones Industrials are 77 points lower.
The Dec. futures corn contract is trading 1 1/2 cents lower at $8.12. The Nov. soybean contract is trading 6 1/2 cents higher at $17.59 1/2. Dec. wheat futures are trading 3 1/4 cents lower at $9.02 1/4 per bushel. The Dec. soyoil futures contract is trading $0.14 lower at $57.16. The Dec. soymeal futures contract is trading $4.80 per short ton higher at $534.80.
In the outside markets, the NYMEX crude oil is $1.36 per barrel lower, the dollar is higher and the Dow Jones Industrials are 93 points lower.
At the open:
The Dec. futures corn contract is trading 1 cent lower at $8.12. The Nov. soybean contract is trading 1 cent higher at $17.55. Dec. wheat futures are trading 1/4 of a cent lower at $9.05 per bushel. The Dec. soyoil futures contract is trading $0.03 lower at $57.27. The Dec. soymeal futures contract is trading $2.10 per short ton higher at $532.00.
In the outside markets, the NYMEX crude oil is $0.34 per barrel lower, the dollar is lower and the Dow Jones Industrials are 104 points lower.
USDA Weekly Export Sales:
Corn=134,700 mt vs. an expected 250,000-500,000 metric tons
Soybeans=721,400 mt vs. an expected 500,000-800,000 metric tons
Wheat= 509,300 mt vs. an expecte 400,000-700,000 metric tons
Sales are not lighting any fires. Corn sales are lower, beans are neutral, and wheat is neutral.
The Weekly USDA Export Report is coming up at 7:30am CT.
Here are the estimates:
Corn= 250,000-500,000 metric tons
Soybeans= 500,000-800,000 metric tons
Wheat= 400,000-700,000 metric tons
Soybean meal= 150,000-250,000 metric tons.
Early calls: Corn 1-2 cents higher, soybeans 3-4 cents lower, and wheat 2-4 cents lower.
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.11 per barrel lower.
Wall Street=Seen opening lower, ahead of more global economic reports and speeches from Fed Reserve Chairman Ben Bernanke and the European Central Bank's president at the world summit in Jackson Hole, Wyoming.
More in a minute,
08-30-2012 10:15 AM
up to 20" of rain southern beans. can't be great.
looks like 2-8" forecast in path as Isaac drifts nw, then n, ne-e. read that the air steering currents aloft are weak, so hopefully a wide swath will benefit. wind looks to be a diminishing threat north of La-Ar border.
08-30-2012 12:48 PM
"Have patience" in the corn market..............Well then, I hope that it is worth my while.
I've heard it called "hammer marketing" somewhere else......
08-30-2012 01:30 PM
sw, slower movement often translates into MORE precip. esp if it stalls out somewhere.
the way i understood the context, was also that storm could drift more westward or not as eastern as the forecasted path to curl across the I states.
these tropical lows have alot of energy in them & also draw more moisture from land atmosphere.
08-30-2012 02:01 PM
just meant it from the perspective of living far inland like w ks or w Iowa, It takes a lot of power and speed to get it inland without bleeding out. It takes some power to push it up hill. So this one will stay in the river channels( Mississippi and ohio) with localized flooding instead of spreading the moisture out all over the midwest.
Like trying to water the yard with one sprinkler and no pressure. One spot gets flooded and the rest gets very little.
It is amazing to me how much two things do for winter wheat in wks, colo, tex panhandle, w neb, etc---------------huricanes, and winter snow are key to a lot of our bigger wheat crops-----------but the wheat usually needs them to make landfall in texas with some good upper strength to sling the moisture up into the higher elevations.
This year is the first time I have talked to feeders who are cheering for a wheat crop-------- Huricanes could turn around wheat potential fairly quickly.
08-30-2012 02:38 PM
no apologies sw,
i see for ww it needs to stay on its NW track, but appears to want to veer N. I hope it maintains it's water making ability as it moves farther inland.
do you remember Dennis in summer '04? it dumped a wide swath of rain to LARGE % OF BELT. who knows, we might be suprised by how much this one helps the drought!