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a week ago - last edited a week ago by marketeye
At the close:
At the close, the Sept. corn futures finished 5 3/4¢ higher at $3.72 1/4, while December futures finished 5 3/4¢ higher at $3.86 3/4. Sep. soybean futures settled 11 3/4¢ higher at $9.64, November soybean futures finished 13¢ higher at $9.69 3/4. September wheat futures settled 8 3/4¢ higher at $4.63 1/2. Dec. soy meal futures closed $4.80 per short ton higher at $314.20. Dec. soy oil futures settled $0.10 lower at 33.93¢ per pound. In the outside markets, the Brent crude oil market is $0.21 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 20 points higher.
At mid-session, the Sept. corn futures are 4¢ higher at $3.70, while December futures are 4¢ higher at $3.85. Aug. soybean futures are 7 1/2¢ higher at $9.59, November soybean futures are 8 3/4¢ higher at $9.65. September wheat futures are 4¢ higher at $4.58. Dec. soy meal futures are $4.30 per short ton higher at $313.70. Dec. soy oil futures are $0.35 lower at 33.68¢ per pound. In the outside markets, the Brent crude oil market is $0.92 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points lower.
On Monday,Private exporters reported to the U.S. Department of Agriculture the following activity:
- --Export sales of 180,800 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year; and
- --Export sales of 206,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for corn and soybeans began Sept. 1.
Corn and beans were higher overnight as the US Drought Monitor shows the worst possible ratings in the northern Plains and pockets of severe drought in south-central Iowa. Though some rain has fallen in parts of North Dakota recently it hasn't been enough to quench plants thirst, leaving the area still in extreme and exceptional droughts, the worst possible designations. Even a few counties in Iowa are seeing severe drought conditions, indicating crop damage is inevitable, according to the monitor. Corn added 3 cents, beans rose 9 cents and wheat was up 3-4 cents. Not much rain is expected this week until Wednesday. Even then, showers are expected to be intermittent and spotty, according to the National Weather Service. Finally, money managers in the week that ended on Aug. 1 curbed their bets on higher corn, soybean and wheat futures. See all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-august-7
Here's what happened overnight:
Brent Crude Oil = down 1.3%
West Texas Intermediate = down 1.2%
Dollar = down 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks mixed as oil futures plunge.
a week ago
Everyone is not counting on IA to carry the corn yield this year. They are counting on IA to be average despite no rain and they are counting on IN/OH/KY/MO/MN/WI to be enough above average to get to that magical 166 nat yield where there is a surplus of corn.
Personally think they are living in a Denver suburb using their snap cards to buy pipeweed (Lord of the Rings reference) ...but even those guys will have to respond to the subtle changes going on. Basis out here in the east has tightened a nickel in the last week. With such a surplus,...why?!