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Community Manager
marketeye
Posts: 3,034
Registered: ‎05-03-2010
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Floor Talk August 7

[ Edited ]

At the close:

The Sep. corn contract settled 7 cents lower at $7.96, while the Dec. futures corn contract ended 4 1/2 cents lower at $8.00 1/2. The August soybean contract finished 2 1/4 cents lower $16.05 1/4, Nov. soybean futures finished 18 1/2 cents lower at $15.65 1/2. The Sep. wheat futures closed 4 1/4 cents lower at $8.89. Aug. soyoil futures ended $0.19 lower at $51.29. The Aug. soymeal futures finished $5.90 lower at $512.30.  
In the outside markets, the NYMEX crude oil is $1.49 per barrel higher, the dollar is lower and the Dow Jones Industrials are 66 points higher.

 

Mike

--------------

At 1:45pm:

Just returned from a field visit in southcentral Iowa. We tagged along with a crop adjuster. Here's what I walked away with:

 

--It's ugly, when you get out into these fields. I wonder if the market realizes the truth? I really wonder.

--I heard him say he has field appraisals, already, of 20, 30, and 40 bu./acre corn. A field we were in would barely do 40 bu./acre. The ears were dropping.

--Farmers will get their indemnity checks a lot faster if they are communicating with their crop adjuster now. The more you can prepare (paperwork wise) before the appraisal, the faster the process will go.

--The soybeans have pods. But, there are not many and they are not very big soybeans. BB-sized soybeans are feared for next year.

--His quote: "The soybeans are a trainwreck waiting to happen."

--On corn, farmers that are chopping are having to chop 25% more acreage than normal to get the tonnage they need.

--This is a bad year to decide whether you like a seed variety or not.

--Cornhead knives better be sharp to chop moisture-filled stalks.

--Did I say the crop situation is ugly? Let me say it again. The crop situation is ugly!

 

Jeff Caldwell and I visited with Dereck Klaassen, Field Supervisor with Farmers Mutual Hail Ins. Co.

 

 

See video from the field.

 

Mike

-------------

 

At mid-sesssion:

The Sep. corn contract is 7 3/4 cents lower at $7.95 1/4, while the Dec. futures corn contract is trading 6 cents lower at $7.99. The August soybean contract is trading 1/2 of a cent lower $16.07, Nov. soybean futures are 13 1/2 cents lower at $15.70 1/2. 
In the outside markets, the NYMEX crude oil is $1.59 per barrel higher, the dollar is lower and the Dow Jones Industrials are 82 points higher.

 

One analyst says, "The negative markets seem to be mostly about long liquidation.  
"I expect a choppy weak, and today seems to be a sell day," he says. The reports, last night, showed more deterioration, but nothing more than the market expected."  
Demand remains hard to find, he says.
"We're seeing a little new-crop selling from Brazil, in the back months.  But, today started out with buyers looking at outside markets and those have not done much. So, they and other longs seem to be getting out until next week," he says.
Harvest is coming, the losses in corn will not get much worse, and we are not sure of the beans, he says. It's enough reason for caution," he says.

 

Mike

----------

At 7:10am:

--Japan buys 106,530 mt of milling wheat Tuesday.

--Taiwan buys 58,000 mt of U.S. soybeans.

 

Mike

---------

At 6:50am:

Early calls: Corn 5-7 cents higher, soybeans 13-15 cents higher, and wheat 5-7 cents higher. 

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.23 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening higher, with earnings season nearly over and little of economic reports.

World=Higher.

 

More in a minute,

 

Mike

Community Manager
marketeye
Posts: 3,034
Registered: ‎05-03-2010
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Re: Floor Talk August 7

[ Edited ]

I see a little rain cell in Kansas, this morning. Otherwise, zippo for the Midwest. Here's the latest from the Freese-Notis Weather Inc. radar:

 

InterRAD.gif

 

Mike

Senior Contributor
highyields
Posts: 770
Registered: ‎06-04-2010
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Re: Floor Talk August 7

Talk is that the crop has stablized,  well maybe the soybeans have but once the corn is brown and the ears are hanging down, how can you till if it got worst over the last week? 

 

I've heard stories of corn being combined by Kansas City,  50 bushel an acre with test wts of 48 lbs.    

I've never seen 48 lbs test wt before.  

 


I heard a story of a milo field that is burned up west of Lincoln Ne on I-80.  That has to be dry for milo to go. 

Veteran Advisor
Mizzou_Tiger
Posts: 2,197
Registered: ‎11-02-2010
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Re: Floor Talk August 7

its not a story........and 50 is on the high end.........hopefully start next week.........thinking 30............have no idea on TW, kernals dont look too bad, but it was early April corn so it had a fighting chance...........although 2 inches of rain from May thru now doesn't give it much of a chance.........

 

there is a milo field off I-35 in NMO that failed too...........

 

not sure the soya crop is stabilized........many didn't get enough rain to do any good.........some that did it was already too late.......it surely helped some, but not near as widespread as you might think..........

Veteran Advisor
Nebrfarmr
Posts: 6,808
Registered: ‎10-25-2010
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Re: Floor Talk August 7

There is a narrow band West and a little North of Lincoln, to a little ways West of Broken Bow, where it has been so dry, there are fields of corn where most of it didn't even sprout, and where trees are drying up.  Everything was toast, even the 'hempweed' and sunflowers were drying up along the field edges.  Next time I go that way, I'll try to remember my camera, they have swathed, and baled what corn grew, and have hardly more than one big round bale per acre, in places.  Right next to it, you may see a well-irrigated field, that looks as good as it ever did, and next to that, an irrigated field with uneven gray spots in it, as well. 

Crazy year.

Esteemed Advisor
Hobbyfarmer
Posts: 3,637
Registered: ‎01-10-2012
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Re: Floor Talk August 7

Hundreds of acres of corn in Union, co Iowa already being baled. No grain in it. some being chopped much more will be fodder of some type.

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Veteran Contributor
nitefarm
Posts: 107
Registered: ‎05-09-2010
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Re: Floor Talk August 7

BE SURE AND CHECK FOR NITRATES . baling will not neturalize them. guy in next countn just killed 31 head feeding chopped corh .another guy turned his out in corn field all are dead in 1 day.

Veteran Advisor
Mizzou_Tiger
Posts: 2,197
Registered: ‎11-02-2010
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Re: Floor Talk August 7

20 or 30.........sure there wasn't a 0 left out......

I thought IA was in good shape......:smileyhappy:
Esteemed Advisor
Hobbyfarmer
Posts: 3,637
Registered: ‎01-10-2012
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Re: Floor Talk August 7

MT: stick a fork in it. Grow up and contribute something positive. Or come back when you can. There is not one of us here that wants this crap of yours.

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Veteran Advisor
Mizzou_Tiger
Posts: 2,197
Registered: ‎11-02-2010
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Re: Floor Talk August 7

That's funny......cause everything I tried to talk about months and months ago is now being proven......not my fault the haters didn't wanna believe me........

Pretty sure that's more than you crying about flooded fields then cheering for 300 bushel corn........

I might be called passionate.....but I have conviction.....which is more than I can say for some......you are kind of like a hobby ambulance chaser.......