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Community Manager
marketeye
Posts: 3,218
Registered: ‎05-03-2010
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Floor Talk July 17

[ Edited ]

At the close:

The Sept. futures corn contract finished 7 cents lower at $5.38. New-crop Dec. corn futures settled 8 cents lower at $5.09. The Aug. soybean futures contract closed 3 cents higher at $14.77, new-crop Nov. soybeans ended 2 cents lower at $12.83. Sept. wheat futures settled 5 cents lower at $6.65 per bushel. The Dec. soymeal futures finished $2.60 short ton lower at $386.00. The Dec. soyoil futures closed $0.23 higher at $45.51.
In the outside markets, the NYMEX crude oil is $0.16 per barrel lower, the dollar is higher and the Dow Jones Industrials are 83 points higher.

 

Mike

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At mid-session:

The Sept. futures corn contract is 5 cents lower at $5.40. New-crop Dec. corn futures are 7 cents lower at $5.04. The Aug. soybean futures contract is trading 1 cent higher at $14.76, new-crop Nov. soybeans are trading 4 cents lower at $12.82. Sept. wheat futures trade 1 cent higher at $6.70 per bushel. The Dec. soymeal futures are trading $1.30 short ton lower at $387.30. The Dec. soyoil futures are trading $0.04 lower at $45.24.
In the outside markets, the NYMEX crude oil is $0.13 per barrel higher, the dollar is higher and the Dow Jones Industrials are 25 points higher.

 

One analyst says, "The trade is a pretty slow affair, today. The markets are feeling pressure from the better weather forecasts for this weekend and next week, but we need to see some rains in some areas, especially to the Southwest. If the rains don't come, next week we might bounce back up," he says. 

China bought soybeans, but it's not really impacting price, he says.  
"We keep seeing more and more wire stories about how domestic guys are getting covered into a data at or close to harvest. So, that is something to watch as it could really do some damage to the carry spreads if that demand gets covered.  It is a weather market. So, we will see the Noon forecast and take it from there."

 

Mike

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At the open:
The Sept. futures corn contract is 2 cents lower at $5.43. New-crop Dec. corn futures are 3 cents lower at $5.07. The Aug. soybean futures contract is trading 1 cent higher at $14.76, new-crop Nov. soybeans are trading 4 cents lower at $12.82. Sept. wheat futures started 3 cents higher at $6.72 per bushel. The Dec. soymeal futures are trading $2.60 short ton lower at $386.00. The Dec. soyoil futures are trading $0.03 higher at $45.31.
In the outside markets, the NYMEX crude oil is $0.03 per barrel higher, the dollar is lower and the Dow Jones Industrials are 40 points higher.

 

Meanwhile, Fed Chairman Ben Bernanke says Wednesday that the quantitative easing program will start to be faded out later this year. He also notes that the policy will remain accomodative.

 

Mike

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At 8:10am:

--USDA announces Wednesday that China bought 165,000 tons of U.S. soybeans for 2013-14 delivery.

--S. Korea buys 42,300 tons of U.S. wheat.

--S. Korea buys 60,000 tons of Black Sea-origin corn Wednesday.

--Russian grain stocks drop 25.5% on year, as of July 1, due to a shorter crop just harvested.

 

Mike

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At 7:00am:
Early calls: Corn is seen 1-2 cents higher (old-crop), soybeans 1-2 cents higher (old-crop), and wheat 3-5 cents higher. Meanwhile, new-crop corn 1-2 cents higher and soybeans are seen 1-2 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.27 per barrel lower.
Dollar=Higher.
Wall Street=Seen lower, as investors await comments from Fed Chairman Ben Bernanke. Plus, additional big earnings are expected from Bank of America and other companies.
World=Asia/Pacific stocks were mixed-to-higher and Europe's stocks are higher.

 

More in a minute,

 

Mike

Esteemed Advisor
sw363535
Posts: 4,771
Registered: ‎07-18-2011
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Re: Floor Talk July 17

25.5% ????????  

 

Wheat mostly I assume.

 

World must not need wheat any more.

 

Seems like a big number to me.

sw
Veteran Advisor
jennys_mn
Posts: 1,475
Registered: ‎07-19-2010
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Re: Floor Talk July 17

I guess that's all just bearish news again this morning, no rain, hot and we made some sales. And Russia's crops smaller, so they're going to eat coal I guess. Down we go!!!!

Jen
Senior Advisor
ECIN
Posts: 2,102
Registered: ‎10-17-2012
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Re: Floor Talk July 17

Mike --- I thought that i just read in the last few days that the Russian crop was twice as large as last years -- because of there drought - But down 25.5 % as of July ? Sure that's not because of last years crop and not this ones ?

 

And they said they will be back in the game -- big time in exports

 

Thanks -- Your pain in the azz friend

 

ECI    :smileyvery-happy: