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Community Manager
marketeye
Posts: 3,187
Registered: ‎05-03-2010
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Floor Talk July 18

[ Edited ]

At the close:

The Sept. futures corn contract settled 3 cents higher at $5.41. New-crop Dec. corn futures closed 1 cents lower at $5.00. The Aug. soybean futures contract finished 8 cents lower at $14.69, new-crop Nov. soybeans finished 17 cents lower at $12.65. Sept. wheat futures settled 5 cents lower at $6.60 per bushel. The Dec. soymeal futures finished $8.10short ton lower at $377.90.
In the outside markets, the NYMEX crude oil is $1.71per barrel higher, the dollar is higher and the Dow Jones Industrials are 86 points higher.

 

Mike

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At mid-session:

The Sept. futures corn contract is 2 cents lower at $5.36. New-crop Dec. corn futures are 5 cents lower at $4.96. The Aug. soybean futures contract is trading 8 cents lower at $14.69, new-crop Nov. soybeans are trading 19 cents lower at $12.64. Sept. wheat futures started 1 cent lower at $6.64 per bushel. The Dec. soymeal futures are trading $9.60 short ton lower at $376.40.
In the outside markets, the NYMEX crude oil is $1.20per barrel higher, the dollar is higher and the Dow Jones Industrials are 103 points higher.

 

Mike

-------

At 11am:

Farm markets remain lower. Now, the real big news is the testimony of Fed Chairman Ben Bernanke. Amongst a number of things, he has said things such as:

 

--For Gold, Chairman Bernanke would not say what he thinks QE tapering would do to commodities. He did say, "I think people hold gold for an inflation hedge. But, gold is not a good indicator of inflation."

--"Inflation is not going up, it's high, but not going up." He says inflation is the same as last year, when figures are plugged into the formula and spit out.

--QE tapering could start in the middle of next year. Or, if the majority of the Fed Committee have their way, tapering will happen at the end of this year.

--He says the benefits of QE programs are still being studied. Chairman Bernanke believes the program does help the economy. But, it is still being studied by many people.

--Student debt is now over $1 Trillion dollars. He says it is a fiscal risk to the U.S. Government. Why? Because, overtime, these people won't be able to buy a home.

 

This is possibly Chairman Bernanke's final appearance in front of the Congressional panel, due to talks of his retirement from his position.

 

 

Mike

------

At the open:
The Sept. futures corn contract is 3 cents lower at $5.35. New-crop Dec. corn futures are 4 cents lower at $4.97. The Aug. soybean futures contract is trading 5 cents lower at $14.72, new-crop Nov. soybeans are trading 7 cents lower at $12.75. Sept. wheat futures started 1 cent higher at $6.65 per bushel. The Dec. soymeal futures are trading $5.30 short ton lower at $380.70.
In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are 25 points higher.

 

 

Mike

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At 7:45am:

USDA Weekly Export Sales Report Thursday indicates corn and soybean sales  beat expectations:

 

Corn= 1.742 million metric tons vs.  the trade's expectations of 600,000-950,000 metric tons,

Soybeans= 702,300 mt. vs. the expectations of 350,000-700,000 mt.

Wheat= 996,600 mt. vs. the trade's expectations of 1,000,000-1,300,000 metric tons

Soybean meal= 79,600 mt. vs. the trade's expectations of 50,000-150,000 metric tons.

 

Mike

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At 7:00am:
Early calls: Corn is seen 4-6 cents lower (old-crop), soybeans 5-7 cents lower (old-crop), and wheat 1-2 cents higher. Meanwhile, new-crop corn 6-8 cents lower and soybeans are seen 6-8 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.20 per barrel lower.
Dollar=Higher.
Wall Street=Seen flat.
World=Asia/Pacific stocks were mixed and Europe's stocks are mixed.

 

More in a minute,

 

Mike

Senior Reader
bjw6530
Posts: 4
Registered: ‎05-14-2010
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Re: Floor Talk July 18

Where is the demand?
Veteran Contributor
infire
Posts: 83
Registered: ‎07-07-2010
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Re: Floor Talk July 18

Our local E-plant raised it's basis again today so either they think it's going higher or not getting corn at the rate they would like, in my area demand is right here close!

 

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
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Re: Floor Talk July 18

[ Edited ]

The trade has really lost touch with what is really going on outside.  Part of the problem is everybody was sure we where going to raise a big crop this year, and their still blind sided by the fact that we don't have a big crop yet.    Amazing to me.  

 

Good exports,  I hope we can raise enough to fill all of them.   

 

 

Edit:   Just check accuweather, they have rain back in for Sunday.    **bleep** wonder should I sell some cash corn then?  

 

 

Veteran Advisor
jennys_mn
Posts: 1,475
Registered: ‎07-19-2010
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Re: Floor Talk July 18

Well, when we don't, we can do the knee jerk thing higher and kill our long term sales opportunity. This system is broken.

Jen
Veteran Advisor
c-x-1
Posts: 3,259
Registered: ‎06-26-2012
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Re: Floor Talk July 18

.....remember, same thing last year, as well....then, once plants were being vaporized by the flash-drought, the trade reacted.

 

i'll never forget what i first read from Palouser--futures are always a lagging indicator of actual realtime economics of entire market - even the part in the field.

 

seems bass-ackwards.....the future is the past.................

Veteran Advisor
Palouser
Posts: 2,250
Registered: ‎05-13-2010
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Consider the source!

:smileyvery-happy:

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
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Re: Floor Talk July 18

Did you read MIkes post about the Fed Chairman retiring