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Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Floor Talk July 22

[ Edited ]

At the close:

The Sept. futures corn contract closed 3 cents lower at $5.40. New-crop Dec. corn futures finished 3 cents lower at $4.98. The Aug. soybean futures contract ended 30 cents higher at $15.20, new-crop Nov. soybeans settled 14 cents higher at $12.88. Sept. wheat futures settled 5 cents lower at $6.59 per bushel. The Dec. soyoil futures finished $0.01 short ton lower at $45.31. The Dec. soymeal futures finished $7.40 per short ton higher $389.90.
In the outside markets, the NYMEX crude oil is $1.27 per barrel lower, the dollar is lower and the Dow Jones Industrials are 23 points higher.

 

Mike

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At mid-session:

The Sept. futures corn contract is 5 cents lower at $5.39. New-crop Dec. corn futures are 6 cents lower at $4.95. The Aug. soybean futures contract is trading 25 cents higher at $15.16, new-crop Nov. soybeans are trading 12 cents higher at $12.86. Sept. wheat futures started 7 cents lower at $6.57 per bushel. The Dec. soyoil futures are trading $0.13 short ton lower at $45.19. The Dec. soymeal futures are trading $5.90 per short ton higher $388.40.
In the outside markets, the NYMEX crude oil is $0.94 per barrel lower, the dollar is lower and the Dow Jones Industrials are 10 points higher.

 

Alan Brugler, President of Brugler Marketing & Management LLC, says the feature for today's trade is a 'short' traders squeeze in August beans. "About 40,000 contracts of OI, delivery notices start on 7/31, almost no old crop receipts available for delivery.  Commercials will hold long in August, as deliveries can still be crushed at end of month.   Not the case for September, but spread traders have it along for the ride.
 
 Rain totals are light, but the forecasts have absolutely no "dome", lots of T-storm activity that on average means most folks get some water.   Tough to rally corn in that environment, given largest acreage since 1930's."

 

Meanwhile, one analyst agrees that the soybeans and meal are leading because of short supply.
"I think that is all it is.  The weather was a little drier than forecast, but areas that got rains got real good rains and I think the market is generally reflecting this today.  Even beans to some extent.  Forecasts imply that areas that got missed should have some chances later in the week, which the market is also recognizing.  Talk is that crop conditions will be down 2% this week in both beans and corn good to excellent, which can be but does not have to be.  Demand seems quiet to start the week.  A slowish start to the week for me spec and commercial.
"

 

Mike

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At the open:
The Sept. futures corn contract is 3 cents lower at $5.40. New-crop Dec. corn futures are 4 cents lower at $4.96. The Aug. soybean futures contract is trading 13 cents higher at $15.04, new-crop Nov. soybeans are trading 2 cents higher at $12.76. Sept. wheat futures started 1 cent higher at $6.64 per bushel. The Dec. soyoil futures are trading $.05 short ton higher at $45.37. The Dec. soymeal futures are trading $1.50 per short ton higher at $384.00.
In the outside markets, the NYMEX crude oil is $0.38 per barrel higher, the dollar is lower and the Dow Jones Industrials are 9 points lower.

 

Mike

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At 7:45am:
Early calls: Corn is seen 5-7 cents lower (old-crop), soybeans 12-14 cents higher (old-crop), and wheat 2-4 cents higher. Meanwhile, new-crop corn 3-5 cents lower and soybeans are seen 3-5 cents higher.

Trackers:
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.31 per barrel higher.
Dollar=Lower.
Wall Street=Seen lower, after McDonald's earnings miss expectations Monday.
World=Asia/Pacific stocks were higher and Europe's stocks are lower.

 

More in a minute,

 

Mike

Frequent Contributor
DKIL
Posts: 55
Registered: ‎08-02-2011
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Re: Floor Talk July 22

What dissappointing rains for the weekend, the last 2 weeks and all of July for that matter.  Rain in July makes a corn crop.  Oh well.

Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
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Re: Floor Talk July 22

DKIL,

 

Yes, I'm told by three central Iowa farmers that the weekend rains were enough to make the crop look like they are improving, but much more is needed. It will be difficult to get some of the crop turned around, unless significant rainfall is received. Now, I drove through Warren County, Iowa, yesterday, after the short rain event. I thought the crops looked relieved from the drink.

 

Mike

Esteemed Advisor
Hobbyfarmer
Posts: 4,206
Registered: ‎01-10-2012
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Re: Floor Talk July 22

[ Edited ]
  CBOT SOYBEANS  

 

 

 

 

 

Futures PriceFutures ChangeFutures MonthDeliveryCash PriceBasis 
1507'0
16'2
Aug 13 7/31/13 15.72 0.65 Chart
1279'6
5'6
Nov 13 Oct/Nov 13 12.00 -0.80 Chart
1285'2
6'0
Jan 14 12/31/13 12.07 -0.78 Chart
1285'2
6'0
Jan 14 1/31/14 12.09 -0.76 Chart
1283'4
5'6
Mar 14 3/31/14 12.06 -0.78  

 

This is the current bid structure at the local elevator

anybody notice the hole in this?

 

NO Aug or Sept bid.

 

Is this where we on this side get to set the price?

 

The corn bid chart has a bid for  every month.

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."
Esteemed Advisor
Hobbyfarmer
Posts: 4,206
Registered: ‎01-10-2012
0

Re: Floor Talk July 22

Fireworks in the bean pit

 

Somebody noticing all the 8-12 inch beans?

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."
Contributor
farmboy47
Posts: 7
Registered: ‎07-25-2012
0

Re: Floor Talk July 22... tiny SOYBEANS

THE ARTICLE ABOUT  8-12 IN CH SOYBEANS HAD ME THINKING ABOUT MINE  PLANTED JUST AT THE CROP INS. CUT OFF  ARE JUST THAT SIZE  I HAD A PLANTER PROBLEM I WENT TO FIX AFTER SOYBEANSEMERGED  FILLED IN SEVERAL  WET SPOTS THAT WERE TOO MUDDY FIRST TIME  AND QUESS WHAT  ???I CAN REBAG THOSE BEANS  NOT GERMINATED  NO RAIN SINCE PLANTING  BUT THE REl shock  was  only 4 nodes    some 3  one couldnt stand the heat  and wind  the yield here in central iowa  wont be  good  well have to lather the ground and shave to get any