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marketeye
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Floor Talk July 23

[ Edited ]

At the close:

The Dec. corn futures settled 2 1/2 cents higher at $3.70.

 

Nov. soybean futures closed 18 3/4 cents higher at $10.76.

Sep. wheat futures finished 5 3/4 cents higher at $5.54 1/2.

 

The Dec. soymeal futures contract ended $5.60 per short ton higher at $347.30. Dec. soyoil futures closed $0.16 higher at $37.00.
In the outside markets, the NYMEX Brent crude oil is $0.64 per barrel higher, the dollar is higher and the Dow Jones Industrials are 20 points lower.

 

Mike

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At mid-session:

The Dec. corn futures are trading 1 1/2 cents lower at $3.66.

 

Nov. soybean futures are trading 11 1/2 cents higher at $10.69.

Sep. wheat futures are 1/4 of a cent higher at $5.24.

 

The Dec. soymeal futures contract is trading $4.50 per short ton higher at $346.20. Dec. soyoil futures trade $0.09 at $36.12.
In the outside markets, the NYMEX Brent crude oil is $0.83 per barrel higher, the dollar is higher and the Dow Jones Industrials are 25 points lower.

 

Alan Brugler, Brugler Marketing & Management LLC, says demand is holding up the soybean market.
"Private exporters reported to the USDA export sales of 225K MT of soybean meal to unknown destinations for delivery in 2014/15, this morning."
Funds were thought to be estimated net sellers of around 6,000 contracts of soybeans, yesterday, Brugler says.
Global supplies are expected to be building, keeping a lid on rallies.
The World Oilseed outlook raised the projected production of the seven major oilseeds from 488.4 MMT to 505 mmt for the 14/15 season. US soybean production was pegged at 101 MMT, up from the previous estimate of 91.4 MMT.  
China was said to have sold only 54,945 MT of the soybeans out of the 354,470 MT offered at its weekly government auction.
Regarding the corn market,  funds were estimated net sellers of 4,000 contracts of corn on Tuesday.
"Trader talk is that a private advisory service is projecting a 2014 yield of 192.70 bushels per acre, in ten counties in southern Illinois, based on a crop tour, which compares to last year's tour yield of 182.30 bpa," Brugler says.
Brugler adds, "Relatively dry weather over the past week from North Dakota through Indiana with a dry forecast brought some support to the market earlier yesterday, but corn futures lost ground due in part to the sharp rally in the dollar yesterday.  Soil moisture in the affected area is thought to be mostly adequate for now, but there is some threat to crops with shallow root structure as it diminishes."


Mike

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At 11am:

Weekly ethanol output races to second highest output of the year.

According to EIA data, ethanol production averaged 959,000 barrels per day (b/d)—or 40.28 million gallons daily. That is up 16,000 b/d from the week before and the second-highest rate of output this year. The four-week average for ethanol production stood at 946,000 b/d for an annualized rate of 14.50 billion gallons.

Notably, ethanol production has averaged 14.4 billion gallons annualized over the past 12 weeks. This is equivalent to the 2014 RFS volume intended by Congress.

Stocks of ethanol stood at 17.9 million barrels, unchanged from last week, according to the Renewable Fuels Association press release.

 

Mike

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At 10:40am;

Egypt buys a bunch of wheat Wednesday, but none of it is of U.S. origin. Here is the breakdown:

Egypt's GASC buys 235,000 tonnes of wheat
--120,000 Tonnes of Russian wheat
--60,000 Tonnes of Romanian wheat
--55,000 Tonnes of Ukrainian wheat

 

Mike

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At the open:

The Dec. corn futures are trading 1 cent higher at $3.69.

 

Nov. soybean futures are trading 6 cents higher at $10.64.

Sep. wheat futures are 2 1/2 cents higher at $5.27.

 

The Dec. soymeal futures contract is trading $3.00 per short ton higher at $344.70. Dec. soyoil futures trade $0.18 at $36.22.
In the outside markets, the NYMEX Brent crude oil is $0.13 per barrel higher, the dollar is lower and the Dow Jones Industrials are 8 points lower.

 

Mike

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At 6:30am:

Early calls: Corn is seen 1-2 cents lower, soybeans 3-5 cents higher, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mostly lower.

Brent Crude Oil=$0.13 per barrel lower.
Dollar=lower.

Wall Street=Seen higher as earnings reports keep coming. Boeing beats the street Wednesday.

World Markets=Europe stocks were higher, Asia/Pacific stocks were mostly lower.

 

 

 

More in a minute,

 

Mike