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Community Manager
marketeye
Posts: 3,182
Registered: ‎05-03-2010
0

Floor Talk July 9

[ Edited ]

At the close:

 

The Dec. corn futures settled 6 1/4 cents lower at $3.98.

 

Nov. soybean futures closed 12 1/2 cents lower at $11.03.

Sep. wheat futures ended 5 cents lower at $5.51.

 

The Dec. soymeal futures contract closed $2.10 per short ton lower at $355.20. The Dec. soyoil futures settled $0.67 lower at $37.30.
In the outside markets, the NYMEX Brent crude oil is $1.37 per barrel lower, the dollar is lower and the Dow Jones Industrials are 76 points higher.

 

Mike North, First Capitol Ag Senior Risk Advisor, says the markets are testing support levels that have been watched for quite some time.  "Corn broke through $4, but will need a more convincing break to keep sellers motivated.  Soybeans are hovering just north of $11.  The trade is bringing together the technical elements of the market with the fundamental weight hanging over it.  Weather remains cooperative as forecasts through end of July support strong pollination results and big yields," North says.

 

Mike

---------

At mid-session:

The Dec. corn futures are trading 8 cents lower at $3.96.

 

Nov. soybean futures are trading 11 3/4 cents lower at $11.04.

Sep. wheat futures are 7 cents lower at $5.49.

 

The Dec. soymeal futures contract is trading $2.20 per short ton lower at $355.10. The Dec. soyoil futures are trading $0.57 lower at $37.40.
In the outside markets, the NYMEX Brent crude oil is $1.02 per barrel lower, the dollar is lower and the Dow Jones Industrials are 43 points higher.

 

Mike

----------

At the open:

The Dec. corn futures are trading 2 1/2 cents lower at $4.01.

 

Nov. soybean futures are trading 7 1/2 cents lower at $11.08.

Sep. wheat futures are 3 1/4 cents lower at $5.53.

 

 

 

The Dec. soymeal futures contract is trading $1.90 per short ton lower at $355.40. The Dec. soyoil futures are trading $0.30 lower at $37.67.
In the outside markets, the NYMEX Brent crude oil is $0.32 per barrel lower, the dollar is higher and the Dow Jones Industrials are 54 points higher.

 

 

Mike

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

At 8am:

No fresh sales reported today. This is a few days old, but mentionable. On Monday, Private exporters reported to the U.S. Department of Agriculture export sales of 347,000 metric tons of soybeans to China for delivery during the 2014/2015 marketing year.

 

Mike

---------
At 6:30am:

Early calls: Corn is seen 2-4 cents lower, soybeans 7-9 cents lower, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.22 per barrel lower.
Dollar= Higher.

Wall Street=Seen lower, as investors eye today's FOMC meeting.

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

 

 

 

More in a minute,

 

Mike

Senior Contributor
tree fmr
Posts: 381
Registered: ‎06-04-2010
0

Re: Floor Talk July 9

Just to give everyone an update, all is well here.  Typhoon Neoguri is due to pass over in about 6 hours, it has weekend considerably.  Forecast to have about 50 knot winds gusting to 80 at times.  It is a bit breezy, around 35 knot winds now.  The biggest problem is the rain, getting lots of that. Other than the threat of mudslides no real damage expected, Japan is good at preparing, everyone ensures their areas have everything either inside or tied down, really nice how we all work together here.

 

Actually I helped a friend move today, had to run her furniture across town between the rain squalls.  A little bit got wet but our timing was pretty good.  Her father is a rice and strawberry farmer, I do my best to learn what I can from him.

 

After moving she treated me to a steak dinner and sense she was driving I did all I could to support the grain and beef farmers!  Typhoon beverages are the best!

 

Thanks again for the updates Mike.  Although with these prices I might have to keep my day job a little while longer!

Esteemed Advisor
sw363535
Posts: 4,668
Registered: ‎07-18-2011
0

Re: Floor Talk July 9

Sounds good for you Tree,

 

HRW harvest is working toward the end in sw ks.  Dry land pretty much harvested itself --a slim few in the 15-20 bu range, most below 3 bu/a.  Irrigated running about half of normal at 30-45 bu/a.

Traders will need to trade twice as often.

 

Mike must have known it wasn't worth listing.

sw
Senior Advisor
ECIN
Posts: 2,066
Registered: ‎10-17-2012
0

Re: Floor Talk July 9

sw -- ole buddy -- you keep up them smart azz replies and my friend - I can see them busting down from Esteemed to Friend -- :smileyvery-happy:

 

 

But still funny

Esteemed Advisor
sw363535
Posts: 4,668
Registered: ‎07-18-2011
0

Re: Floor Talk July 9

It is the one just after "esteemed" I am challenged to attain ---------- probably "former".

sw
Esteemed Advisor
sw363535
Posts: 4,668
Registered: ‎07-18-2011
0

Re: Floor Talk July 9

By the way Mike,  in sw ----- end users, it appears, are nearly covered til harvest  Basis dropped from +70 to +40 for OC corn.

sw
Senior Advisor
ECIN
Posts: 2,066
Registered: ‎10-17-2012
0

Re: Floor Talk July 9

If you need any advise on being the " former "  - Just give me a call - It only took Bugeye and I about 15 minute to be a " former " on one site a few years ago  -- :smileyvery-happy:  True story ! lol

Frequent Reader
Negril
Posts: 4
Registered: ‎10-07-2013
0

Re: Floor Talk July 9

Could anyone tell me the  2014 input cost per acre  for corn, soybeans and wheat ?.

Advisor
farmerguy89
Posts: 1,193
Registered: ‎06-30-2012
0

Re: Floor Talk July 9

Isn't wheat strange?? Big crop coming up here in ontario, not so much in praries: re new Great Lakes forming.

No wheat in the south...

And then we are back in the low range

At least I sold a while ago... Hopefully there is plenty for me to sell... No wind or anything crazy to knock stuff over. We have had some tornados, a lot more than normal and about an hour away. Hopefully no wind or hail... We don't usually get pummelled
Community Manager
marketeye
Posts: 3,182
Registered: ‎05-03-2010
0

Re: Floor Talk July 9

EIA Weekly Ethanol Production falls. Here are the latest numbers released Wednesday.

 

According to EIA data, ethanol production averaged 927,000 barrels per day (b/d)—or 38.93 million gallons daily. That is down 26,000 b/d from the week before. The four-week average for ethanol production stood at 948,000 b/d for an annualized rate of 14.53 billion gallons.

Stocks of ethanol stood at 18.3 million barrels. That is a 0.5% increase from last week.

Imports of ethanol were 9,000 b/d, the first showing in seven weeks.

 

 

Mike