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Veteran Contributor
Posts: 425
Registered: ‎09-09-2014
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Floor Talk June 9 (Report Day)

Corn and beans were lower overnight on weak export sales in which exporters saw sales of corn drop 15% week-to-week and soybean sales plunge 74%. That's not good news considering South American crops are expected to be huge. Corn was down about 2 cents, beans were down about a penny and wheat lost 4-5 cents. 

It's WASDE day at USDA, but it's June so there aren't many fireworks to be expected. The biggest change forecast is a bump in Brazil soybean production from 111 million tons to about 112 million tons. It'll be interesting to see whether the USDA changes the estimate considering it's a small adjustment this late in the game. 


Check out the details and some forecasts for hot weather this weekend in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-june-9-0
 

Here's what happened overnight:

 

Brent Crude Oil = up 0.2%.  

West Texas Intermediate Crude Oil = up 0.2%. 

Dollar = up 0.5%

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks higher as oil prices finally rise.

Senior Advisor
Posts: 2,586
Registered: ‎11-02-2010

Re: Floor Talk June 9 (Report Day)

Really. Your opening remarks. Really?

Sales plunge? Really?

We have already sold more beans than the books said we would. And corn is dang close. And this SA crop, where the fuxk is it. It's closing in on winter down there. Where the ***** is it. Was supposed to show up in March. It's June.

You post makes me even more bullish because the trade is grasping for bearish straws that don't exist anymore.
Senior Contributor
Posts: 224
Registered: ‎08-02-2012
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Re: Floor Talk June 9 (Report Day)

Agreed thanks for the update.
Honored Advisor
Posts: 7,114
Registered: ‎07-18-2011

Re: Floor Talk June 9 (Report Day)

[ Edited ]
  • China’s Ag Ministry cut their ‘17/18 corn estimate by 0.7% from last month to 211.65 MMT due to drought and hail in the northeast—now –3.6% vs LY

  • profit-taking hit overnight but only a couple cents by this morning, and amid much slower volume; the USDA S&D is a good reason to hit the pause button but weekend forecast developments will be crucial also.

     

    Soybeans

  • Brazil’s Conab raised their official ‘16/17 soy estimate from 113.0 to 113.92 MMT this month, with total corn output up 1 MMT as well, from 92.83 MMT to 93.83 MMT. The country’s total grain harvest of 234.3 MMT was up from

    • 67.0 to 68.8 MM this month.

     

     

    Cumulative US Soybean sales stand at 2.153 bln bu, still 373 mbu ahead of last year’s pace with one quarter of the mar- keting year yet to go. If sales netted a zero through August 31 and shipments kept along their current pace (10-12 mbu per week), that would suggest that the USDA needs to add another 100 mbu to their current YTY bean export estimate

     

     

    67.0 to 68.8 MM this month.

    67.0 to 68.8 MM this month.

    67.0 to 68.8 MM this month.

  • And In World STocks news ............... 

    • Zimbabwe’s finance ministry reported 2017 corn production at 2.1 MMT, more than four times last year’s drought-affected 511k-tonne

     Reports from fcstone this morning on the same data........... Get a grip Tony   You must be long beans...
Honored Advisor
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Registered: ‎07-18-2011
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Re: Floor Talk June 9 (Report Day)

From the usda report.
Winter wheat is expected to be 25% below last year.
In order to be that bad it will need to yield the second largest yield per acre reported. Otherwise we are looking at a crop well below the projection.
Honored Advisor
Posts: 7,114
Registered: ‎07-18-2011
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Re: Floor Talk June 9 (Report Day)

Acres are overstated as much as yield is.
Veteran Advisor
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Registered: ‎02-11-2013
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Re: Floor Talk June 9 (Report Day)

Wheat..... I'm speechless... And that's odd for El cheapo
Advisor
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Registered: ‎01-16-2013
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Just did a drive around.

OMG...My crops were better at this time in 2012.   We've had near 90 for 6 days, no humidity, no rain, strong winds.  Just wait till middle of next week after near 100 degrees, high wind and no rain in forecast.    Reports are nothing but wishful thinking at this point, and the conditions reports wouldn't even make good toilet paper if they were printed on Charmin Xtra.

Senior Advisor
Posts: 2,406
Registered: ‎10-17-2012
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Re: Just did a drive around.

Wow ! I thought I had seen just about everything this spring ---- THEN I just read this ! This is the topper !

 

 

Wheat..... I'm speechless... And that's odd for El cheapo  

 

 

speechless ?????????????????? 

 

Next thing I'll be reading is He11 has froze over !  lol

 

 

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Esteemed Advisor
Posts: 2,332
Registered: ‎04-29-2011

Re: Just did a drive around.

Just because he's speechless doesn't mean that he still can't type..........................................Smiley Wink