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Veteran Contributor
Posts: 483
Registered: ‎09-09-2014
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Floor Talk September 5

[ Edited ]

At the close:

At the close, the Dec. corn futures finished 3 1/4¢ higher at $3.58 1/2, while March futures closed 3 1/4¢ higher at $3.71. Nov. soybean futures ended 19¢ higher at $9.68 1/2, Jan. soybean futures settled 19¢ higher $9.78 1/4. September wheat futures closed 4 1/4¢ higher at $4.43. Dec. soy meal futures closed $9.20 per short ton higher at $308.00. Dec. soy oil futures finished $0.23 lower at 35.44¢ per pound.  In the outside markets, the Brent crude oil market is $1.23 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 221 points lower.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 4 1/4¢ higher at $3.59, while March futures are 4 1/2¢ higher at $3.72. Nov. soybean futures are 23¢ higher at $9.72, Jan. soybean futures are 23¢ higher $9.82. September wheat futures are 6 3/4¢ higher at $4.45. Dec. soy meal futures are $8.40 per short ton higher at $307.20. Dec. soy oil futures are $0.24 higher at 35.91¢ per pound.  In the outside markets, the Brent crude oil market is $1.32 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 182 points lower.

 

Mike North, President of Commodity Risk Management Group, says this is a technical move.
“While weather will be offered as a reason for today's move, the markets have traded the technical significance of the Aug 31 harvest lows that have captured the markets for the last couple of years.  What began last Thursday is finding continuation in today's trade, as market participants return from a three day holiday weekend,” North says.

 

 

Mike

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At 10:38am:

If you missed it, the USDA announced fresh export sales Tuesday.

 

Private exporters reported to the U.S. Department of Agriculture the following activity:

--Export sales of 136,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year; and

 

--Export sales of 143,650 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year.

The marketing year for soybeans and corn began Sept. 1.

 

Mike

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At 9am:

In early trading , the Dec. corn futures are 3 1/4¢ higher at $3.58, while March futures are 3 1/4¢ higher at $3.71. Nov. soybean futures are 11 1/2¢ higher at $9.61, Jan. soybean futures are 11 1/2¢ higher $9.70. September wheat futures are 7 1/4¢ higher at $4.46. Dec. soy meal futures are $4.20 per short ton higher at $303.00. Dec. soy oil futures are unchanged at 35.67¢ per pound.  In the outside markets, the Brent crude oil market is $1.13 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 56 points lower.

 

Mike

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I hope everybody had a nice end-of-summer long weekend and made it through safely. The news was good for market-watchers as prices jumped overnight Tuesday as little rain fell over the weekend and on signs of strong demand for U.S. supplies. Corn was up 3 cents, beans rose 12 cents and wheat added about 6 cents in overnight trading. The CFTC report on Friday showed that speculative investors raised their net-short positions, or bets on lower prices, in corn while standing fast in soybeans. In terms of weather it's going to be fairly quiet with some thunderstorms in parts of the eastern Midwest and maybe some up in the Platte River Valley in Nebraska, otherwise everybody's watching Irma churn in the Atlantic, wondering where it'll first hit. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-september-5.

  

Here's what happened overnight:

 

Brent Crude Oil = up 0.5%

West Texas Intermediate = up 1.3%

Dollar = down 0.1%.

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

World Markets = Global stocks lower on geopolitical concerns. 

Advisor
Posts: 770
Registered: ‎10-18-2016
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Re: Floor Talk September 5

When you say raised the net shorts positions, do you mean increased (now have more of them) or have a more positive number (that is fewer shorts)?

Honored Advisor
Posts: 14,689
Registered: ‎05-13-2010
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Re: Floor Talk September 5

The old crop must`ve found a home, whether it was trucks lined up 3 deep to give it away or commercial storage paid for another year.  Utterback was on USFR saying to think of locking up feed needs.  I hate to jinx it saying  found bottom but the Sun is brighter this morning.   Smiley Happy

Advisor
Posts: 1,336
Registered: ‎08-04-2010
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Re: Floor Talk September 5

Im thinking beans could be an explosive market in the next couple months. My region of the eastern corn belt has had very little rain since the first week of August. I would guess our bean yields 5-10 bushels an acre lower than normal. 

Veteran Advisor
Posts: 2,611
Registered: ‎02-11-2013
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Re: Floor Talk September 5

well I have to admit they have me where they want me......last few weeks my brain has become scrambled with all the medical stuff

we are going thru......I've lost track on a lot of the market, etc....will take me a while to get back with it, but then again, we're not

out of the woods yet, on to see 2 more doctors this afternoon.

 

I would have thought that trumps remarks would have spooked the market today, but it didn't.....or is there buying, just in case

case he does it.......how many other business must look into a crystal ball every day to try to figure out what happens next.

 

I do think the crop is not as big as usda says, but how long will it take to disprove that "fact", and then to be countered by someone

saying "that's already factored in the market.

 

for years, I've told many that it's not a sin to ask for help......maybe I need to fallow my own advice, but who do you listen to ?

 

 

Advisor
Posts: 1,336
Registered: ‎08-04-2010

Re: Floor Talk September 5

[ Edited ]

This is being called a "technical move"? I can't wait till the combines roll and the market and USDA has a "oh ****t" moment. 

Advisor
Posts: 770
Registered: ‎10-18-2016
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Re: Floor Talk September 5

Funds are buying back their shorts.  according to media and my broker.  Taking their profits, I suppose.

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Esteemed Advisor
Posts: 2,448
Registered: ‎04-29-2011
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Re: Floor Talk September 5

My gosh, China bought beans and Mexico bought corn.     Trump wins again.   Smiley Wink