Floor Talk, August 10, 2021

[marketeye]

At the close:

At the close, the Sept. corn futures ended 1¢ lower at $5.49. New crop Dec. futures ended 1/2¢ lower at $5.53. March corn futures closed 3/4¢ lower at $5.61.

Sept. soybean futures closed 6 3/4¢ higher at $13.48 1/4.

Nov. soybean futures finished 7¢ higher at $13.36 3/4. January soybean futures closed 7¢ higher at $13.41.

Sept. wheat futures ended 15 1/4¢ higher at $7.27.


Sept. soymeal futures settled $0.20 per short ton higher at $357.50.


Dec. soy oil futures closed $0.68 higher at 60.62¢ per pound.

In the outside markets, the NYMEX crude oil market is 2.00 higher (+3.01%) at $68.48. The U.S. dollar is higher, and the Dow Jones Industrials are 169 points higher (+0.48%) at 35,271 points.

Mike

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At 8:45am:

DEMAND, WEATHER PUSH UP THE SOYBEAN MARKET | TUESDAY, AUGUST 10, 2021

Mike

 

[cborman11]

Obviously the usda is ignoring the drought too.

[roarintiger1]

10 days into August and no substantial rain in my neck of the woods. Soybeans are beginning to abort pods. 

[timetippingpt]

Same here Roarin. The perfect crops in the east are fading at the finish back to average. Last year's yields won't be attained unless the state gets 2" or rain tonight..."Make it so Uncle Joe".   🙂

fwiw the IN crop ratings are significantly above last year (meaning they are overstating crop size)...the decline in conditions should be caught this coming week. It will be interesting to see if it is or not.

[wrightcattle]

in some areas folks are making hay out of soybeans. 

When soybeans get in trouble.. They make pretty decent hay for the cattle. 

[Hobbyfarmer]

https://www.kfyrtv.com/2021/08/02/bismarck-farmer-finds-creative-way-chop-drought-stricken-corn/?utm...

[Hobbyfarmer]

If the beans are bad enough to be released by crop insurance adjuster,

I would take acres to make even one bale.

[Hobbyfarmer]

2nd week of Aug and market is NOT worried.

Bean basis dropping

Corn basis slipping in some markets here.

(We have 3

1) feed for chickens and especially hogs.

2) train loader.

3) Eplants   two are in range, both poet now.)

Bean basis slipped 5 cents today to +55 from +60 which was +65 first part of last week.

Bills to pay for many and forward contracted harvest bu will saturate the market for several months shortly.

Unless there is a wasde reduced yield guess this week just the basis slide will hurt any unpriced or "gambling bu"

Are the markets gonna come up 

55 cents (beans)

And $1.00 (corn)

Just to stay even with now?

(These are basis levels in central Iowa tonight)

$14 ish beans

$6.50 ish corn

Is way better than last fall at harvest that got many bu sold.

Also quite a bit better than next months bid.

Time to invest in a broom for those with bin floors still covered in grain?

[Hobbyfarmer]

This morning there is $1.17 price spread in price of corn from now to Sept 1st.

Which is gonna give?

[nitefarm]

IMO September is going to just about have to come up. Course I have been wrong before.