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marketeye
Veteran Advisor

Floor Talk, August 11, 2021

CHINA BUYS MORE U.S. BEANS WEDNESDAY

At midsession:

At midsession, the Sept. corn futures are 6 3/4¢ higher at $5.56. New crop Dec. futures are 4 1/2¢ higher at $5.57 1/4. March corn futures are 4 1/4¢ higher at $5.65.

Sept. soybean futures are 1 3/4¢ higher at $13.50.

Nov. soybean futures are 2 1/4¢ higher at $13.39. January soybean futures closed 2 1/4¢ higher at $13.43.

Sept. wheat futures are 2¢ lower at $7.25.


Dec. soymeal futures are $2.70 per short ton lower at $356.80.


Dec. soy oil futures are $1.11 higher at 61.73¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.56 lower (-0.82%) at $67.73. The U.S. dollar is lower, and the Dow Jones Industrials are 178 points higher (+0.51%) at 35,443 points.

 

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At 8:45am:

In early trading, the Sept. corn futures are 5 3/4¢ higher at $5.55. New crop Dec. futures are 5¢ higher at $5.58 1/4. March corn futures are 5¢ higher at $5.66.

Sept. soybean futures are 12 3/4¢ higher at $13.61 1/4.

Nov. soybean futures are 14 1/4¢ higher at $13.51. January soybean futures closed 14¢ higher at $13.55.

Sept. wheat futures are 1 3/4¢ lower at $7.25.

Dec. soymeal futures are $1.00 per short ton higher at $358.50.


Dec. soy oil futures are $1.25 higher at 61.87¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.69 lower (-1.01%) at $67.60. The U.S. dollar is lower, and the Dow Jones Industrials are 170 points higher (+0.48%) at 35,435 points.

On Wednesday, private exporters reported to the USDA export sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that all eyes will be on tomorrow's USDA monthly Supply/Demand Report.

“The USDA is likely to increase projected U.S. corn exports in the report on Thursday. I expect them to factor in a much smaller Brazilian corn crop and a large reduction in Brazilian corn exports over the next year," Kluis stated in a note to customers.

Linneman added, "What will the USDA project tomorrow for the US corn and soybean crops? In the last six years, the USDA has come out with a larger corn crop than the pre-report trade estimates in the August report. In five of the last six years, the soybean crop forecast has been larger than the pre-report trade estimates. I am amazed by the huge range in the trade estimates for the Thursday reports."

What say you?

 

Mike

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1 Reply
wrightcattle
Veteran Advisor

Re: Floor Talk, August 11, 2021

Maybe 170 to 175 corn yield... Kinda depends more on acres harvested for grain. Say 175 on 80mill harvested would be pretty close to truth 

Beans.. Won't avg 50.  Say 47.

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