Floor Talk August 11

[Tony_Dreibus]

At the close:

At the close, the Sep. corn futures settled 1 1/2¢ lower at $3.21, Dec. futures ended 1 1/4¢ lower at $3.31 per bushel. Sep. soybean futures closed 3 1/4¢ higher at $10.01 3/4, while Nov. soybean futures finished 1 3/4¢ higher at $9.84. Sept. wheat futures finished 5 1/2¢ lower at $4.16 1/4. Sep. soymeal futures closed $0.10 short ton lower at $333.90. Sept. soyoil futures closed $0.22 higher at 31.79¢ per pound.  In the outside markets, the Brent crude oil market is $1.69 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 127 points higher.

Mike

--------

At mid-session:

At mid-session, the Sep. corn futures are 1 3/4¢ lower at $3.20, Dec. futures are 1 1/2¢ lower at $3.31 per bushel. Sep. soybean futures are 8 1/4¢ higher at $10.06, while Nov. soybean futures are 7¢ higher at $9.89. Sept. wheat futures are 6 1/2¢ lower at $4.15. Sep. soymeal futures are $3.40 short ton higher at $337.40. Sept. soyoil futures are $0.09 lower at 31.48¢ per pound.  In the outside markets, the Brent crude oil market is $1.61 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 130 points higher.

USDA Weekly Export Sales Report Said:

Wheat = 607,600 mt vs. the trade’s expectations of 350,000-625,000 metric tons.

Corn= 1.6 million metric tons vs. the trade’s expectations of 900,000-1,400,000 metric tons.

Soybeans= 3.0 million mt. vs. the trade’s expectations of 1,700,000-3,000,000 metric tons.

Separetely, USDA announced fresh soybean sales Thursday:

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

--Export sales of 100,460 metric tons of soybean cake and meal for delivery to Mexico. Of the total 72,122 metric ton is for delivery during the 2016/2017 marketing year and 28,338 metric tons is for delivery during the 2017/2018 marketing year and;

--Export sales of 120,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year and;

--Export sales of 129,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1 and soybean cake and meal began Oct.1.

Mike

--------

In early trading:

At 9am, the Sep. corn futures are 1/2¢ lower at $3.22, Dec. futures are 1/4¢ lower at $3.32 per bushel. Sep. soybean futures are 3/4¢ higher at $9.99, while Nov. soybean futures are unchanged at $9.82. Sept. wheat futures are 2 1/2¢ lower at $4.19. Sep. soymeal futures are $1.00 short ton higher at $335.00. Sept. soyoil futures are $0.22 lower at 31.35¢ per pound.  In the outside markets, the Brent crude oil market is $0.38 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 75 points higher.

Mike

---------

Everything was lower overnight, which isn't too surprising given the outlook for more rain in the Midwest. Prices weren't down much as investors are likely taking a wait-and-see approach ahead of tomorrow's WASDE report. While it isn't forecast by analysts to yield any surprises, it wouldn't by definition be a surprise if everybody knew what it was going to say before it was released. Ethanol production rose to the second-highest on record last week, which is a bit of good news for farmers who needed some right now. 
 

Here's what happened overnight:

Brent Crude Oil = 0.1% higher.
West Texas Intermediate Crude Oil = 0.1% lower.

Dollar = up 0.2%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks higher after IEA report on oil.