Floor Talk August 15

[Tony_Dreibus]

At the close:

At the close, the Sept. corn futures finished 7 1/2¢ lower at $3.55, while December futures settled 7 3/4¢ lower at $3.68. Sep. soybean futures closed 11¢ lower at $9.21 3/4, November soybean futures closed 14¢ lower at $9.24 1/4. Dec. wheat futures settled 11 3/4¢ lower at $4.56. Dec. soy meal futures finished $3.30 per short ton lower at $299.40. Dec. soy oil futures closed $0.73 lower at 33.04¢ per pound.  In the outside markets, the Brent crude oil market is $0.01 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 4 points higher.

Mike

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At mid-session:

At mid-session, the Sept. corn futures are 5 1/2¢ lower at $3.57, while December futures are 6 1/2¢ lower at $3.70. Sep. soybean futures are 8¢ lower at $9.24, November soybean futures are 11¢ lower at $9.27. Dec. wheat futures are 9¢ lower at $4.58. Dec. soy meal futures are $2.70 per short ton lower at $300.00. Dec. soy oil futures are $0.61 lower at 33.16¢ per pound.  In the outside markets, the Brent crude oil market is $0.19 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 55 points lower.

Jason Roose, U.S. Commodities grain analyst, says that weekly crop updates control the market's direction.

"Grain prices continue to see declining prices on improving crop conditions, with no sign of extended heat and forecasts of rain. Also, the stronger dollar is giving the grains resistance, making us less competitive in the world market," Roose says.

Al Kluis, Kluis Commodities, says the markets have headwinds right now, but there could be light at the end of the tunnel.

"The negative USDA reports dropped grain prices for two days before prices stabilized early this week. I expect the grain markets to move sideways in a narrow trading channel until more is known about this year’s crop size. Grain prices bottomed in late August 2016 and it looks like the timing could be the same for 2017," Kluis stated in a weekly Successful Marketing Newsletter.

Mike

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At 10:25am:

If you missed it, the USDA announced fresh soybean sales at

Private exporters reported to the U.S. Department of Agriculture the following activity:
--Export sales of 132,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year; and
--Export sales of 132,000 metric tons of soybeans for delivery to unknown destination during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1.

Mike

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At 9:25am:

In early trading , the Sept. corn futures are 5 1/2¢ lower at $3.57, while December futures are 5 1/2¢ lower at $3.70. Sep. soybean futures are 6 3/4¢ lower at $9.26, November soybean futures are 9¢ lower at $9.29. September wheat futures are 9¢ lower at $4.58. Dec. soy meal futures are $1.90 per short ton lower at $300.80. Dec. soy oil futures are $0.48 lower at 33.29¢ per pound.  In the outside markets, the Brent crude oil market is $0.45 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 23 points higher.

Mike

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Good morning Marketing Talkers, I'm back. Did you miss me? No? That's OK. I'm sure Mike did a great job of filling in for me for a few days. Anyway, I leave for vacation and look what happens. Corn ratings improved week-to-week, which brought down prices overnight, though bean ratings declined and futures were still higher. Corn lost about 5 cents, beans were down 6 cents and wheat lost 3-4 cents overnight. It doesn't help that the dollar gained 0.4% overnight, which is bringing down prospects for demand. In weather news, the rainfall in the northern Plains is going to cause some minor flooding today, and rainfall is expected in parts of Iowa and Illinois starting tomorrow, with some severe storms possible. Isolated showers may pop up here and there in Indiana, Michigan and Ohio today, but any rain will be light and isolated, the NWS said. Hope you're all well! 

Here's what happened overnight:

Brent Crude Oil = down 0.9%

West Texas Intermediate = down 0.7%

Dollar = up 0.4%.

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

World Markets = Global stocks mixed on positive geopolitical news, weaker oil.

[cborman11]

How long are the traders gonna ignore the 2 weeks of cool wet weather in the upper corn belt. This is not good corn making weather it's way behind and the ears look terrible but what do farmers know we just grow the crop so idiots can trade our livlihood.