Floor Talk August 16
At the close:
At the close, the Sept. corn futures finished 2 1/4¢ lower at $3.53, while December futures ended 1 3/4¢ lower at $3.66 3/4. Sep. soybean futures closed 1 1/4¢ higher at $9.23, November soybean futures ended 2¢ higher at $9.26 1/4. September wheat futures closed 9¢ lower at $4.47. Dec. soy meal futures ended $1.30 per short ton lower at $298.10. Dec. soy oil futures finished $0.14 higher at 33.18¢ per pound. In the outside markets, the Brent crude oil market is $0.80 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 15 points higher.
U.S. ethanol production is eating up more corn. Here's the weekly report from the Energy Information Administration.
According to EIA data, ethanol production averaged 1.059 million barrels per day (b/d)—or 44.48 million gallons daily. That is up 46,000 b/d—a 4.6% jump from the week before and the highest volume in 28 weeks. The four-week average for ethanol production increased to 1.021 million b/d for an annualized rate of 15.65 billion gallons.
Stocks of ethanol were 21.8 million barrels. That is a 2.3% increase from last week.
At mid-session, the Sept. corn futures are 4¢ lower at $3.51, while December futures are 3 3/4¢ lower at $3.64. Sep. soybean futures are 2¢ lower at $9.19, November soybean futures are 3/4¢ lower at $9.23. September wheat futures are 9 1/2¢ lower at $4.46. Dec. soy meal futures are $1.80 per short ton lower at $297.60. Dec. soy oil futures are $0.11 higher at 33.15¢ per pound. In the outside markets, the Brent crude oil market is $0.32 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 84 points higher.
In early trading , the Sept. corn futures are 2 1/4¢ lower at $3.53, while December futures are 2 1/4¢ lower at $3.66. Sep. soybean futures are 2 1/2¢ lower at $9.19, November soybean futures are 1 1/2¢ lower at $9.22. September wheat futures are 4 1/2¢ lower at $4.51. Dec. soy meal futures are $1.50 per short ton lower at $297.90. Dec. soy oil futures are $0.06 higher at 33.10¢ per pound. In the outside markets, the Brent crude oil market is $0.24 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 62 points higher.
Wheat futures were higher this morning amid some bargain hunting overnight -- prices fell 12 cents yesterday on the conditions report. The thinking is that overseas buyers will flood to the US seeking supplies, and investors will jump in to take advantage of bargain prices. At least the latter seems to be true this morning as wheat futures rose 4 cents. Corn was little changed, rising a half cent, and soybeans gained about 2 cents. NOPA crush was better than expected with processing topping forecasts. In weather news, it's going to be rainy and stormy in parts of Nebraska and the Mississippi Valley today with flooding occurring in some low-lying spots. Check out the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-august-16
Here's what happened overnight:
Brent Crude Oil = up 0.4%
West Texas Intermediate = up 0.5%
Dollar = up 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher on positive economic data.