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marketeye
Veteran Advisor

Floor Talk August 16

At the close:

The Dec. futures corn contract settled 3 1/2 cents higher at $8.07 1/2. The Nov. soybean contract closed 9 cents lower at $16.25. Dec. wheat futures finished 15 1/2 cents higher at $8.81 per bushel.


In the outside markets, the NYMEX crude oil is $1.19 per barrel higher, the dollar is lower and the Dow Jones Industrials are 99 points higher.

One analyst says, "The markets are mixed, as commodities have separate drivers.
"Wheat rallied, overnight, off of increased Russian exports that continue to deplete that country's stocks. Corn was supported by poor yields in western Iowa. And soybean prices were hurt by this belief that the current rains have helped boost yield potential," he says.
Also, the U.S. Farm Service Agency Thursday released its first installment of its county-by-county acreage sign-up. Beans also received support from this report, analysts say. Though farmers have until September to sign-up, the report indicates that the U.S. could see an extra 1.8 million acres vs. previous USDA expectations.

 

Mike

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At mid-session:

The Dec. futures corn contract settled 3 1/4 cents higher at $8.07. The Nov. soybean contract is trading 7 3/4 cents lower at $16.26 3/4. Dec. wheat futures are trading 16 3/4 cents higher at $8.83 per bushel. The Dec. soymeal futures are trading $3.30 per short ton lower at $490.50. The Dec. soyoil futures contract is trading $0.07 lower at $53.64.


In the outside markets, the NYMEX crude oil is $0.98 per barrel, the dollar is lower and the Dow Jones Industrials are 63 points higher.

 

 

Mike

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At 10:30am:

Corn and soybeans trade lower, at this time. Wheat is the only commodity trading higher.

 

Mike

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At the open:

The Dec. futures corn contract is trading 2 cents higher at $8.07. The Nov. soybean contract is trading 1 cent lower at $16.32. Dec. wheat futures are trading 18 cents higher at $8.84 per bushel.


In the outside markets, the NYMEX crude oil is unchanged per barrel, the dollar is lower and the Dow Jones Industrials are 82 points higher.

 

Mike

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At 7:35am:

USDA Weekly Export Sales Report:

Corn=253,400 mt, below the trade's expectation of 400,000-600,000 mt.

Soybeans=1.02 mmt vs. the trade's expectation of 700,000-1.0 mt.

Wheat=396,700 mt vs the expectation of 400,000-700,000 mt.

 

Mike

-----------------

At 7:30am:

Early calls: Corn 5-7 cents higher, soybeans 2-4 cents lower, and wheat  12-14 cents higher.

 

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.06 per barrel lower.
Dollar=Higher.
Wall Street=Seen opening higher on China's stimulus outlook.

World=Mixed-to-lower.

 

More in a minute,

 

Mike

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18 Replies
jrsiajdranch
Veteran Advisor

Re: Floor Talk August 16

Seen where Brazil is having it's own stimulus programs starting.  Could devalue their currency which will make the trade thing very interesting.  Dollar trade is now taking front and center. 

 

Drought rapidly becoming old news. (unless your feeding something that eats!)

 

 

Not to disappoint I am leaning toward daffy duck for president and Willley E Coyote for  VEEP.  LOL

 

 

 

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Pupdaddy
Advisor

Re: Floor Talk August 16

Surely you jest JR. Everyone with any sense knows Yosemite Sam and Foghorn Leghorn would be a much better president and vice-president....

 

 

....I'm sure they couldn't screw things up any worse than the rest of the clowns we have running for the job. 

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farsider
Senior Contributor

Re: Floor Talk August 16

Thought foghorn leghorn was our Veep

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Hobbyfarmer
Honored Advisor

Re: Floor Talk August 16

"Not to disappoint I am leaning toward Daffy Duck for president and Willley E Coyote for VEEP. LOL"

 

Right now we have Willey for pres and Daffy as Veep. Think it'l be better just switching them?

 

 

 

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wcohRagweed
Frequent Contributor

Re: Floor Talk August 16

Please don't insult Mr. Wile E. Coyote. He was just hungry. It was the private sector's fault anyway, if only that darn ACME corp had been able to build a useful roadrunner trap he wouldn't have failed utterly 🙂

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too close for comfort
Senior Contributor

Re: Floor Talk August 16

But the gov. report said the road runner crop was going to be huge. 

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roarintiger1
Honored Advisor

Re: Floor Talk August 16

Mike, Anything to the rumor that China was back in the market buying more soybeans?

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c-x-1
Veteran Advisor

Re: Floor Talk August 16

don't forget Tom & Jerry. least they were overtly mean. didn't try to hide stuff! 

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c-x-1
Veteran Advisor

Re: Floor Talk August 16

Mike,

do you have any yield data from IA?

CMEgroup reporting "yields worse than expected, esp in IA"

 

thanks, c-x-1

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