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marketeye
Veteran Advisor

Floor Talk August 17, 2020

At midsession:

At midsession, the Sept. corn futures are 4 3/4¢ higher at $3.29 1/2. Dec. corn futures are 5 1/2¢ higher at $3.43 1/4.

Sept. soybean futures are 17 3/4¢ higher at $9.14. November soybean futures are 17 3/4¢ higher at $9.16 1/2.

Sep. wheat futures are 15 3/4¢ higher at $5.15 1/4.


Sep. soymeal futures are $5.80 per short ton higher at $297.60.

 Sept. soy oil futures are $0.30 cent higher at 31.36¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.30 per barrel higher at $42.31. The U.S. dollar is lower, and the Dow Jones Industrials are 53 points higher.

 

Mike

------

At 8:45am:

See is the story link to today's market coverage. 

$9.00 soybeans are back Monday

 

Thanks,

 

Mike

 

 

 

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7 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk August 17, 2020

Des Moines Iowa ADM...

Changed basis from -30 to -25 market is up 10 right now 

Real price is $8.84 cash

Oct 1 to Oct 31 (cash off of combine)  $8.62 (-47 basis)

Real price is not there yet here ....

marketeye
Veteran Advisor

Re: Floor Talk August 17, 2020

As investors keep calling and asking about the Iowa corn damage, I thought that this might be helpful. On Monday, Iowa State University Extension released this article on the Expectation for Lodged Corn.

 

Take a look:  The Expectations for Lodging Corn

 

What say you?

 

Mike

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Hobbyfarmer
Honored Advisor

Re: Floor Talk August 17, 2020

Mike have you taken a tour of the area?

Go north on 169 from DeSoto to Ogdon then east to at least Tama but better yet Cedar Rapids.

Take a side trip up and down 63 north of Tama to the destroyed elevator about 10 miles north.

Milk or dough stage corn flat or nearly flat that was blown flat with roots in dry ground is a loss as far as a grain crop. The 35 or less test wt grain is a "no bid" deal.

Ever try to combine light tw corn? Very hard to separate corn from cob. Now put it flat on ground a month before normal maturity. No air circulation around the ear and no way for plant to finish and shucks to fluff and protect ear from the elements ...moldy mess is my estimation.

There will be corn to harvest in some fields. Many others will need a disk like my 596 case ih to be able to penetrate the mat and start the composting. Yes i meant 596

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rickgthf
Senior Advisor

Re: It occurs to me that this would be a great year for an agronomy prof to....

It occurs to me that this would be a great year for an agronomy professor to send about three graduate students into the fields at about Sept 15 to hand harvest and weigh ears from corn stalks in a variety of positions to collect yield loss information,  a natural experiment so to speak.

But to your point Mike, I'm sure that the crop insurance companies have tables that properly quantify the loss of wind-damaged corn.  I bet they've already got a good idea of the damage.  Maybe you could contact a couple crop insurance companies and see what they say.

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gurly3801539
Advisor

Re: It occurs to me that this would be a great year for an agronomy prof to....

And then if you can find enough people to hand harvest the whole crop you would be pretty accurate.Smiley Very Happy

timetippingpt
Honored Advisor

Re: It occurs to me that this would be a great year for an agronomy prof to....

Now fellas, NASS says that only 17%, only 14% of that last week, of the IA crop is poor, not the 38% widely reported. Make your own conclusions 🙂

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sw363535
Honored Advisor

Re: It occurs to me that this would be a great year for an agronomy prof to....

NASS of course knows that their numbers will be gospel no matter how long the lights stay off in eastern Iowa.... their in DC and they have tenure.  

Slaves are not allowed to have opinions here on the progressive plantation.