Floor Talk August 17

[marketeye]

At the close:

At the close, the Sept. corn futures closed 3/4 of a cent lower at $3.63 1/4, Dec corn futures finished 1 cent lower at  $3.74.  Nov. soybean futures are trading 1/2 of a cent higher at $9.17.

Sept. wheat futures finished 6 cents lower at $5.00.

Sept. soymeal futures closed $0.20 per short ton higher at $325.40. Sept. soyoil futures closed $0.02 lower at $29.06. 

In the outside markets, the NYMEX Crude oil market is $0.77 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 60 points higher.

Mike

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At 12:20pm:

All-Time Record For July:

NOPA soybean crush for July came in at 145,227 million bushels, above the trade’s expectations of between 139-141 million bushels.

--Also, this afternoon's USDA Crop Condition Report is expected to show a decline in ratings.

Mike

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At mid-session:

At mid-session, the Sept. corn futures are trading 1/4 of a cent lower at $3.63, Dec corn futures are 3/4 of a cent lower at  $3.74.  Nov. soybean futures are trading 1/4 of a cent lower at $9.16.

Sept. wheat futures are 5 1/2 cents lower at $5.01.

Sept. soymeal futures are trading $1.00 per short ton higher at $326.20. Sept. soyoil futures are trading $0.01 lower at $29.07. 

In the outside markets, the Brent Crude oil market is $0.01 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 41 points higher.

Dustin Johnson, EHedger LLC market analyst, says the macro markets and crop reports are dominating the trade.
“The strong dollar is weighing on commodities, while crude oil is at 6-year lows.  The market feels very heavy and not much to go on beside crop tour reports,” Johnson says.

Mike

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At the open:

At the open, the Sept. corn futures are trading 1 cent higher at $3.65, Dec corn futures are 3/4 of a cent higher at  $3.76.  Nov. soybean futures are trading 3/4 of a cent higher at $9.17.

Sept. wheat futures are 2 cents lower at $5.04.

Sept. soymeal futures are trading $2.70 per short ton higher at $327.90. Sept. soyoil futures are trading $0.02 lower at $29.06. 

In the outside markets, the Brent Crude oil market is $0.28 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 126 points lower.

Mike

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At 7:30am:

Early calls: Corn 2-4 cents higher, soybeans 4-6 cents higher, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Crude Oil = $0.41 lower.
Dollar =Unchanged.  
Wall Street = Seen lower with eyes on Fed Reserve's July meeting minutes.

World Markets = Europe stocks were lower, Asia/Pacific stocks were mostly higher.

More in a minute,

Mike