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Tony_Dreibus
Veteran Contributor

Floor Talk August 19

If you have a second, take a look at what I found coming to work, Friday:

 

Click here:   Golden Corn   

 

Mike

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At the close:

 

At the close, the Sep. corn futures settled 2 1/4¢ higher at $3.34 1/4, while Dec. futures ended 1 3/4¢ higher at $3.43 per bushel. Sep. soybean futures settled 5 1/4¢ lower at $10.27, while Nov. soybean futures finished 10¢ lower at $10.04 1/2. Sept. wheat futures finished unchanged at $4.27. Sep. soymeal futures closed $4.40 short ton lower at $330.00. Sept. soyoil futures closed $0.05 lower at 34.14¢ per pound.  In the outside markets, the Brent crude oil market is $0.17 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points lower.

 

Mike

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At mid-session:

 

At mid-session, the Sep. corn futures are 2 1/2¢ higher at $3.34, while Dec. futures are 1 3/4¢ higher at $3.43 per bushel. Sep. soybean futures are 2 1/4¢ lower at $10.30, while Nov. soybean futures are 6¢ lower at $10.08. Sept. wheat futures are 4 3/4¢ higher at $4.31. Sep. soymeal futures are $2.30 short ton lower at $332.10. Sept. soyoil futures are $0.15 lower at 34.04¢ per pound.  In the outside markets, the Brent crude oil market is $0.01 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points lower.

 

Jason Roose, grain analyst with U.S. Commodities in West Des Moines, says that the soybean market will need continued demand news to stay up.
“The Midwest weather forecast still is supply-bearish for the soybean market, with ideal moisture and no cold weather in the long term,” Roose says.
He adds, “The weak Chinese soybean market, along with the stronger dollar, should keep the bean market under pressure without any fresh export news.”

 

Mike

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At the open:

 

At the open, the Sep. corn futures are 1¢ lower at $3.31, while Dec. futures are 1¢ lower at $3.41 per bushel. Sep. soybean futures are 8 1/2¢ lower at $10.23, while Nov. soybean futures are 13¢ lower at $10.01. Sept. wheat futures are 3 1/4¢ lower at $4.23. Sep. soymeal futures are $3.40 short ton lower at $331.00. Sept. soyoil futures are $0.43 lower at 33.76¢ per pound.  In the outside markets, the Brent crude oil market is $0.26 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 94 points lower.

 

Mike

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Soybeans were again SHARPLY lower overnight -- I kid, I kid -- beans were just lower overnight , down about 15 cents, amid longer-term forecasts for rain in the eastern Midwest and drier weather in the central Midwest. As we saw yesterday, though, they have a tendency to claw their way back into positive territory thanks to the strong demand, though the USDA didn't report any new sales for beans yesterday. It's gotten to a point where it's disappointing if we don't see a daily sale of beans, which of course is a good thing. I'm back in Chicago today to meet up with some old trader friends and hopefully get a drink at Ceres at the Board of Trade. If you've never been, I would high recommend it next time you're in town. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.2% lower.
West Texas Intermediate Crude Oil = 0.1% higher.

Dollar = up 0.3%.

Wall Street = U.S. stock futures lower in overnight trading.
World Markets = Global stocks lower on Russia-Ukraine tensions. 

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