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Tony_Dreibus
Veteran Contributor

Floor Talk August 2

At the close:

 

At the close, the Sep. corn futures settled 1 1/2¢ lower at $3.24 1/4, Dec. futures closed 1/4¢ lower at $3.34 per bushel. August soybean futures finish 10 3/4¢ lower at $9.85, while Nov. soybean futures closed 8 1/2¢ lower at $9.53. Sept. wheat futures finished 4 3/4¢ lower at $4.01 1/4. August soymeal futures closed $5.60 short ton lower at $328.40. August soyoil futures closed $0.31 higher at 30.06¢ per pound.  In the outside markets, the Brent crude oil market is $0.63 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 112 points lower.

 

Mike

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At 12:00-Noon:

The MDA Weather crop tour is making its way through the Eastern Corn Belt. Here is what they are finding today:

 

 

Logan County, IL: 193.1 bu/ac
Sangamon County, IL: 199.8 bu/ac

 

Menard County, IL: 210.2 bu/ac
Mason County, IL: 175.0 bu/ac

 

What do you think? Too high, too low?

 

Mike

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At mid-session:

 

At mid-session, the Sep. corn futures are 4 1/4¢ lower at $3.21, Dec. futures are 3 1/4¢ lower at $3.31 per bushel. August soybean futures are 15 1/4¢ lower at $9.80, while Nov. soybean futures are 12 1/4¢ lower at $9.49. Sept. wheat futures are 2 1/4¢ lower at $4.03. August soymeal futures are $7.40 short ton lower at $326.60. August soyoil futures are $0.26 higher at 30.01¢ per pound.  In the outside markets, the Brent crude oil market is $0.53 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 111 points lower.

 

Mike

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At 10:55am:

If you missed it, the USDA announced Tuesday fresh soybean sales.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 252,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

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At the open:

 

At the open, the Sep. corn futures are 1/4¢ lower at $3.25, Dec. futures are 1/2¢ higher at $3.34 per bushel. August soybean futures are 2¢ higher at $9.98, while Nov. soybean futures are 3 1/2¢ higher at $9.65. Sept. wheat futures are 2 1/4¢ higher at $4.08. August soymeal futures are $4.10 short ton lower at $329.90. August soyoil futures are $0.38 higher at 30.13¢ per pound.  In the outside markets, the Brent crude oil market is $0.69 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 40 points lower.

 

Mike

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Corn and beans were modestly lower overnight as more rain is expected the next few days in the `I' states, though losses are starting to slow as prices are getting a bit too low for some. At least for now. The weather is favorable for this week but there are still some dry areas, mainly in the eastern Corn Belt. That said, 93% of Illinois has adequate or surplus soil moisture as of Aug. 2, meaning it's not going to be hard for plants to find water even if it turns off hot and dry, which forecasts are NOT calling for right now. In Missouri, they're getting too much rain as flash flood warnings have been issued for this morning.  
 

Here's what happened overnight:

 

Brent Crude Oil = 1.3% higher.
West Texas Intermediate Crude Oil = 1.6% higher.

Dollar = down 0.3%.

Wall Street = U.S. stock futures slightly lower in overnight trading.
World Markets = Global stocks fall as bank earnings down. 

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Fynn32
Contributor

Re: Floor Talk August 2

It very interesting, the prices for wheat drop at the Cbot and it the prices increase at the Euronext. The Funds hopes apparently for a record harvest furthermore. Cautious estimates estimate the harvest in France these are on 28.2 m. to 11 m. to fewer than expected. The harvest will turn out 3 m. to smaller than expected in Germany. A rise of the Russian harvest from 3 m. to will not be able to compensate for this. The next Wasde could surprise quite a lot of market participant.

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