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Veteran Advisor

Floor Talk August 20

At the close:

At the close, the Sept. corn futures settled 3 3/4 cents higher at $3.71, Dec corn futures finished 4 cents higher at $3.82 1/2.  Nov. soybean futures finished 13 3/4 cents higher at $9.07 1/4.

Sept. wheat futures settled 10 cents higher at $5.06.

Sept. soymeal futures closed $6.90 per short ton higher at $330.90. Sept. soyoil futures finished $0.09 higher at $27.98. 

In the outside markets, the Brent Crude oil market is $0.48 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 278 points lower.

Matt Pierce, Futures International Inc. floor trader, says the news is light. “The market is trying to find a bottom. Beans are holding above $9.00 which is psychological, if nothing else.”
The current crop tour estimates are not expected to be bullish. But, it has a tendency underestimate USDA yield. And wheat is a terrible commodity. It has a bit of intermarket spreading helping CHI rally today. Wheat rally is least sustainable moving forward,” Pierce says.

Mike

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At mid-session:

At mid-session, the Sept. corn futures are trading 2 1/4 cents higher at $3.69, Dec corn futures are 2 cents higher at $3.81.  Nov. soybean futures are trading 8 3/4 cents higher at $9.02.

Sept. wheat futures are 8 3/4 cents higher at $5.05.

Sept. soymeal futures are trading $3.60 per short ton higher at $327.60. Sept. soyoil futures are trading $0.16 higher at $28.05. 

In the outside markets, the Brent Crude oil market is $0.28 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 211 points lower.

Mike

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At the open:

At the open, the Sept. corn futures are trading 2 cents higher at $3.70, Dec corn futures are 2 cents higher at $3.81.  Nov. soybean futures are trading 1 cent higher at $8.95.

Sept. wheat futures are 5 cents higher at $5.01.

Sept. soymeal futures are trading $2.30 per short ton higher at $326.30. Sept. soyoil futures are trading $0.08 lower at $27.81. 

In the outside markets, the Brent Crude oil market is $0.27 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 53 points lower.

Mike

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At 8:10am:

Separate from the weekly sales, USDA announced Thursday a fresh corn sale to Mexico.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 193,040 metric tons of corn for delivery to Mexico during the 2015/2016 marketing year. 

The marketing year for corn began Sept. 1.

 

Mike

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At 8am:

USDA Weekly Export Sales for corn beat expectations Thursday:

 

Wheat= 314,400 metric tons vs. the trade's expectations of 400,000-675,000 metric tons.

Corn= 859,100 mt vs. the trade's expectations of between 300,000-750,000 mt.

Soybeans= 830,800 mt. vs. the trade's expectations of  250,000-1,150,000mt.

Soybean meal =232,800 mt vs. the trade's expectations of 25,000-300,000  metric tons.

 

Mike

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At 7:15am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.50 lower.
Dollar =Lower.  
Wall Street = Seen lower with crude oil approaching $40 per barrel. Fed minutes in focus.

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

 

 

 

More in a minute,

 

Mike

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