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marketeye
Veteran Advisor

Floor Talk, August 21, 2019

At the close:

 

At the close, the Sep. corn futures finished 3¢ higher at $3.62. Dec. corn futures finished 1 1/2¢ higher at $3.70 1/2.

Nov. soybean futures settled 4 3/4¢ higher at $8.60 1/2. Jan. soybean futures closed 4 3/4¢ higher at $8.73.

Dec. wheat futures closed 1 1/4¢ higher at $4.68.



December soymeal futures closed $0.80 per short ton lower at $300.30.

 December soy oil futures ended $0.33 higher at 29.12¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.14 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 258 points higher.

Jason Roose, U.S. Commodities, says that the corn market is well supported.

“With grains technically oversold, a short covering rally was in place, and welcomed. Maturity of our late planted crop will limit breaks, as this week’s crop tour confirmed. But, the unknown demand for corn and soybeans and larger stocks will limit rallies."

 

Mike

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At 11:27am:

 

At midsession, the Sep. corn futures are 3/4¢ higher at $3.60 1/4. Dec. corn futures are 1/4¢ higher at $3.69 1/2.

Nov. soybean futures are 5 1/4¢ higher at $8.61. Jan. soybean futures are 5 1/4¢ higher at $8.73 1/2.

Dec. wheat futures are 1 1/4¢ lower at $4.65 1/2.



December soymeal futures are $1.20 per short ton lower at $300.70.

 December soy oil futures are $0.36 higher at 29.15¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.10 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 276 points higher.

 

 

Mike

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At 8:56am:

In early trading, the Sep. corn futures are 1¢ higher at $3.60. Dec. corn futures are 3/4¢ higher at $3.69 1/2.

Nov. soybean futures are 5¢ higher at $8.60 3/4. Jan. soybean futures are 5 1/4¢ higher at $8.73 1/2.

Dec. wheat futures are 4¢ lower at $4.62 1/2.



December soymeal futures are $1.40 per short ton higher at $300.90.

 December soy oil futures are $0.35 higher at 29.14¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.68 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 238 points higher.

On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 328,000 metric tons of corn for delivery to Mexico during the 2019/2020 marketing year.

The marketing year for corn began Sept. 1.

Al Kluis, Kluis Advisors, says that investors ought to keep crop tours in perspective.

“The crop tour scheduled for this week is underway. Early reports suggest yields below last year and in some cases below the three-year average. This crop tour, and any other crop tours conducted this year, have to be taken with a grain of salt. The information gathered is from a small sample of where corn is produced across the Midwest. Some places are in better shape and other places are in worse shape. In short, we can’t expect the market to make significant moves based on these findings,” Kluis told customers in a daily note.


Kluis added, “The volatility levels for corn are down significantly from the highs in June and July. Will volatility continue to fall if prices grind lower? Or, will they enter a sideways trading channel? Watch for a move lower in prices and a corresponding jump in volatility. This action could indicate a low is being placed.”

Mike

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7 Replies
sw363535
Honored Advisor

Re: Floor Talk, August 21, 2019

At a boy Al,

give a missleading account of tour results ....... then follow that with a dismissing of the function of crop tours.

Sooooo predictable..

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wrightcattle
Veteran Advisor

Crop Tours

Have actually been Fairly Reliable yield and crop condition indicates for years. 

That's why the various crop tours are used. 

Al,  especially this year IF you choose to believe the USDA yield lie....

Well that's Your Business. 

Since USDA has No Boots on the ground.... I figure most ALL the tours ongoing are certainly more reliable than govt paper estimates this year. 

Good Luck to ya. 

 

 

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WCMO
Senior Advisor

Re: Floor Talk, August 21, 2019

Just curious -- if your field is one to be sampled on a "crop tour", do they call you first to get permission to enter the field(s)?

https://www.agriculture.com/markets/newswire/update-1-us-agriculture-officials-pulled-from-crop-tour...

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sw363535
Honored Advisor

Re: Floor Talk, August 21, 2019

No I have never been asked..... but we are far enough out of the corn belt we probably would not and we are not as variable as to make a difference.... we are too far west of the kansas wheat tour .... too variable and fringe for wheat which is not irrigated as much.   sw ks, okla panhandle

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marketeye
Veteran Advisor

Re: Floor Talk, August 21, 2019

WCMO,

 

I participated on the crop tour, as a scout, for five years. No, you do not ask. Sometimes the farmers that catch you in their field ask you to go measure their other fields. Not often, at all, does the farmer tell you to get out of his/her field. I did have one northeastern Iowa farmer threaten to take my block off, if I didn't get out of his field. Of course, I apologized for any inconvenience and moved on. 99.9% of the time, farmers like to talk to you about what you're finding.

 

That was my experience.

 

Mike

gurly3801539
Advisor

Re: Floor Talk, August 21, 2019

I wondered that also WCMO.  How did he get threatened on the phone, who would have his number to call him?  That story needs some splainin.

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WCMO
Senior Advisor

Re: Floor Talk, August 21, 2019

I personally wouldn't have a problem with the "crop tour", was just curious because, well, technically, it's probably trespassing.  For most (all) other purposes, I'm one of those who appreciates the call making the request, especially if it potentially affects something, or identifies who's out in my fields or bins when I'm not with them (yes, I complain to FSA and NASS -- yet, on the other hand, at least in my historical experience, they usually make minimal or no effort to call or coordinate).  I do work with farmers/customers who don't want to take the time to be in the field/bin with me, yet I still call them first, and sometimes (usually) insist on their presence.  The "crop tour" would be a little different in that they are really not damaging anything, at least not enough to amount to anything, I assume they're staying off private field roads, and we all know they're trying to keep a tight schedule while covering a lot of ground.  Plus, the "crop tour" is not "the government". 

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