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marketeye
Veteran Advisor

Floor Talk August 22

NOTES:

--The Fed Reserve meeting minutes say that stimulus is needed soon, if economy doesn't improve. How do you see this impacting higher-trending farm markets?

--Just read today's Freese-Notis Weather and Market Commentary. At the very bottom, this little message appears. "Getting some attention though will be the overnight run of the European model that forecast a major hurricane to the Louisiana coast for about a week from Friday; that forecast is clearly an outlier and thus is not likely to verify.  Hmmmm... those Louisiana hurricanes usually bring heavy rains to the Midwest.

 

 

Mike

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At the close:

The Dec. futures corn contract closed 4 cents lower at $8.34 3/4. The Nov. soybean contract settled 4 3/4 cents lower at $17.27 3/4. Dec. wheat futures settled 5 cents lower at $9.17 per bushel. The Dec. soyoil futures contract finished $0.61 higher at $56.83. The Dec. soymeal futures contract finished $4.80 per short ton lower at $519.70.


In the outside markets, the NYMEX crude oil is $0.28 per barrel lower, the dollar is lower and the Dow Jones Industrials are 33 points lower.

 

Mike

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At mid-session:

The Dec. futures corn contract is trading 1 1/4 cents lower at $8.37 1/2. The Nov. soybean contract is trading 10 3/4 cents lower at $17.21 3/4. Dec. wheat futures are trading 9 cents lower at $9.13 per bushel. The Dec. soyoil futures contract is trading $0.49 higher at $56.71. The Dec. soymeal futures contract is trading $6.70 per short ton lower at $517.80.


In the outside markets, the NYMEX crude oil is $0.28 per barrel lower, the dollar is higher and the Dow Jones Industrials are 77 points lower.

 

One analyst says, "Poor crop yields are keeping the market from falling further.
"Crop news is the same today and that’s lending support to futures. But, funds are fat with profits, after two big up days, lending to profit-taking off strength. So, we're choppy with a negative lean," he says.

 

Mike

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Mike

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At 10:40am:

The markets have pulled back, with all commodities trading lower. Rain is showing up in the Midwest's forecast, traders take profits, and the outside factors ($, crude, Dow) are all going against the grains and soybeans.

 

Mike

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At the open:

The Dec. futures corn contract is trading 1/4 of a cent higher at $8.39. The Nov. soybean contract is trading 2 3/4 cents lower at $17.29 1/2. Dec. wheat futures are trading 3 1/2 cents lower at $9.18 1/2 per bushel. The Dec. soyoil futures contract opened $0.50 higher at $56.72. The Dec. soymeal futures contract opened $3.20 per short ton lower at $521.30. The Dec. soyoil futures are trading $0.79 higher at $55.32.


In the outside markets, the NYMEX crude oil is $0.28 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points lower.

 

Mike

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At 7:15am:

--STATS Canada Wednesday is expected to release very strong yield estimates for that country's wheat and canola production.

--Profit-taking is expected today, following yesterday's impressive rally.

 

What say you? Are you profit-taking?

 

Mike

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At 6:45am:

Early calls: Corn 5-7 cents lower, soybeans 12-14 cents lower, and wheat 5-7 cents lower.

 

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.28 per barrel lower.
Dollar=Higher.
Wall Street=Seen opening lower, as investors take profits.

World=Asia/Pacific and European stocks are lower.

 

More in a minute,

 

Mike

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16 Replies
marketeye
Veteran Advisor

Re: Floor Talk August 22

Some light rain out there today. But, not much, according to the Freese-Notis Weather Inc.'s radar:

 

interrad-1.gif

 

This rain will probably not even slow up harvest, in this area.

 

Mike

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Hobbyfarmer
Honored Advisor

Re: Floor Talk August 22

What say you? Are you profit-taking?

 

One little trailer load of '11 corn on the close yesterday +$8.5 bu cash. I do not think the "run" has started yet. But it was $8.56 a bu for corn. So the answer is YES.

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marketeye
Veteran Advisor

Re: Floor Talk August 22

Hobbyfarmer,

 

Do you have any 2010 corn? And what is the oldest corn that you've known someone to hold? Just curious.

 

Mike

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Mizzou_Tiger
Senior Advisor

Re: Floor Talk August 22

Soya fields turning north of 80.....game over......time to start showing SA radar.....
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roarintiger1
Honored Advisor

Re: Floor Talk August 22

Mike, I can hear the jokes now......"My corn is so old".........

 

My corn is so old, it thinks that it is still worth $3.00 per bushel.

Hobbyfarmer
Honored Advisor

Re: Floor Talk August 22

The oldest I know of is some 9 (at least) in the bottom of a bin (not mine). I will be sucking it out in the next month with my vac. Still looks like corn.

 

It is sooooo old the Democrats signed it up to vote.

 

yes I still have some corn in a bin that was grown in '10.

 

Remember I treat it like currency. The exchange rate has been working in my favor.

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vandenplas
Senior Contributor

Re: Floor Talk August 22

My corn is so old it is starting to flake.

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Mizzou_Tiger
Senior Advisor

Re: Floor Talk August 22

9 on the wall

10 in the sump

11 on the sheets

12 in the tank
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jjoseph
Frequent Contributor

Re: Floor Talk August 22

your right    ..you need to use a different map.. how many times do i have to tell you that green means clouds yellow means its dropping but evaporates before hitting the ground and red means sprinkles..  It just went over the top of me (red) and got sprinkles..... It has been like that all year... the boys in chi town lost alot of money by looking at these maps thinking it must be rain.

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