Floor Talk August 22
At the close:
At the close, the Sep. corn futures settled 1¢ lower at $3.33 1/4, while Dec. futures ended 1 1/4¢ lower at $3.42 per bushel. Sep. soybean futures closed 8 1/4¢ higher at $10.35 1/4, while Nov. soybean futures closed 11 1/4¢ higher at $10.15 3/4. Sept. wheat futures closed 11 3/4¢ lower at $4.15 1/4. Sep. soymeal futures finished $4.20 short ton higher at $334.20. Sept. soyoil futures closed $0.25 lower at 33.89¢ per pound. In the outside markets, the Brent crude oil market is $1.49 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower.
Deanna Hawthorne-Lahre, StatFutures co-founder and grain trader, says the bean story is clear, while the corn trade is undecided on direction.
“Basically, another soybean tender turned that market higher,” she says. “But, wheat got pounded as the Russian crop is whispered to be 72.0-73.0 million metric tons in size. Corn traders are on hold as a crop tour got underway today. No surprises yet,” Hawthorne-Lahre says.
At mid-session, the Sep. corn futures are 1 1/2¢ lower at $3.32, while Dec. futures are 1 3/4¢ lower at $3.42 per bushel. Sep. soybean futures are 11¢ higher at $10.38, while Nov. soybean futures are 11 3/4¢ higher at $10.16. Sept. wheat futures are 10 1/4¢ lower at $4.16. Sep. soymeal futures are $6.80 short ton higher at $336.80. Sept. soyoil futures are $0.37 lower at 33.77¢ per pound. In the outside markets, the Brent crude oil market is $1.48 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 54 points lower.
The corn market is acting like the energizer battery, trading lower most of the day, but coming back up at the end, one analyst says. If Sept. soybean futures close above $10.38, you could see a breakout to the upside. With Monday's sale, 14-out-of-15 days, the U.S. has made fresh soybean sales.
If you missed it, more U.S. soybeans were sold, Monday.
Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1
Wheat futures fell overnight as global production is expected to jump. U.S. hard-red winter output is pegged to rise 27% this year, while the Russians are forecast to collect a record-large crop. There's going to be a lot of wheat out there. A dry day is allegedly on tap for much of the Midwest, though it's supposed to rain again down here in central Texas.
Here's what happened overnight:
Brent Crude Oil = 3% lower.
West Texas Intermediate Crude Oil = 2.7% lower.
Dollar = down 0.1%.
Wall Street = U.S. stock futures lower in overnight trading.
World Markets = Global stocks lower as oil prices plunge.
Re: Floor Talk August 22
What cme does not understand, they do
Not need to adjust the price for quality
That is taken care of by dockage.
I had a grain merchant tell me Friday
That we have enough wheat to
Last us two years and we don't
Need another crop
I swear the world is going nuts