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Tony_Dreibus
Veteran Contributor

Floor Talk August 23

At the close:

At the close, the Sep. corn futures settled 4 3/4¢ lower at $3.28 1/2, while Dec. futures finished 5 1/4¢ lower at $3.37 1/4 per bushel. Sep. soybean futures ended 1¢ lower at $10.34 1/4, while Nov. soybean futures closed 2 1/4¢ lower at $10.13 1/2. Sept. wheat futures closed 7 1/2¢ lower at $4.07 3/4. Sep. soymeal futures closed $1.80 short ton lower at $332.40. Sept. soyoil futures closed unchanged at 33.89¢ per pound.  In the outside markets, the Brent crude oil market is $0.68 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 27 points higher.

 

Mike

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At mid-session:

At mid-session, the Sep. corn futures are 5¢ lower at $3.28, while Dec. futures are 5 1/2¢ lower at $3.37 per bushel. Sep. soybean futures are 3 1/2¢ lower at $10.31, while Nov. soybean futures are 4 1/4¢ lower at $10.11. Sept. wheat futures are 6 3/4¢ lower at $4.08. Sep. soymeal futures are $4.00 short ton lower at $330.20. Sept. soyoil futures are $0.26 higher at 34.15¢ per pound.  In the outside markets, the Brent crude oil market is $0.47 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 35 points higher.

 

Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that price action has been bad, given the solid performance yesterday. 
“No sales announcements that I saw anyway today, that is part of it.  The crop tour that is going through the Midwest, is in Indiana and seeing some good crops there, but the Nebraska stuff is not good,” Scoville says. 
The USDA crop ratings remain stable to stronger against ideas of stable to weaker, he says. 
“Overall, I feel that this is as much Turnaround Tuesday price action as anything.   Also, lots of talk on how the crop tour is always low in its estimates,” Scoville says. 
Scoville adds, “That is true, but the tour is finding below the 3-year average for the tour and that should stand for something.  I think the down side is not real big, I kind of feel we know the lows.  But, we do have a harvest coming. So, I am looking to do some needed selling for producers.”

 

Mike

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At the open:

At the open, the Sep. corn futures are 4¢ lower at $3.29, while Dec. futures are 4 1/2¢ lower at $3.38 per bushel. Sep. soybean futures are 2 3/4¢ higher at $10.32, while Nov. soybean futures are 4¢ lower at $10.11. Sept. wheat futures are 5 1/2¢ lower at $4.09. Sep. soymeal futures are $0.80 short ton lower at $333.40. Sept. soyoil futures are unchanged at 33.89¢ per pound.  In the outside markets, the Brent crude oil market is $0.46 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 100 points higher.

 

Mike

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Crop tour results in South Dakota and Ohio were about what people expected, which is why prices were lower overnight -- guessing they can only go up as tour participants head inland. The weather is supposed to turn off wet again today, which is good for some but not for those in areas that are flooded or close to it. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.9% lower.
West Texas Intermediate Crude Oil = 3% lower.

Dollar = down 0.2%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks rise as dollar weakens.

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