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marketeye
Veteran Advisor

Floor Talk August 24, 2020

At the close:

At the close, the Sept. corn futures ended 4 3/4¢ higher at $3.31 3/4. Dec. corn futures closed 4 1/2¢ higher at $3.45.

Nov. soybean futures settled 1¢ higher at $9.05 1/2. January soybean futures finished 1 3/4¢ higher at $9.13.

Dec. wheat futures finished 7¢ lower at $5.27 1/2.

Dec. soymeal futures ended $0.50 lower per short ton at $297.00.

Dec. soy oil futures closed $0.28 cent higher at 31.95¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.25 per barrel higher at $42.59. The U.S. dollar is lower, and the Dow Jones Industrials are 261 points higher.

Mike

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At midsession:

At midsession, the Sept. corn futures are 2 3/4¢ higher at $3.29 3/4. Dec. corn futures are 2 1/2¢ higher at $3.43 1/2.

Nov. soybean futures are 1 1/4¢ higher at $9.06 1/2. January soybean futures are 2 1/4¢ higher at $9.14.

Dec. wheat futures are 7¢ lower at $5.28 1/2.

Dec. soymeal futures are unchanged at $297.50.

Dec. soy oil futures are $0.34 cent higher at 32.01¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.28 per barrel higher at $42.62. The U.S. dollar is lower, and the Dow Jones Industrials are 261 points higher.

Jack Scoville, PRICE Futures Group, says that it is a weather market for the most part today.

“Corn and bean prices are reacting to hot and dry forecasts for this week. Demand has been good as well, but no demand news today is hurting the upside. Neither corn nor beans have been able to push to new highs yet and that could become significant. Traders seem to be bulled up on the weather, but we are getting closer to harvest. So, another down swing might be coming soon," Scoville says.

 

Mike

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At 8:45am:

 

In early trading, the Sept. corn futures are 2 3/4¢ higher at $3.29 3/4. Dec. corn futures are 2 1/2¢ higher at $3.43 1/2.

Nov. soybean futures are 6 1/4¢ higher at $9.11 1/2. January soybean futures are 6 1/4¢ higher at $9.17.

Dec. wheat futures are 3 1/2¢ higher at $5.38 1/2.

Dec. soymeal futures are $2.10 per short ton higher at $299.60.

Dec. soy oil futures are $0.27 cent higher at 31.94¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.18 per barrel higher at $42.52. The U.S. dollar is lower, and the Dow Jones Industrials are 211 points higher.

Al Kluis, Kluis Advisors, says that investors are watching for this afternoon's crop ratings and Iowa's crop weather.

 

Mike

"The grain market was quiet on Friday with traders focusing on whether the two tropical depressions will result in more rain in the Corn Belt this week," Kluis told customers in a daily note. "The USDA Crop Progress report today will show corn conditions 2 to 3% lower and soybeans 1 to 2% lower than last week. Iowa will again take a big hit in the reports out this afternoon."

He added, "Watch the extended weather forecasts and the track of the two tropical depressions. Will these storms bring rain into the dry areas of the western Corn Belt? If the dry conditions continue in Iowa for another two weeks, then the national yield of both corn and soybeans will move lower in future reports. Meanwhile, the USDA enumerators are out checking crop size across the Corn Belt over the next two weeks for the September 11, 2020 Crop Production report."

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3 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk August 24, 2020

TEN day is dry and hot with only a few cover your butt showers.

Went for a drive a bout yesterday afternoon into Adair,  Guthrie, Green, Dallas counties here in Ioway.

The crop is severely late season  drought stressed in north 1/2 Adair county and most of Guthrie county we went through.

Guthrie also has wind damage. Green and Dallas had a wind issue, maybe you've heard about it? It's the real deal.

Lots of corn in drought area a rain will not help. Beans are hurt,  saw some must have been short season one's already turning.

Green and Dallas got some rain with the wind, yards are green. Beans are short but have pods on them.

Anybody not in the path of that little breeze be VERY thankfull.

Everywhere the corn is hitting maturity. Lots of fields getting white shucks.

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roarintiger1
Honored Advisor

Re: Floor Talk August 24, 2020

Here in my neck of the woods in NW Ohio, my corn is denting. Much of the high ground is hurting badly and the plants are firing there.   My soybeans have not yet started turning, but I believe they will real soon.  Plenty of pods, but not sure how big those beans will be without rain real soon.  

illinifarmer
Advisor

Re: Floor Talk August 24, 2020

Did some field walkthroughs this weekend corn is dented here.  Ears are far and few between, depending on earlier weather disasters.  Most corn here was replanted at least once if not three times.  Soybeans look really decent however no beans no rain.  Flat pods on every plant, no fill.  If today was harvest time IL soybeans would be 20bu to zero!!  Curious how well conditions were posted on all usda reports and have only come down across the board since.  Almost like a terrible card player trying to bluff and getting called out.  Sad they find a way every year to get away with this kind of market suppression.

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