Floor Talk August 24

[marketeye]

At mid-session:

The Dec. futures corn contract is trading 3 1/2 cents lower at $8.11 1/4. The Nov. soybean contract is trading 9 cents higher at $17.24. Dec. wheat futures are trading 5 1/4 cents lower at $8.89 per bushel. The Dec. soyoil futures contract is trading $0.10 higher at $56.87. The Dec. soymeal futures contract is trading $3.50 per short ton higher at $518.80.


In the outside markets, the NYMEX crude oil is $0.75 per barrel higher, the dollar is higher and the Dow Jones Industrials are 65 points higher.

Mike

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WEATHER ALERT: At least one weather service says the current model shows that parts of central and southwestern Iowa could receive as much as 5.00-inches of rain, in the next three days! That would be nice, if it happens, huh?

Mike

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At 10:45am:

Soybeans are still trading higher, while corn and wheat have dropped lower.

Mike

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In early trading:

The Dec. futures corn contract is trading 3 1/2 cents higher at $8.18. The Nov. soybean contract is trading 18 1/2 cents higher at $17.33 1/2. Dec. wheat futures are trading 3 cents higher at $8.97 3/4 per bushel. The Dec. soyoil futures contract is trading $0.40 higher at $57.17. The Dec. soymeal futures contract is trading $6.80 per short ton higher at $522.10.


In the outside markets, the NYMEX crude oil is $0.11 per barrel higher, the dollar is higher and the Dow Jones Industrials are 29 points higher.

Mike

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At 7:45am:

--On Friday, a Taiwan buyer purchased 173,000 tons of U.S., Brazil soybeans.

Mike

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At 7:35am:

Early calls: Corn 1-2 cents higher, soybeans 10-12 cents higher, and wheat 5-7 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.51 per barrel lower.
Dollar=Higher.
Wall Street=Seen opening flat.

World=Lower.

More in a minute,

Mike

[roarintiger1]

Good morning Mike,    I was wondering if you or someone else had some updated numbers to the latest export totals and what was expected for the 2011 crop.   Maybe someone has a link or can make a comment on this.   Thanks!

[CitiFarmer]

Corn sales for the current marketing year, the week ending 8/16/2012 were excellent at 4.3 million bushel and export sales now stand at 1,563.6 million bushel vs. 1,906.5 million a year ago at this time. Sales of around -7.3 million a week are needed assuming donations of 1.0 and with donations to date of 0.35. Sales to date have averaged 21.0 per week. Export inspections on shipments the week ending 8/16/2012 were poor at 21.5 million and brought the total inspected to 1,464.3 vs. 1,739.6 inspected a year ago. Shipments need to average 32.8 a week assuming 20 million shipped and not inspected. Inspections to date have averaged 28.7 per week. USDA currently projects exports at 1,550.0 million bushel.

Soybean sales for the current marketing year, the week ending 8/16/2012 were excellent at 4.9 million bushel and export sales now stand at 1,426.3 million bushel vs. 1,551.6 million a year ago at this time. Sales of around -38.2 million a week are needed assuming donations of 0.0 and with no donations to date. Sales to date have averaged 18.2 per week. Export inspections on shipments the week ending 8/16/2012 were excellent at 21.4 million and brought the total inspected to 1,332.6 vs. 1,473.2 inspected a year ago. Shipments need to average 3.7 a week assuming 10 million shipped and not inspected. Inspections to date have averaged 26.1 per week. USDA currently projects exports at 1,350.0 million bushel.

Note the slow inspections pace on corn.

[roarintiger1]

CitiFarmer, Thank you for posting those numbers!

[dapper7]

mike, what weather forecaster said that?

[Hobbyfarmer]

Just west north west of Stockton, Kansas 3.43 inches last night.

My Hill City, Ks area 2 tenths.

[highyields]

I just wanted to beat them to the bunch.  looks like 128 yield for corn coming from the crop tour.  on the average they have over estimated the yield by 7 bushels.   According to yields I've pulled from other media sources.  

I have no idea how they estimated the Nebraska yield that high.  From what I've talked to people from the central corn area long I-80, to my ol' college roommate in NE NE, to myself in SENE I see around a 115 bu avearage for nebraska. 

I guess on the average the tour has over estimated the yield by 7 bushels.  This year is NOT AVERAGE  I think they over shot the yield this year.   

Missouri is totally gone this year that will affect the yield, Kansas is also bad.  

I think a national yield around that 110 bu/ac is closer to what to expect

[Hobbyfarmer]

They can adjust the yield to "fit" All they have to do is change the "harvested acres"

This year will have more "Mulligans" in it then the Mulligan family tree. What a crock of...

The true yield is PLANTED acres divided by # of Bushels, NOT harvested mulligan acres / bushels.

[ag678]

If nebraska irrigated corn averaged 180 and we didnt grow a bushel of dry land corn we would still hit 115. If dry land average 50 bu should get you to above 130