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Tony_Dreibus
Veteran Contributor

Floor Talk August 24

I witnessed the tallest soybean plant in my life, yesterday. It came from a smaller field. But, man is she huge. Take a look

 

click here:  Tallest Soybean Plant Ever

 

Mike

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At the close:

At the close, the Sep. corn futures settled 1¢ lower at $3.27 1/2, while Dec. futures settled 1¢ lower at $3.36 per bushel. Sep. soybean futures ended 3 1/2¢ lower at $10.30 3/4, while Nov. soybean futures finished 8 1/4¢ lower at $10.05 1/4. Sept. wheat futures closed 3 3/4¢ lower at $4.04. Sep. soymeal futures settled $0.90 short ton lower at $331.50. Sept. soyoil futures closed $0.32 lower at 33.57¢ per pound.  In the outside markets, the Brent crude oil market is $1.39 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 52 points lower.

 

Mike

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At mid-session:

At mid-session, the Sep. corn futures are 1¢ lower at $3.27, while Dec. futures are 3/4¢ higher at $3.36 per bushel. Sep. soybean futures are 10 3/4¢ lower at $10.23, while Nov. soybean futures are 15 1/4¢ lower at $9.98. Sept. wheat futures are 2 1/2¢ lower at $4.05. Sep. soymeal futures are $2.70 short ton lower at $329.70. Sept. soyoil futures are $0.45 lower at 33.44¢ per pound.  In the outside markets, the Brent crude oil market is $1.56 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points lower.

 

Mike

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At 10:40am:

 

The U.S. ethanol weekly production is down slightly, but remains strong.

 

According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 1.028 million barrels per day (b/d)—or 43.18 million gallons daily. That is down just a hair from last week’s record-tying 1.029 million b/d. The four-week average for ethanol production stood at 1.020 million b/d for an annualized rate of 15.64 billion gallons. For the first time in history, production has topped the 1 million b/d mark in four straight weeks.

Stocks of ethanol stood at 20.8 million barrels. That is a 1.9% increase from last week and a five-week high.

 

Mike

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At the open:

At the open, the Sep. corn futures are 1/2¢ higher at $3.29, while Dec. futures are 3/4¢ higher at $3.38 per bushel. Sep. soybean futures are 3 1/2¢ lower at $10.30, while Nov. soybean futures are 6¢ lower at $10.07. Sept. wheat futures are 2 1/2¢ lower at $4.05. Sep. soymeal futures are $0.20 short ton lower at $333.20. Sept. soyoil futures are $0.21 lower at 33.68¢ per pound.  In the outside markets, the Brent crude oil market is $0.54 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points lower.

 

Mike

 

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Things looked better in Indiana than they did in Ohio, according ot crop tour results, but Nebraska wasn't quite the yield everybody had been expecting. The tour moves into Iowa and Illinois, where yields are expected to be excellent, but time will tell. Lots of storms on the way today, with two separate systems hitting Iowa -- one to the north and one to the south -- both of which are expected to be heavy and cause flooding. 

 

Here's what happened overnight:

 

Brent Crude Oil = 1.3% lower.
West Texas Intermediate Crude Oil = 2.1% lower.

Dollar = up 0.3%.

Wall Street = U.S. stock futures little changed in overnight trading.
World Markets = Global stocks mixed on stronger pound.

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2 Replies
jec22
Veteran Advisor

Re: Floor Talk August 24

When the tour is done with Iowa, "where did all the disease come from"    Clue:  hot, humid, and wet

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Jim Meade / Iowa City
Senior Advisor

Re: Floor Talk August 24

This year has been a wonderfl marketing opportunity for corn hedgers.  It's one of those cases where many farmers are absolutely convinced the market is wrong.  With that conviction, one expects corn hedgers to be lifting their hedges if they haven't already in anticipation of a price increase when the combines roll.  I lifted most of my corn hedges, leaving on just a little "gambling money" in case the farmer sentiment is wrong and the harvest yields do tank the market.

 

Maybe some farmers are thinking of going long the board or are persuaded to store cash and wait for better prices.  Are you in that boat?  I am a hedger, not a trader, so I'm not going long the board.  I sold some cash corn ahead at decent money and am thinking like many of you that I may store the rest until prices get better.

 

But, if we all store, will prices get much better, or will we just grind the market down and take what we can get in July or August?

 

It might come down to the 2017 yield prospects world wide.  Demand seems to be holding up pretty well.  Do you think it's a supply question or demand question for the coming year?

 

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