Floor Talk August 29

[Tony_Dreibus]

At the close:

At the close, the Sep. corn futures finished 1¢ lower at $3.27 1/2, while Dec. futures finished 1¢ lower at $3.36 per bushel. Sep. soybean futures ended 3 1/2¢ lower at $10.30 3/4, while Nov. soybean futures closed 8 1/4¢ lower at $10.05 1/4. Sept. wheat futures finished 3 3/4¢ lower at $4.04. Sep. soymeal futures closed $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

------------

At mid-session:

At mid-session, the Sep. corn futures are 3 3/4¢ lower at $3.12, while Dec. futures are 4¢ lower at $3.21 per bushel. Sep. soybean futures are 2¢ lower at $9.88, while Nov. soybean futures are 2 1/2¢ higher at $9.69. Sept. wheat futures are 11 1/2¢ lower at $3.72 Sep. soymeal futures are $1.00 short ton higher at $322.20. Sept. soyoil futures are $0.33 lower at 32.63¢ per pound.  In the outside markets, the Brent crude oil market is $0.88 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 104 points higher.

--------------

At 11am:

If you missed it, the USDA Weekly Export Inspections Monday:

Corn=  56.0 million bushels vs. the trade's estimates of 31-47 million bushels.

Soybeans= 33.8 mill. bnu. vs. the trade's estimate of 22-36 mill. bu.

Wheat= 18.8 mill. bu. vs. 18-23 mill. bu.

Mike

--------

At the open:

At the open, the Sep. corn futures are 1 1/4¢ lower at $3.15, while Dec. futures are 1¢ lower at $3.24 per bushel. Sep. soybean futures are 4 1/2¢ lower at $9.86, while Nov. soybean futures are 3 3/4¢ lower at $9.63. Sept. wheat futures are 9 1/4¢ lower at $3.74 Sep. soymeal futures are $1.20 short ton lower at $320.00. Sept. soyoil futures are $0.33 lower at 32.62¢ per pound.  In the outside markets, the Brent crude oil market is $0.88 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 62 points higher.

The U.S. soybeans continue to flow off of the shelves. On Monday, the USDA announced that private exporters reported export sales of 393,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

----------

Wheat futures are now at the lowest level in 10 years on ample production in Eastern Europe and the U.S. The only area this year that didn't have good yields was France, which had a lot of low quality wheat due to poor weather. Pretty much every other growing region had good weather, which led us to where we are right now. Looks like more flooding is on the way for parts of Illinois and Indiana. Kansas and Missouri, and a county or two in Nebraska, also could see floods. This wet weather is both an angel and a demon these days as lots of disease being reported, or so I'm told.  
 

Here's what happened overnight:

Brent Crude Oil = 1.4% lower.
West Texas Intermediate Crude Oil = 1.3% lower.

Dollar = up 0.1%.

Wall Street = U.S. stock futures mixed in overnight trading. 
World Markets = Global stocks follow oil prices lower.