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Veteran Contributor

Floor Talk August 30

At the close, the September corn futures finished 1/4¢ lower at $3.41. December futures ended steady at $3.56.

Nov soybean futures settled 4 1/2¢ lower at $8.31 1/2.  Jan. soybean futures closed 4 1/4¢ lower at $8.45.

Dec. wheat futures ended 6 3/4¢ lower at $5.35.

Dec. soymeal futures closed $1.70 per short ton lower at $303.50. Dec. soy oil futures closed 0.25¢ higher at 28.67.

In the outside markets, the NYMEX crude oil market is $0.72 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 187 points lower.

 

Mike

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At mid-session:

At mid-session, the September corn futures are 1¢ higher at $3.42. December futures are 3/4¢ higher at $3.57.

 

Nov soybean futures are 6 1/2¢ lower at $8.29.  Jan. soybean futures are 6 1/4¢ lower at $8.43.

 

Dec. wheat futures are 9 1/2¢ lower at $5.32.

Dec. soymeal futures are $2.00 per short ton lower at $303.20. Dec. soy oil futures 0.05¢ higher at 28.47.

In the outside markets, the NYMEX crude oil market is $0.43 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 90 points lower.

 

Mike

At 11:27am:

Pete Meyer, SPGlobal grain analyst, says that the trade faces positioning, ahead of the marketing year ending.
“The last week of the marketing year is always one when we see bin sweeping and Deferred Pricing contracts adding pressure to the corn price.   In beans, recent rains have helped the theory that “big crops get bigger,” Meyer says.

 

 

Mike

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At 9:22am:

 

If you missed it, the USDA Weekly Export Sales showed wheat and soybeans falling within the trade estimates and corn at the low end.

 

 

Wheat= 414,800 metric tons vs. the trade’s expectations of between 200,000-500,000 mt.

Corn=  700,400 mt. vs. the trade’s expectations of between 700,000-1,250,000 mt.

Soybeans= 702,600 mt. mt. vs. the trade’s expectations of between  500,000-1,250,000 mt.

Soybean meal=   521,500 mt. mt. vs. the trade’s expectations of between 250,000-750,000 metric tons.

 

Mike

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At 8:50am:

In early trading, the September corn futures are 1¢ higher at $3.42. December futures are 1¢ higher at $3.57.

 

Nov soybean futures are 5 3/4¢ lower at $8.30.  Jan. soybean futures are 5 1/2¢ lower at $8.43.

 

Dec. wheat futures are 4 1/2¢ lower at $5.37.

Dec. soymeal futures are $2.10 per short ton lower at $303.10. Dec. soy oil futures 0.04¢ lower at 28.38.

In the outside markets, the NYMEX crude oil market is $0.24 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 63 points lower.

 

Mike

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Wheat futures are headed for a third straight day of gains -- a reversal from last week when futures declined each day -- on fears of production issues in Russia. Egypt also bought a bunch of wheat, albeit from Russia and Ukraine, which cuts into shrinking global supplies. Futures were up 3-4 cents overnight. Corn was up 2 cents and beans rose 3 cents. Ethanol production, meanwhile, fell for the first time in almost a month while stockpiles were also lower. Ag Secretary Sonny Perdue said yesterday that President Trump wants to see progress on making E15 available year-round. In weather news, flooding is still a problem in southern Wisconsin and may become a problem today in southern Missouri as severe storms are headed for that area. Check out today's 3 Big Things for all the details. 

 

West Texas Intermediate = up 0.7%.

Brent Crude = up 0.1%.

Dollar = up 0.1%.

Wall Street = U.S. stock lower pre-market.

World Markets = Global stocks lower Floovernight.

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2 Replies
Advisor

Re: Floor Talk August 30

I thought no one was ever going to buy beans again after the Chinese tariffs
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Honored Advisor

Re: Floor Talk August 30

truth is someone keeps buying

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