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Veteran Advisor

Floor Talk August 31

At the close:

At the close, the Dec. corn futures finished 1/4 of a cent higher at $3.75.  Nov. soybean futures are trading 2 cents higher at $8.87 1/2.

Dec. wheat futures ended 1 1/2 cents higher at $4.85.

Dec. soymeal futures settled $1.40 per short ton lower at $311.30. Dec. soyoil futures finished $0.08 higher at $28.25. 

In the outside markets, the Brent Crude oil market is $3.62 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 128 points lower.

Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that it has been a quiet day. “I think a little weaker than many expected.  I think there was some interest in buying corn and soybeans with the forecasts for warn and dry weather coming in eastern areas this week, but we have been lower.  I keep hearing that harvest is coming, so I think that is weighing on the price action.  We are closing on a firm note. So, we might see some higher prices for the next day or two, depending on what the crop conditions show and how the forecasts hold for this week,” Scoville says.

Mike

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At mid-session:

At mid-session, the Dec. corn futures are trading 1/4 of a cent lower at $3.74.  Nov. soybean futures are trading 3 1/4 cents lower at $8.82.

Dec. wheat futures are 2 1/4 cents lower at $4.81.

Dec. soymeal futures are trading $1.20 per short ton lower at $311.50. Dec. soyoil futures are trading $0.31 lower at $27.86. 

In the outside markets, the Brent Crude oil market is $0.48 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 42 points lower.

Mike

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At 9:50am:

On Monday, the USDA announced

Private exporters reported to the U.S. Department of Agriculture export sales of 125,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year. 

The marketing year for soybeans began Sept. 1.

 

Also:

 

If you missed it Friday. Here is the latest CFTC Report: Managed money funds added 8,743 net corn contracts on the week ending last Tuesday, August 25th. Soybeans lost 13,800 net. Producers and merchants added 25,500 net corn and 32,400 net soybeans on the week.

 

Mike

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At the open:

At the open, the Dec. corn futures are trading 3 cents lower at $3.72.  Nov. soybean futures are trading 11 cents higher at $8.74.

Dec. wheat futures are 5 cents lower at $4.78.

Dec. soymeal futures are trading $1.80 per short ton higher at $310.90. Dec. soyoil futures are trading $0.74 lower at $27.43. 

In the outside markets, the Brent Crude oil market is $1.48 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 90 points lower.

Mike

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At 7:40am:

This afternoon's Crop Progress Report is expected to show lower ratings, according to trade thoughts. The eastern Corn Belt remains too dry. Personally, what I witnessed late last week in northwest Indiana did show some real stressed crops. Yellow uneven and short crops was the rule.

 

Mike

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At 6:00am:

 

Early calls: Corn 1-2 cents lower, soybeans 7-9 cents lower, and wheat 2-4 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $1.27 lower.
Dollar =Lower.  
Wall Street = Seen lower, with eyes on how Beijing will handle its stock market.

World Markets = Europe stocks were lower, Asia/Pacific stocks were lower.

 

 

 

More in a minute,

 

Mike

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6 Replies
Highlighted
Veteran Advisor

Re: Floor Talk August 31

Mike,

 

So are the traders at all concerned with the poor beans yields coming out of the south, or is that just too small an area to matter?  Seems like it trying to hit a top US soybean yield this year might be a little hard to do if that trend continues.  That soybean carryover number is such a moving target right now.  It could go either way in a big way in the next few weeks. 

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Veteran Advisor

Re: Floor Talk August 31

jec22,

 

I don't think it's just going to be weak bean yields. I think the corn field reports will be bullish too, in th bottom half of the Corn Belt. I see the first half of the harvest season market-friendly. But, when the worm turns (right about the time, central Illinois, central Iowa, Nebraska combines start rolling) the price action could turn noticably different. Just my thought, for what it's worth.

 

Mike

 

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Veteran Advisor

Re: Floor Talk August 31

Or, probably just skip that "market friendly" part, since everybody knows the big production will be coming.  "Market friendly" won't happen until the big production isn't enough to make up for the short production elsewhere, if that's the way it works out.

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Honored Advisor

Re: Floor Talk August 31

It's gonna take a whole lot of "market friendly" to get most farmers out of the red and into the black.

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Veteran Advisor

Re: Floor Talk August 31

Yep, and we won't know the "real" story until January.

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Honored Advisor

Re: Floor Talk August 31

A lot of cheap grain will be bought before January......

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