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Veteran Advisor

Floor Talk August 4, 2020

At the close:

At the close, the Sept. corn futures finished 9 1/2¢ lower at $3.08. Dec. corn futures finished 8 1/2¢ lower at $3.20 3/4.

Sept. soybean futures closed 13 1/4¢ lower at $8.79 3/4. November soybean futures ended 14 3/4¢ lower at $8.81 1/4.

Sep. wheat futures closed 12 3/4¢ lower at $5.08 1/4.


Sep. soymeal futures settled $3.50 per short ton lower at $285.80.

 Sept. soy oil futures closed $0.17 cent lower at 31.05¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.59 per barrel higher at $41.60. The U.S. dollar is lower, and the Dow Jones Industrials are 45 points higher.

Jack Scoville, PRICE Futures Group, says that the markets fell due to stronger crop ratings and big crop estimates for Brazil.

“We had no export demand in the daily announcements so that was negative as well. But everyone is talking about super yield potential and maybe some record crops. Not sure if records are out there but it is in fact a very nice looking crop for just about all major production areas. And, we need to find a home for it which will be hard as there are nice crops about everywhere in the world. Going to be a bearish year from the looks of it," Scoville says.

Mike

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At midsession:

At midsession, the Sept. corn futures are 7 1/2¢ lower at $3.10. Dec. corn futures are 6 1/2¢ lower at $3.21 3/4.

Sept. soybean futures are 14 1/4¢ lower at $8.78 3/4. November soybean futures are 15 3/4¢ lower at $8.80 1/4.

Sep. wheat futures are 9 1/2¢ lower at $5.11 1/4.


Sep. soymeal futures are $4.30 per short ton lower at $285.00.

 Sept. soy oil futures are $0.08 cent lower at 31.14¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.62 per barrel higher at $41.63. The U.S. dollar is lower, and the Dow Jones Industrials are 99 points higher.

 

Mike

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30 Replies
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Veteran Contributor

Re: Floor Talk August 4, 2020

What in the world is the excuse for double digit down for beans today? Any news Mike, canceled cargoes or something?

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Honored Advisor

Re: Floor Talk August 4, 2020

StoneX had a crazy good yield projection corn & beans.  The crop looks the best i`ve ever seen it...however if that 1" rain doen`t materialize tomorrow night and we do get the 88 degrees Saturday it could start going downhill quickly around here and this is coming from a guy that usually cusses the rain.  If the rain comes and a wet 2nd half of August, Katie bar the door.

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Veteran Advisor

Maybe next week

folks could get a shot of rain. 

Maybe not 2.

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Advisor

Re: Maybe next week

These prices and markets are a joke!  1980 called they want their prices back scumbag thieves.  Someone should cut these traders and analysts salaries by 75% See how they react for the next 3 years.

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Veteran Contributor

Re: Floor Talk August 4, 2020

No way in hell farmers can make it on these BS prices!!!!!!

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Senior Advisor

Re: Floor Talk August 4, 2020

Just hope and pray Sonny doesn’t get a hernia from shoveling all the extra cash that will be required.

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Veteran Advisor

Re: Floor Talk August 4, 2020

Markets, once lost, take a long time, if ever, to come back.

I said that a long, long time ago.  And it’s as true now, as when I said it.  No reason to get mad  - it is what it is.....

Jen

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Honored Advisor

Re: Floor Talk August 4, 2020

I had to click on when I saw the Jemn MN was back....and she did not disappoint :-O

Welcome back JennyBear....although if you look at sales and total exports....this is really a supply driven meltdown coupled with a domestic demand collapse from a pandemic.....I wouldn't blame that on Obama if it happened to him, but sure it always the other sides fault. And, surely, you are not intoxicated enough to think Bumbling Basement Joe would do any better  :-)

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Honored Advisor

Re: Floor Talk August 4, 2020

Of course......what is it now?.......8 years in a row of record crops?   This has nothing to do with these prices.    Yeah, right.

On a side note,  look at the bargain end users and China are getting now with the price of grain.  

While we are at it, we might as well tell China to take a hike and not ship them any food products.   Only seems fair for them "letting" this virus escape.   

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