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Veteran Advisor

Floor Talk August 4

At 3pm:

DES MOINES, Iowa (Agriculture.com)--The U.S. corn ratings dropped from a week ago, while the soybean crop conditions remain the same, the USDA says.
In its Weekly Crop Progress Report Monday, the governmental agency rated the U.S. corn crop good/excellent condition at 73%, two percentage points below a week ago. The amount of the crop in the silking stage is at 90% vs. a 88% five-year average. And, the U.S. corn crop in the dough stage is rated at 36%, above the 29% five-year average.
For soybeans, the good/excellent rating this week, at 71%, is equal to a week ago. Overall, 57% of the U.S. soybean crop is in the setting pods stage, compared to a 48% five-year average. Also, the USDA estimated that 85% of the crop is blooming, slightly ahead of the 83% five-year average.
The USDA sees the U.S. winter wheat harvest at 90% completed, vs. a five-year average of 85%. And, the U.S spring wheat is rated 70% good/excellent, up from 68% a week ago.

 

Mike

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At the close:

The Dec. corn futures settled 7 cents higher at $3.69.

 

Nov. soybean futures closed 21 cents higher at $10.79.

Sep. wheat futures finished 9 3/4 cents higher at $5.44.

 

Dec. soymeal futures closed $5.40 higher at $347.80. Dec. soyoil futures settled $0.69 higher at $36.40.
In the outside markets, the NYMEX Brent crude oil is $0.20 per barrel higher, the dollar is higher and the Dow Jones Industrials are 68 points higher.

 

Mike

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At mid-session:

 

 

The Dec. corn futures are trading 3 1/2 cents higher at $3.65.

 

 

 

Nov. soybean futures are trading 17 3/4 cents higher at $10.76.

Sep. wheat futures are 12 1/2 cents higher at $5.46.

 

 

 

Dec. soymeal futures are $5.20 higher at $347.60. Dec. soyoil futures are trading $0.60 higher at $36.31.
In the outside markets, the NYMEX Brent crude oil is $0.01 per barrel higher, the dollar is higher and the Dow Jones Industrials are 12 points lower.

 

Mike

========

At 9:15am:

The strength in today's markets comes from varying weather models. Over the weekend, the models moved rain events that were supposed to give good coverage to Midwestern states. The rain pattern is now moved eastward. And the longer term weather outlook, 15 days out, shows even lighter rain chances for Midwest soybeans.

 

Also, Friday's CFTC Report showed net short managed fund position in corn and soybeans.

 

--I spoke with a few farmers over the weekend. I found it interesting that both have taken advantage of put options, as this market has fallen. They both are very big operators. But, it tells me that some farmers are diversifying their risk management plans. Good to see.

 

Also: USDA announced fresh sales Monday:

Private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 110,000 metric tons of soybeans to China for delivery during the 2014/2015 marketing year; and
  • Export sales of 102,000 metric tons of soybeans to Taiwan for delivery during the 2014/2015 marketing year.

 

Mike

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At the open:

The Dec. corn futures are trading 4 1/2 cents higher at $3.66.

 

Nov. soybean futures are trading 14 cents higher at $10.72.

Sep. wheat futures are 10 cents higher at $5.44 1/2.

 

Dec. soymeal futures are $5.40 higher at $347.80. Dec. soyoil futures opened $0.16 higher at $35.87.
In the outside markets, the NYMEX Brent crude oil is $0.09 per barrel lower, the dollar is higher and the Dow Jones Industrials are 26 points higher.

 

Mike

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At 7:00am:

Early calls: Corn is seen 1-2 cents higher, soybeans 12-13 cents higher, and wheat 9-10 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.

Brent Crude Oil=$0.49 per barrel lower.
Dollar=Higher.

Wall Street=Seen higher, after last week's sell-off.

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

 

 

 

More in a minute,

 

Mike

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