Floor Talk August 4
At the close:
At the close, the Sept. corn futures finished 3¢ higher at $3.66, while December futures closed 3 1/4¢ higher at $3.81. Aug. soybean futures settled 1 3/4¢ lower at $9.52, November soybean futures ended 3 3/4¢ lower at $9.56. September wheat futures closed 3¢ lower at $4.54. Dec. soy meal futures closed $3.20 per short ton lower at $309.40. Dec. soy oil futures settled $0.23 higher at 34.03¢ per pound. In the outside markets, the Brent crude oil market is $0.43 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 35 points higher.
At mid-session, the Sept. corn futures are 2¢ higher at $3.65, while December futures are 2 1/4¢ higher at $3.80. Aug. soybean futures are 3/4¢ lower at $9.53, November soybean futures are 2 1/4¢ lower at $9.58. September wheat futures are 3¢ lower at $4.54. Dec. soy meal futures are $1.70 per short ton lower at $306.60. Dec. soy oil futures are $0.16 higher at 33.96¢ per pound. In the outside markets, the Brent crude oil market is $0.41 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 35 points higher.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that he cooler weather is being ignored.
“Lots of talk that the rains that sent this market south yesterday were really much less than what the radar was presenting,” Scoville says.
The US Dollar is sharply higher and that is hurting buying interest, he says.
“But I think many in the trade were anticipating a short covering rally or something along those lines today. Prices have been going down most of the week and ideas are that some would look to leave. There remains some interest at buying in all of the markets, as well as we are pretty much at support areas on the charts.”
In early trading, the Sept. corn futures are 2 1/4¢ higher at $3.65, while December futures are 2 1/4¢ higher at $3.80. Aug. soybean futures are 1/2¢ higher at $9.54, November soybean futures are 1 1/4¢ lower at $9.59. September wheat futures are 1/2¢ lower at $4.57. Dec. soy meal futures are $1.60 per short ton lower at $311.00. Dec. soy oil futures are $0.19 higher at 33.99¢ per pound. In the outside markets, the Brent crude oil market is $0.07 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 9 points higher.
Corn and beans were slightly higher as some producers and investors aren't quite sure the crop is as good as the government thinks it is. The USDA said earlier this week that the soybean crop was 59% good or excellent, up 2 points from the prior week, but many farmers and traders alike cast doubt on that rating after hot, dry weather in some parts of the US and excessive rain in others likely hurt yields. Corn rose 2 cents, beans added a penny and wheat was up 2-3 cents overnight. In terms of weather there's not much new this morning other than a flash flood watch in parts of Kansas and Missouri along the Missouri River. Up to 3 inches of rain is expected early Saturday in a very short amount of time, which could mean flooded roads and fields, the National Weather Service said. Check out all the details in today's 3 Big Things at
Here's what happened overnight:
Brent Crude Oil = down 0.4%
West Texas Intermediate = down 0.4%
Dollar = down 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher on strong bank earnings.
Re: Floor Talk August 4
Re: Floor Talk August 4
I think to make the Ponzi scheme work, the leaves have to be shaken off the tree. The thing is higher prices cause the leaves to hang on tighter, lower prices and fear weakens the leave`s grip on the branch as they hold out for even higher prices. And if they get the system working right, they never have to raise prices much, always a new crop of leaves falling.
But lately they`ve been spraying us with defoliant the way it seems