Floor Talk August 7
At the close:
At the close, the Sept. corn futures finished 3 cents higher at $3.72 3/4, Dec corn futures finished 3 1/4 cents higher at $3.83 3/4.
Sept. soybean futures finished 19 1/2 cents higher at $9.75 1/2. Nov. soybean futures closed 20 cents higher at $9.63 1/4.
Sept. wheat futures ended 4 1/2 cents higher at $5.15 3/4.
Sept. soymeal futures closed $5.10 per short ton higher at $344.30. Sept.. soyoil futures settled $0.38 higher at $30.13.
In the outside markets, the Brent Crude oil market is $0.84 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 94 points lower.
At mid-day, the Sept. corn futures are trading 3 3/4 cents higher at $3.73, Dec corn futures are 3 3/4 cents higher at $3.84.
Sept. soybean futures are trading 15 1/2 cents higher at $9.71. Nov. soybean futures are trading 16 1/2 cents higher at $9.59.
Sept. wheat futures are 5 1/4 cents higher at $5.12 1/4.
Sept. soymeal futures are trading $3.50 per short ton higher at $342.70. Sept.. soyoil futures are trading $0.49 higher at $30.27.
In the outside markets, the Brent Crude oil market is $0.47 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 133 points lower.
Jacob Burks, WedBush Futures grain analyst, says China has the market rallying.
"A new sale to China has the soybean market excited this morning. Expectations for the USDA report next Tuesday seems to be very wide. The market has proven to me that you can’t get too excited about these daily moves, because it can be given back pretty quick. I expect to see continued choppiness until Tuesday to get more direction from the USDA numbers."
Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year.
The marketing year for soybeans began Sept. 1.
At the open:
At the open, the Sept. corn futures are trading 1 1/2 cents higher at $3.71, Dec corn futures are 1 1/4 cents higher at $3.81.
Sept. soybean futures are trading 6 cents higher at $9.6. Nov. soybean futures are trading 7 cents higher at $9.50.
Sept. wheat futures are 1 3/4 cents higher at $5.08.
Sept. soymeal futures are trading $1.20 per short ton higher at $340.10. Aug. soyoil futures are trading $0.08 lower at $29.66.
In the outside markets, the Brent Crude oil market is $0.40 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 48 points lower.
Early calls: Corn 1-2 cents higher, soybeans 5-6 cents higher, and wheat 3-5 cents higher.
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.28 lower.
Wall Street = Seen lower, ahead of U.S. nonfarm payroll report.
World Markets = Europe stocks were lower, Asia/Pacific stocks were mixed.
More in a minute,
Re: Floor Talk August 7
For those of you that were always saying the traders are wrong
Well this might be be your chance, to profit when they are wrong
I said a few days ago, to get in the corn
Now we are seeing evidence that the corn crop is not what many expected, and some still don't know
Seems like dry weather may reduce bean yields, and you should know this before the market does
You might want to consider an option or an out right long position
Of course, if some rain comes then that won't make the market go up
If no rain, one would expect to see beans up sunday nite and monday
As of now the rain [or lack of] will most likely trump any negative in the bean market
This is not to be considered as trading advice for anybody, just my best guess