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marketeye
Veteran Advisor

Floor Talk August 7

At the close:

The Dec. corn futures closed 3 cents lower at $3.71.

 

Nov. soybean futures finished 2 cents lower at $10.78.

 

Sep. wheat futures finished 6 1/2 cents lower at $5.61.

 

Dec. soymeal futures closed $0.70 lower at $347.50. Dec. soyoil futures settled $0.15 lower at $36.05.
In the outside markets, the NYMEX Brent crude oil is $0.36 per barrel higher, the dollar is higher and the Dow Jones Industrials are 63 points lower.

 

Jack Scoville, PRICE Futures vice-president, says it was a real quiet day here today.  "Not a whole lot of interest in doing much of anything.  CWG is calling for better ie drier weather in Europe net week, plus the trade does not really think shipments of wheat will get interrupted no matter what happens in Ukraine right now, so wheat got hit the hardest all day.  New crop corn and beans were weaker on the good weather, but it was quiet and I think people expect some choppy trading over the next few days.  Looks like they want to squeeze the August beans a bit, shows how late the southern crop is!  I also think that USDA will be a little conservative next week due to the lateness of the crop, they will want to see if before going to the super aggressive levels seen by the private guys.  But, with the rains now and the generally good weather seen this summer, July was dry but cool so no real stress, we got chances to see a real big crop, no doubt about it.  It is more a question of how big will it be rather than will it be big or won’t it."

 

Mike

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At mid-session:

The Dec. corn futures are trading 5 1/2 cents lower at $3.68.

Nov. soybean futures are trading 7 cents lower at $10.73.

Sep. wheat futures are 2 1/2 cents lower at $5.65.

 

Dec. soymeal futures are $2.20 lower at $346.00. Dec. soyoil futures are trading $0.27 lower at $35.93.
In the outside markets, the NYMEX Brent crude oil is $0.22 per barrel lower, the dollar is higher and the Dow Jones Industrials are 57 points lower.

 

Mike

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At the open:

The Dec. corn futures are trading 3 3/4 cents lower at $3.70.

 

Nov. soybean futures are trading 1 cent lower at $10.79.

Sep. wheat futures are 5 cents lower at $5.62.

 

Dec. soymeal futures are $0.60 lower at $347.60. Dec. soyoil futures opened $0.02 lower at $36.18.
In the outside markets, the NYMEX Brent crude oil is $0.26 per barrel higher, the dollar is higher and the Dow Jones Industrials are 43 points higher.

 

Mike

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At 8:20am:

USDA Weekly Export Sales show that soybeans beat and corn, wheat fell within expectations:

Wheat=  620,900 metric tons  vs. the trade's expectations of between 400,000-725,000 metric tons

Corn= 879,600 metric tons vs. the trade's expectations of between 400,000-1,000,000 metric tons

Soybeans= 1.455 million metric tons vs. the trade's expectations of between 300,000-1,400,000 metric tons.

 

Soybean meal=  731,100 metric tons vs. the trade's expectations of between 150,000-500,000 metric tons.


 


Mike

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At 8:10am:

Fresh daily export sales announced Thursday by USDA:

 

Private exporters reported to the USDA export sales of 113,000 metric tons of soybeans to unknown destinations for delivery during the 2014/2015 marketing year.

 

Mike

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At 7:22am:

Early calls: Corn is seen 1-2 cents lower, soybeans 1-2 cents lower, and wheat 5-7 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.20 per barrel lower.
Dollar=Higher.

Wall Street=Seen higher, as investors digest new Russian sanctions .

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

 

 

 

More in a minute,

 

Mike

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10 Replies
sw363535
Honored Advisor

Re: Floor Talk August 7

Wheat is not ...........................................

 

The wheat grown most in the midwest is only 1-2 lower

 

 

Sources,   Sources ,  Sources

 

 

Chin up Wheat belt,      we can take the disrespect.   NAAWB meeting next week  

Be strong, keep your seed dry,  if ya don't fight for your place on the board  then your yellow........................ with big ears.

 

It is tough being a majority minority.

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sw363535
Honored Advisor

Re: Floor Talk August 7

Yea We have achieved equality

 

Now we are down 4-5 in the majority HRW board.

 

 

Wasn't exactly the goal I had ............ Mike

 

 

 

 

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marketeye
Veteran Advisor

Re: Floor Talk August 7

Luis Vieira, a Brazilian independent freelance writer for Agriculture.com, is learning corn news that he wants to share. In his own words:

 

"The Brazilian government released nearly US$ 218 million on subsidies to corn growers because of the current prices of the cereal. This value is used by the government paying the cooperative unions or the farmers the difference of what they received below the minimum price. According to Brazil’s Ministry of Agriculture, this is a compensation to farmers because of the high infrasctructure costs. Domestic corn prices have also not covered the costs.


Also, I saw a lecture here in Rosario with Iowa State University professor, Antonio Mallarino. He said that the issue with water that is going on in Toledo, OH, soon will happen in Uruguay and Argentina and is a result of bad use of fertilizers like phosphate...."

 

Mike

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Shaggy98
Senior Advisor

Re: Floor Talk August 7

Wondering how much of the misplaced fertilizer came from farms surrounding Toledo compared to runoff collected thru the Toledo storm drain system? Farmers always take the wrap, guess we're just easy to point at.
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roarintiger1
Honored Advisor

Re: Floor Talk August 7

They want to look at the crap that comes from the city of Detroit and flows down the Detroit river.......right into Lake Erie...

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elcheapo
Veteran Advisor

Re: Floor Talk August 7

My soils science classes said that phosphate
does not move much, as compaired to
Something like nitrogen.

BUT. Be ready for some possible regulations.

There are best practices for nitrogin, guess
Phosphate is next. Too big of a public interest
Story to let slide by.
bkadds
Advisor

Re: Floor Talk August 7

Look into amt of fert applied to lawns in the US, which ultimately ends up in storm drains. If regs happen then they should be widespread as I believe farmers are pretty good at not wasting inputs, particularly if crop prices are low. However, farmers will probably be impacted the most.
SouthWestOhio
Senior Contributor

Re: Floor Talk August 7

There is another lake in Ohio that's had problems for years, Grand Lake St Mary's. The farm bureau here has been working with legilators to find solutions to the phosphorous issue. It's not perfect but they have a plan. The St Mary's area has few homes contributing to the problem which points to ag as the culprit.

 

http://www.ideastream.org/news/feature/environmental-activists-and-farmers-sound-off-on-fertilizer-a...

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swohio
Contributor

Re: Floor Talk August 7

Not much of a Grand Lake. More like a glorified mud puddle. Average depth is 5 to. 7 ft.
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