Floor Talk August 8
At the close:
At the close, the Sept. corn futures settled 2 1/4¢ lower at $3.69, while December futures finished 3¢ lower at $3.83 3/4. Aug. soybean futures finished 3¢ higher at $9.67, November soybean futures closed 3 1/2¢ higher at $9.73 1/4. September wheat futures ended 6 1/2¢ lower at $4.57. Dec. soy meal futures closed $0.10 per short ton higher at $314.30. Dec. soy oil futures closed $0.29 higher at 34.22¢ per pound. In the outside markets, the Brent crude oil market is $0.30 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points higher.
At mid-session, the Sept. corn futures are 2 1/4¢ lower at $3.70, while December futures are 2 1/4¢ lower at $3.84. Aug. soybean futures are 6¢ higher at $9.70, November soybean futures are 6 3/4¢ higher at $9.76. September wheat futures are 5 3/4¢ lower at $4.57. Dec. soy meal futures are $1.00 per short ton higher at $315.20. Dec. soy oil futures are $0.33 higher at 34.26¢ per pound. In the outside markets, the Brent crude oil market is $0.06 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 49 points higher.
At the open:
At the open, the Sept. corn futures are 2¢ lower at $3.70, while December futures are 2 1/4¢ lower at $3.84. Aug. soybean futures are 5 3/4¢ higher at $9.69, November soybean futures are 6¢ higher at $9.75. September wheat futures are 3 1/4¢ lower at $4.60. Dec. soy meal futures are $1.40 per short ton higher at $315.60. Dec. soy oil futures are $0.29 higher at 34.22¢ per pound. In the outside markets, the Brent crude oil market is $0.34 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 13 points lower.
Corn and beans were higher again overnight as corn ratings unexpectedly dropped amid worsening crops in Illinois, Iowa and Nebraska, the top three producers in the U.S. Corn gained about 2 cents, beans were up 8 cents and wheat rose 2-3 cents overnight. Ratings in Illinois declined 5 percentage points in one week as a combination of dry weather in some areas but mostly too-wet weather likely hurt yields. Not much rain is expected today for most of the Midwest, but chances of precip rise tomorrow, according to the National Weather Service. Still, storms are expected to be variable so coverage isn't guaranteed. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-august-8.
Here's what happened overnight:
Brent Crude Oil = up 0.1%
West Texas Intermediate = down 0.1%
Dollar = down 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks lower on disappointing China, Germany trade data.
Re: Floor Talk August 8
Re: Floor Talk August 8
Well we are suppose to be in this cooler than normal trend. BUT, except for last Sat-Sun, we are still in the 80's (85 today) and most of the next 10 days...with mid 80's again later next week. So still waiting for rain and the cool down. I think the latest GFS model has us to get a quarter of an inch the next 16 days. To be fair, we are cooling down at night, so that is a help. Bean need some serious rain soon. Well, corn does too, hard to guess is how far off last years record. This is the driest June-Aug 8 we have had around this part of Central Ia for a long, long time. But parts of the state are in very good shape..lots of rain and much cooler all summer that this area.
Have to LOL, a 166 national corn average yield is a BIG yield. That is still calling for a top three national finish, right. No one has killed this crop yet. No need too, we have a few weeks carry over. Buyers are still in the driver's seat. Basis is finally narrowing..but that change quickly after Thursday. In the 80's,with much larger carryovers than today, coop's made their outside corn piles before harvest with old crop corn. But then, we had some $1.40 corn back then...ugly.