cancel
Showing results for 
Search instead for 
Did you mean: 
Veteran Advisor

Floor Talk July 1

At the close:

At the close, the Sept. corn futures finished 1/2 of a cent higher at $4.22 1/2 per bushel. The Dec corn futures finished 1/4 of a cent higher at $4.31 3/4 per bushel. 

Aug. soybean futures finished 8 3/4 cents lower at $10.40 3/4. Nov. soybean futures closed 7 3/4 cents lower at $10.29 1/2.

Sept. wheat futures finished 27 1/4 cents lower at $5.88 1/2.

Aug. soymeal futures closed $0.30 per short ton higher at $352.20. Aug. soyoil futures ended $0.52 lower at $33.13.  

In the outside markets, the Brent Crude oil market is $1.69 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 97 points higher.

Mike

--------

At 12:35pm:

Interesting take on today's markets, from Matt Pierce, Futures International LLC floor trader.

 

"Markets are weaker due to the reality of a large grains crop overall weighing on wheat. Technical reversal in wheat and knowledge that the short is all but gone. "Corn and beans are being weighed on by the USD and changes in open interest which showed massive put buying against yesterday's rally. The crop got ahead of itself on month-end and with new month money coming in there is new incentive to the downside."

 

 

Mike

--------

At mid-session:

At mid-session, the Sept. corn futures are trading 7 3/4 cents lower at $4.14 1/4 per bushel. The Dec corn futures are 7 3/4 cents lower at $4.23 3/4 per bushel. 

Aug. soybean futures are trading 13 cents lower at $10.36. Nov. soybean futures are trading 13 cents lower at $10.24.

Sept. wheat futures are 35 3/4 cents lower at $5.80.

Aug. soymeal futures are trading $2.30 per short ton lower at $349.60. Aug. soyoil futures are trading $0.49 lower at $33.16.  

In the outside markets, the Brent Crude oil market is $1.16 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 104 points higher.

Jacob Burks, WedBush Futures Inc. grain analyst, says wheat is doing today what it wanted to do yesterday.
“The USDA report, yesterday, wasn’t “that” bullish.  End of month, quarter selling fueled funds to buy 85,000 corn and 45,000 beans.  That’s a lot!  Producers immediately turned that move into a weather  move.  It may be justified but only time will tell.  I feel today is a correction from yesterday’s over done rally.  Wheat was reluctant to follow yesterday and is now leading the way.

Mike

------

At 10:35am:

According to EIA data, ethanol production averaged 968,000 barrels per day (b/d)—or 40.66 million gallons daily. "That is down 26,000 b/d from last week’s all-time high, the Renewable Fuels Association reported in a news release. The four-week average for ethanol production stood at 983,000 b/d for an annualized rate of 15.07 billion gallons.

Stocks of ethanol stood at 19.5 million barrels. That is a 1.6% decrease from last week and the lowest since the first week of the year.

Imports of ethanol were non-existent for the 25th time in 26 weeks."

 

 

Mike

------

At the open:

At the open, the Sept. corn futures are trading 5 cents lower at $4.16 per bushel. The Dec corn futures are 5 cents lower at $4.26 per bushel. 

Aug. soybean futures are trading 7 cents lower at $10.41. Nov. soybean futures are trading 10 cents lower at $10.27.

Sept. wheat futures are 16 cents lower at $5.98.

Aug. soymeal futures are trading $0.40 per short ton lower at $351.50. Aug. soyoil futures are trading $0.32 lower at $33.34.  

In the outside markets, the Brent Crude oil market is $0.57 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 38 points higher.

Mike

----------

At 8:25am:

BIG Money flowed into ag commodities yesterday.

Preliminary CBOT data shows that over 845,000 contracts of corn, 230,000 contracts of wheat, and over 503,000 contracts of soybeans changed hands on Tuesday. A record for corn.

 

Mike

--------

At 7:30am:

 

Early calls: Corn 2-4 cents lower, soybeans 2-4 cents lower, and wheat 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.87 lower.
Dollar =Higher.  
Wall Street = Seen higher, after Greece signs a letter to agree to a financial bailout.

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

 

 

 

More in a minute,

 

Mike

0 Kudos
7 Replies
Veteran Advisor

Re: Floor Talk July 1

Mike, when is the next report? Yesterdays report was fun to watch LOL!

0 Kudos
Veteran Advisor

Re: Floor Talk July 1

Blacksandfarmer,

 

July 10th USDA Crop Production & Supply/Demand Reports. If you were on the right side of that movement yesterday, I guess it was fun to watch. I've heard there were some tough stories, from that huge wave of outside money entering ag commodities.

 

Mike

0 Kudos
Honored Advisor

Re: Floor Talk July 1

Tough stories?    Sorry to hear that. However, they obviously haven't been paying attention to the producers or folks with boots on the ground.  (Literally, they've needed boots!)   Those who don't pay attention in class using get failing grades.

Senior Advisor

Re: Floor Talk July 1

"Tough" stories?

Care to elaborate?

lol some how I dont think I am going to feel sorry for them

Lotta traders were all in with what they thought were unbeatable pocket aces even though the people that feed this country were telling them someone had a royal flush

Complacency

World could use less traders and lawyers
Veteran Advisor

Re: Floor Talk July 1

Basically, the stories have to do with people (speculators) that got caught short, a lot of people, except farmers that are naturally long.

 

Mike

0 Kudos
Veteran Contributor

Re: Floor Talk July 1

Thats right stick your head back in the sand .   Listen to the guy across from your desk the one who has no clue what is going on in the field Cuz your an expert .....lol

0 Kudos
Honored Advisor

Re: Floor Talk July 1

When did the name change from SUCCESSFUL FARMING??????

 

 

Mike you nearly defined the issue MT has been so poorly hammering on........ Traders, or any others that are looking to own a position are friends of successful farmers.  They provide vol............. well you know that stuff....... They are always selling or buying something they don't really want..... canceling each other out..... just looking for an opportunity to profit on price movement. 

End users need the product.... and are always short

SUCCESSFUL Farmers are most always long,  or expect to be soon.....   as you said...  They are on the production side and fairly good at it on average.

 

I think we forget those basics.......

Marketing is selling a product...IMO

 

 

0 Kudos