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Veteran Advisor

Floor Talk, July 10, 2019

At the close:

At the close, the Sep. corn futures finished 2 1/4¢ higher at $4.35. Dec. corn futures settled 2 1/2¢ higher at $4.39 3/4.

Aug. soybean futures ended 8 1/2¢ higher at $8.94 1/2. November soybean futures closed 8 1/2¢ higher at $9.12 3/4.

Sep. wheat futures settled 2¢ higher at $5.04 1/2.



August soymeal futures closed $1.50 per short ton higher at $310.70.

August soy oil futures settled $0.08 higher at 28.09¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.53 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 93 points higher.

 

Mike

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At midsession:

 

At midsession, the Sep. corn futures are 1 1/4¢ lower at $4.31 1/4. Dec. corn futures are 1 1/2¢ lower at $4.35 3/4.

Aug. soybean futures are 3 1/2¢ higher at $8.89 1/2. November soybean futures are 3 1/2¢ higher at $9.07 3/4.

Sep. wheat futures are 1/4¢ lower at $5.02 1/2.



August soymeal futures are $0.40 per short ton higher at $309.60.

 August soy oil futures are $0.04 lower at 27.97¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.83 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 81 points higher.

 

Mike

At 8:49am:

In early trading, the Sep. corn futures are even at $4.32. Dec. corn futures are 1/4¢ lower at $4.37.

Aug. soybean futures are 4 3/4¢ higher at $8.90. November soybean futures are 4 3/4¢ higher at $9.09.

Sep. wheat futures are 1¢ higher at $5.04 3/4.



August soymeal futures are $.10 per short ton higher at $309.30.

 August soy oil futures are $0.19 higher at 28.20¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.55 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 130 points higher.

Al Kluis, Kluis Advisors, says that the markets are expected to remain choppy, ahead of Thursday’s USDA Crop Production Report.

“One reason for this lower price trend, the past few days, is the funds could be unwinding some long corn vs short soybean spreads. Wheat prices are trying to hold near last week's lows, but that will be difficult to do if corn continues to slide lower,” Kluis told customers in a daily note.

Kluis added, “Traders want to see what the USDA report says on Thursday before making any big changes to their positions. Will the USDA use the June 28 acreage numbers? Or will they make adjustments based on the poor weather this spring? The last year they did not use the June acreage numbers in the July report was 1993."

 

And  he noted that cash corn prices across the Midwest are very strong. We are seeing record tight basis levels in many areas. History tells us that bull markets led by strong cash prices are more resilient.”

 

 

Mike

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Veteran Advisor

Re: Stopped by the FSA office to report my planted acres today.....

Stopped by the FSA office to report my planted acres today.  I couldn't help overhearing some of my neighbors' reporting, both had about 30% PP, both corn & beans.  Later, when I'd finished, I asked the ladies if they thought there was 30% PP in the county.  They all answered, "at least".

  It could get interesting when the numbers come out after the July 15 deadline.  That's assuming that all the other counties around the country can get all their reporting done on time.

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Honored Advisor

Re: Stopped by the FSA office to report my planted acres today.....

Local ethanol plant guy said yesterday that from the counties they draw corn from, 50-60% of intended corn got planted to the south of the plant and ONLY 10-20% of the intended corn got planted to the north of them.  He also said that as of now, it is too expensive for them to rail corn into the plant and yet they are a +.70 on their basis.  Of course he wouldn't commit but he also said that he wouldn't bet against the basis going higher.  

This is still a slow motion train wreck that is happening right before our eyes.

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Senior Contributor

Re: Stopped by the FSA office to report my planted acres today.....

Sorry this is not really market related but wondered if you all have to go into an office to report your area planted?

We can do this for our insurance either online or over the phone, no need to travel to an office and I am not even sure that is an option of having an office to go to.

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Veteran Advisor

Re: Stopped by the FSA office to report my planted acres today.....

Deadline Extended To July 22, USDA announced Wednesday

 

USDA PRESS RELEASE:

The U.S. Department of Agriculture (USDA) is extending the deadline for agricultural producers in states impacted by flooding and heavy moisture. The new July 22 deadline applies to producers in Arkansas, Illinois, Indiana, Iowa, Kentucky, Michigan, Missouri, Minnesota, North Dakota, Ohio, Tennessee and Wisconsin for reporting spring-seeded crops to USDA’s Farm Service Agency (FSA) county offices and crop insurance agents.

“These are challenging times for farmers, and we are here to help,” said Bill Northey, USDA Under Secretary for Farm Production and Conservation. “This deadline extension is part of our broader effort to increase program flexibility and reduce overall regulatory burden for producers who are having to make some tough choices for their operations.”

Producers not in the selected states must file reports or be added to a county register by the original July 15 deadline.

“While producers in many parts of the country are experiencing a challenging spring and early summer, these states are seeing an especially large number of producers delayed in planting and unable to complete their other fieldwork,” Northey said.

Filing a timely crop acreage report is important for maintaining eligibility for USDA conservation, disaster assistance, safety net, crop insurance and farm loan programs. A crop acreage report documents all crops and their intended uses and is an important part of record-keeping for your farm or ranch.

Producers filing reports with FSA county offices are encouraged to set up an appointment before visiting the office. Acreage reports from producers in the affected states who set up appointments before the July 22 deadline are considered timely filed, even if the appointment occurs after the deadline. Likewise, reports from producers in non-affected states who set up appointments before July 15 will be considered timely filed.

“We encourage you to contact your FSA county office today to set up an appointment,” Northey said. “Our team is standing by to help you complete this important process that keeps you eligible for key USDA programs.”

Other USDA Efforts to Help Producers

USDA is taking additional steps to help producers across the country, including:

  • Updating the haying and grazing date for producers who have planted cover crops on prevented plant acres;
  • Offering special sign-ups through the Environmental Quality Incentives Program for assistance to plant cover crops; and
  • Extending the deadline to report prevented plant acres in certain places.
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Veteran Contributor

Re: Stopped by the FSA office to report my planted acres today.....

Just there they know nothing about an extension

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