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

Floor Talk July 10, 2020 (Report Day)

At the close:

At the close, the Sept. corn futures finished 11 1/2¢ lower at $3.37 3/4. Dec. corn futures finished 12 1/2¢ lower at $3.44 1/4.

Aug. soybean futures closed 10 3/4¢ lower at $8.90. November soybean futures finished 9¢ lower at $8.85.

Sep. wheat futures closed 9¢ higher at $5.39.

Aug. soymeal futures closed $5.30 per short ton lower at $300.10.

 Aug. soy oil futures finished $0.08 cent lower at 28.84¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.92 per barrel higher at $40.54. The U.S. dollar is lower, and the Dow Jones Industrials are 333 points higher.

 

Mike

------------

At 11:00am:

 

No big shakeups in today's USDA Report. Here are the numbers:

 

The USDA’s latest estimates of U.S. corn and soybean ending stocks remain burdensome.

On Friday, the USDA released its July Supply/Demand Report.

In its report, the USDA pegged the U.S. corn yield at 178.6 bushels per acre, vs. the trade's expectation and the USDA's June estimate of 178.6 bu./acre.

For soybeans, the U.S. average yield estimate is pegged at 49.8 bu./acre vs. the trade's expectation of 50.0 bu./acre and the June USDA estimate of 49.8 bu./acre.

Corn Ending Stocks

In its report, U.S. old-crop corn ending stocks were pegged at 2.24 billion bushels vs. the trade's expectation of 2.27 billion and the USDA's June estimate of 2.10 billion.

For 2020/2021, U.S. corn ending stocks are estimated at 2.64 billion bushels vs. the trade's expectation of f2.73 billion and the USDA's estimate in June of 3.32 billion.

Soybean Ending Stocks

The U.S. old-crop ending stocks were estimated at 620 million bushels vs. the trade's expectation of 585 million and the USDA's June estimate of 585 million.

For 2020/2021, the U.S. soybean ending stocks were estimated at 425 million bushels vs. the trade's expectations of 424 million bushels and the USDA's June estimate of 395 million.

Wheat Ending Stocks

The 2020/21 U.S. wheat ending stocks are estimated at 942 million bushels vs. the trade's estimate of 950 million and the USDA's June estimate of 925 million.

Trade Response

Jason Roose, U.S. Commodities, says that today's report is not intended to be a market mover.  

"With yields left unchanged for corn and soybeans from last months report and lower ending stocks for corn and soybeans with lower acres as the main factor for the new crop, lower ethanol production and lower feed usage will continue to be a negative for the corn with supplies at a surplus, updated forecasts will still have an impact on price discovery," Roose says.

Jack Scoville, PRICE Futures Group, says that today's USDA reports were bearish on the demand side for corn. 

“Supply side for corn ad beans adjusted due to the changes in planted area, so nothing too exciting there.  But, corn demand got cut quite a bit.  Even so, the ending stocks are below trade expectations," Scoville says.

For soybeans, the world data saw increased production from Brazil, a negative surprise.

U.S. wheat production is down more than expected and a bullish surprise, Scoville says.

Ending stocks levels in general are below the trade expectations and should support prices," Scoville says.  

Sal Gilbertie, Teucrium Trading, says that today’s USDA report shocked no one.

“No surprises, with the USDA accounting for the June Stocks and Acreage reports in today’s WASDE release. Of note is the projected decline in soybean stocks of almost 200 million bushels from this season to next, which leaves little margin for yield declines this year. The weather, as it affects the U.S. soybean crop, bears close watching from this point forward,” Gilbertie says.

 

What say you?

-----------------

In early trading:

 

Full story:   China buys a huge amount of U.S. corn, the market is not impressed.

 

What say you?

 

 

0 Kudos
21 Replies
Highlighted
Veteran Advisor

Re: Floor Talk July 10, 2020 (Report Day)


@marketeye wrote:

USDA Report at 11:00am, today

-----------------

In early trading:

 

Full story:   China buys a huge amount of U.S. corn, the market is not impressed.

 

What say you?

 

 


Chances of China actually taking the supposed corn they're supposedly buying is bout 0%.

0 Kudos
Highlighted
Senior Contributor

Re: Floor Talk July 10, 2020 (Report Day)

That is what I would do, make purchases to try and fulfill the phase 1 trade deal and then not take them to piss off the United States.  I am being sarcastic.

0 Kudos
Highlighted
Veteran Contributor

Re: Floor Talk July 10, 2020 (Report Day)

Shocking the idiot traders ignore a bullish report but by god if it was bearish they would hammer out prices down as fast as they could. 

0 Kudos
Highlighted
Honored Advisor

Idiots

The traders are idiots if they ever thought there was going to be a phase 2 trade deal.

Phase one was/is a joke.

 

We as farmers are idiots for allowing people with absolutely no connection with farming or food production to run our markets and set prices.

 

We as a country are idiots in general for the selection of scum we have in leadership positions on both sides of the isle. With no viable choice coming up this fall...

 

Highlighted
Senior Advisor

Re: What say I? Well, the political interpretation would be....

What say I?  Well, the political interpretation would be that Bolton was right, trump asked Xi to help him get re-elected and Xi is obliging.  So much for trump's claim that China favors Biden.

But maybe the Chinese are having trouble getting their pork out of the US due to the virus snafu and have decided that getting corn to feed their pigs is a better bet.

0 Kudos
Highlighted
Senior Advisor

Re: Or maybe the Chinese are looking at this and ...

Or maybe the Chinese are looking at the 6-10 and 8-14 day forecasts and think that it's time to get some corn bought.

814temp.new.gif
Highlighted
Advisor

Re: Or maybe the Chinese are looking at this and ...

I would say these guys are all C word. No it’s not criminals but it is a synonym. Starts with Cr and ends with ks with two o’s in the middle.  Happy Friday 

0 Kudos
Highlighted
Veteran Contributor

Re: Floor Talk July 10, 2020 (Report Day)

Pretty sure Hobby hit the nail on the head, don't care Democrats but quite a few Republicans that should be hunting a job also

Highlighted
Senior Advisor

Re: Floor Talk July 10, 2020 (Report Day)

Vote Crooked Hillary out!

0 Kudos