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

Floor Talk July 10

At the close:

 

The Dec. corn futures closed 5 1/4 cents lower at $3.92.

 

Nov. soybean futures settled 10 3/4 cents lower at $10.93.

Sep. wheat futures finished 2 3/4 cents lower at $5.48.

 

The Dec. soymeal futures contract closed $5.40 per short ton lower at $349.80. The Dec. soyoil futures finished $0.30 higher at $37.60.
In the outside markets, the NYMEX Brent crude oil is $0.59 per barrel higher, the dollar is higher and the Dow Jones Industrials are 68 points lower.

 

The buzz from the floor, from one trader's perspective. He says, "Basically feels like corn is made, and the U of I yield of 173.6 is possible.  That should give you 350 cz.    Beans have more weather to trade but if we stay like this $ 10 bns or lower can happen.   Ethanol margins are great which could give corn some support down the road, bean wild card is China. Do they increase demand on lower board or will it be status quo. Bean carryout will triple this year imo."

 

Mike

--------

At mid-session:

 

The Dec. corn futures are trading 5 cents lower at $3.93.

 

Nov. soybean futures are trading 6 cents lower at $10.97.

Sep. wheat futures are 3 cents lower at $5.48.

 

 

 

The Dec. soymeal futures contract is trading $3.40 per short ton lower at $351.80. The Dec. soyoil futures are trading $0.14 higher at $37.44.
In the outside markets, the NYMEX Brent crude oil is $0.13 per barrel lower, the dollar is higher and the Dow Jones Industrials are 91 points lower.

 

Mike

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

At the open:

The Dec. corn futures are trading 1/2 of a cent lower at $3.97.

 

Nov. soybean futures are trading 3 1/2 cents higher at $11.07.

Sep. wheat futures are 2 1/2 cents higher at $5.53.

 

The Dec. soymeal futures contract is trading $1.90 per short ton higher at $357.10. The Dec. soyoil futures are trading $0.12 higher at $37.42.
In the outside markets, the NYMEX Brent crude oil is $0.07 per barrel lower, the dollar is higher and the Dow Jones Industrials are 153 points lower.

 

Mike

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

At 8:24am;

USDA announces Thursday fresh soybean sales to China:

 

 

  • Export sales of 118,000 metric tons of soybeans to China during the 2014/2015 marketing year; and
  • Export sales of 126,000 metric tons of soybeans to unknown destinations.  Of this amount 60,000 metric tons was reported during the 2013/2014 marketing year and 66,000 metric tons was reported during the 2014/2015 marketing year.

 

The marketing year for soybeans began Sept. 1.

 

 

Mike

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

At 8:10am:

USDA Weekly Export Sales beat for corn and soybeans:

 

Corn= 744,600 metric tons  vs. the trade's expectations of between 400,000-650,000 metric tons.

Soybeans= 582,800 metric tons vs. the trade's expectations of between (100,000)-400,000 metric tons.

 

 

Mike

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

At 6:30am:

Early calls: Corn is seen 2-4 cents higher, soybeans 7-9 cents higher, and wheat 2-4 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.

Brent Crude Oil=$0.02 per barrel lower.
Dollar= Higher.

Wall Street=Seen lower, as investors digest the Fed's bond-buying program. Plus, a Portugual bank has problems.

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

 

 

 

More in a minute,

 

Mike

0 Kudos
4 Replies
Highlighted
Senior Advisor

The trader who thinks 170+ corn is 'made' ......

...... may get a rude awakening. Typical Chicago story. But USDA is leading the charge on this and I believe they are the outlier with their prediction.

0 Kudos
Highlighted
Senior Advisor

Re: The trader who thinks 170+ corn is 'made' ......

Although 170 or even 150 I believe is out of the question, but Central Kansas dryland corn acres are looking as good as I've seen them in several years.  I know these are fringe bushels and probably don't get counted anyway, but how would 100,000 acres of 100 BPA look on the balance sheet that normally shows half those acres and bushels?  Both those numbers are ficticious and I know we are several weeks away from harvesting, but just another idea to consider.  Or are those numbers so small they will be swallowed by the larger corn belt numbers coming in?

 

I snapped a couple pictures about 2 weeks ago of some dryland corn just a couple miles up the road from me, I'll post them down in the crops section so everyone can judge for themselves.

0 Kudos
Highlighted
Senior Advisor

Re: The trader who thinks 170+ corn is 'made' ......

How are recrop beans looking ???

0 Kudos
Highlighted
Senior Advisor

Re: The trader who thinks 170+ corn is 'made' ......

Nonexistant Pal.  We are still trying to finish wheat harvest.  Won't be any double crop beans in my general location, but I'm sure we have a few acres scattered around here and there.  I'll keep my eyes open and if I see a field here or there I'll take some pictures.

0 Kudos