Floor Talk July 11

[Tony_Dreibus]

At the close:

At the close, the Sept. corn futures settled 6 3/4 cents lower at $3.48 1/4, Dec. futures are 7¢ lower at $3.55 1/2 per bushel. August soybean futures closed 6 1/4¢ lower at $10.77, while Nov. soybean futures finished 2 3/4¢ lower at $10.55. Sept. wheat futures settled 4 3/4¢ lower at $4.30. August soymeal futures are $3.70 short ton lower at $372.60. July soyoil futures closed $0.02 lower at $30.33.  In the outside markets, the Brent crude oil market is $0.64 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 116 points higher.

Mike

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At mid-day:

At mid-day, the July corn futures are 7 1/4 cents lower at $3.42, Dec. futures are 9 1/2¢ lower at $3.53 per bushel. August soybean futures are 2 3/4¢ lower at $10.80, while Nov. soybean futures are unchanged at $10.57. Sept. wheat futures are 4 3/4¢ lower at $4.30. August soymeal futures are $0.80 short ton lower at $375.50. July soyoil futures are $0.09 higher at $30.44.  In the outside markets, the Brent crude oil market is $0.71 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 129 points higher.

Jack Scoville, The PRICE Futures Group, Senior Market Analyst says that the higher overnight markets faded on new weather outlooks.
“Overnight prices held up well overnight on forecasts for hot and dry next week after a reasonable good week weather wise this week, but now has found new selling from specs,” Scoville says.
“Specs are getting shorter in wheat and less long in corn. Farmers are said to be quiet right now.  I think that there must have been a change in the weather forecast for next week, from the way the market is acting right now, but I don’t know that yet.” 
The reports tomorrow are expected to be negative, helping the selling interest, he says. 
The trade is looking for roughly unchanged USDA Crop Progress condition estimates, when the weekly report is released at 3:00pm.

Mike

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At the open:

At the open, the July corn futures are 4 cents higher at $3.53, Dec. futures are 2 1/2¢ higher at $3.65 per bushel. August soybean futures are 13¢ higher at $10.96, while Nov. soybean futures are 13 1/4¢ higher at $10.71. Sept. wheat futures are 6 1/4¢ higher at $4.41. August soymeal futures are $6.80 short ton higher at $385.50. July soyoil futures are $0.23 higher at $30.50.  In the outside markets, the Brent crude oil market is $0.14 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 94 points higher.

Mike

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Futures are up again overnight amid talk that the weather's going to turn off hot and dry toward the end of the month. Traders have been worried about this for some time now since forecasters told them a la nina weather pattern would move in and overtake the wet weather patterns we've seen. That hasn't yet come to fruition, but reports are that investors are betting it will eventually happen. Some storms are moving through parts of the Midwest today and tomorrow but it's going to be hot this week -- reaching triple digits -- which will offset some of the moisture. 

Here's what happened overnight:

Brent Crude Oil = 1.3% lower.

West Texas Intermediate Crude Oil = 1.3% lower.

Dollar = up 0.3%.

Wall Street = U.S. stock futures rise in overnight trading
World Markets = Global stocks higher on expectations for more stimulus.