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Veteran Advisor

Floor Talk July 13

At mid-day:

At mid-day the Sept. corn futures are trading 3 cents higher at $4.37, Dec corn futures are  3 3/4 cents higher $4.48. 

Aug. soybean futures are trading 4 cents higher at $10.36. Nov. soybean futures are trading 4 1/2 cents higher at $10.26.

Sept. wheat futures are 4 1/4 cents lower at $5.71 3/4.

Aug. soymeal futures are trading $1.20 per short ton higher at $356.80. Aug. soyoil futures are trading $0.42 higher at $32.84. 

In the outside markets, the Brent Crude oil market is $0.15 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 170 points higher.

Mike

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At 8:55am:

WASHINGTON, July. 13, 2015--Private exporters reported to the U.S. Department of Agriculture export sales of 121,927 metric tons of corn to Mexico. Of the total, 91,445 metric tons is for delivery during the 2015/2016 marketing year and 30,482 metric tons is for delivery during the 2016/2017 marketing year.

The marketing year for corn began Sept. 1.

 

Mike

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At the open:

At the open, the Sept. corn futures are trading 1 1/2 cents lower at $4.25, Dec corn futures are 1 1/2 cents lower $4.43. 

Aug. soybean futures are trading 8 1/2 cents lower at $10.23. Nov. soybean futures are trading 8 1/4 cents lower at $10.14.

Sept. wheat futures are 6 1/4 cents lower at $5.69.

Aug. soymeal futures are trading $3.60 per short ton lower at $352.00. Aug. soyoil futures are trading $0.17 lower at $32.25. 

In the outside markets, the Brent Crude oil market is $1.05 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 175 points higher.

Mike

 

At 7am:

The USDA Weekly Crop Progress Report will be released Monday at 3pm. What's your guess? The trade sees the good/excellent ratings dropping 1-2%.

 

Mike

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At 6:30am:

 

Early calls: Corn 1-2 cents higher, soybeans 4-5 cents lower, and wheat 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.65 lower.
Dollar =Higher.  
Wall Street = Seen higher, as Greece strikes a bailout deal.

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

 

 

 

More in a minute,

 

Mike

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17 Replies
Senior Contributor

Re: Floor Talk July 13

Mike, I have a bad feeling the ratings stay flat or improve slightly. If the trade is looking for a drop this could bring the rally to a screeching halt.
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Honored Advisor

Re: Floor Talk July 13

I agree Steve.    But,  just because the USDA thinks that conditions may have improved, many of us with boots on the ground know better.    Of course most traders trade on what the USDA says, not what the boots on the ground say.

 

BTW, Indiana, Michigan and Ohio are bracing for more storm damage today.  I hope everyone stays safe.

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Honored Advisor

Re: Floor Talk July 13

Just a backyard observation, we`ve missed rains in NCIA and I assume SMn kind of "garden spots'.  it was forecast 2" for Saturday and Des Moines got that.   I`m not complaining because i like it "dry" but going the backroads yesterday there was lighter ground that the corn was rolling...it`s dark green because of all the N was poured on, but still the roots don`t have a reason to go down.  The knobs have begun to develope dry sockets.   If we get timely rains it`ll grow out of it, but are at the mercy of on time rain..other fields the crop is all but made. 

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Veteran Advisor

Re: Crop progress,

seems like 1/2 the corn and beans should be a decent crop.

 

seems like the other 1/2 the corn and beans is a 2 Wet World of HURT.

corn ratings need to come down 5 to 7% on the bad 1/2.

bean ratings need to come down 20% on the bad 1/2.

 

 

corn ratings on the good 1/2 should stay steady...maybe even up 1 to 2%.

bean ratings on the good 1/2 should come up 4 to 6%.

 

 

 heck the CP will likely raise ratings on Everything a touch....Those folks are expecting record crops.

 

 

"progress" can be jocularily interesting at times, perhaps.  LOL.

 

 

 

 

 

 

 

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Advisor

Re: Floor Talk July 13

Rain 5 out of last 6 days here another inch and a half this morning. Don't see another report mattering at all at this point. Depends who you are talking too. If they like it they use it if they don't they use it as well to their pockets advantage. Just another day and another dollar lost in this grain market, bit of a repeating cycle last two years.
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Senior Advisor

Re: Floor Talk July 13

IMG_1601.JPG

 

 

IT's --------- Here , see you all in Kentucky

Veteran Contributor

Re: Floor Talk July 13

ECIN, you can hang on to it, really don't need it,
I know you don't either!!
clouds will be fine - to turn down the dial on steam bath.
phone shows temp 96, feels like 109
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Senior Contributor

Re: Floor Talk July 13

An other backyard observation just west of Des Moines.  Yes, we have been catching a lot of rain here in July.  4" Monday morning, July 6 and then another 1.30" Sat morning July 11.  The beans seem to be suffering more than the corn.  A lot of the corn looks great, far from rolling.

At $4 + I'm wondering if I should sell 20% of my new crop corn? Just my 2 cents worth.

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Honored Advisor

Re: Floor Talk July 13

As Ray and Time have noted, "It has been a nice run up".    Wondering myself if there isn't a place in here somewhere to start some protection or price some...

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