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Veteran Contributor

Floor Talk July 13

At mid-session:

At mid-session, the September corn futures are 3 1/4¢ lower at $3.42 1/2. December futures are 3 1/2¢ lower at $3.55 3/4.

 

August soybean futures are 13 1/2¢ lower at $8.20.  November soybean futures are 13 3/4¢ lower at $8.35 1/2.

 

September wheat futures are 10 1/2¢ higher at $4.95.

August soymeal futures are $3.90 per short ton lower at $327.00. August soy oil futures 0.31¢ lower at 27.96.

In the outside markets, the NYMEX crude oil market is $0.61 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 86 points higher.

 

 

Al Kluis, Kluis Advisors, says that it’s been a tough week for the soybean market.
“The soybean market trend is still lower for new crop soybean futures. However, the action yesterday--a key reversal higher--could be bringing the downtrend to an end. We put in a new low (trading the lowest levels in 10 years), but we managed to close higher,” Kluis stated to customers in a daily note.
He added, “If $8.38 per bushel proves to be our low, then the first area of major resistance would be $9.23, which is a 38% retracement up. But first, we need to get a close above $8.67 to confirm that low.”
To end the week, investors will be watching today’s Commitment of Traders Report to be released this afternoon at 2:30 CT.
“Will the funds push their combined net short positions in corn and soybeans to more than 200,000 contracts,” Kluis asked in his daily note.



Peter J. Meyer, S&P Global Platts senior director agricultural commodities analytics, says that the price ratio between old crop soybeans and old crop corn should remain under attack for the foreseeable future.
“This is based in no small part to the apparent Chinese willingness to draw down their soybean ending stocks, at a time when U.S. farmers have planted record acreage in beans with co-operating weather for many,” Meyer says. 
He adds, “Strong FOB prices in Brazil, given the Chinese counter-tariffs, would certainly suggest an acreage increase for Brazil in the fall with a 120M MT crop well within the realm of possibilities.  These factors combined, along with strong demand for U.S. corn, will keep the pressure on the ratio”.”

 

Mike

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At 9:10am:

In early trading, the September corn futures are 5¢ lower at $3.40. December futures are 5 1/4¢ lower at $3.54.

 

August soybean futures are 19¢ lower at $8.14.  November soybean futures are 19 1/4¢ lower at $8.30.

 

September wheat futures are 2 3/4¢ higher at $4.87.

August soymeal futures are $4.30 per short ton lower at $326.60. August soy oil futures 0.59¢ lower at 27.68.

In the outside markets, the NYMEX crude oil market is $0.22 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 14 points higher.

 

Mike

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Soybeans were lower overnight after the USDA curbed its outlook for exports and raising its outlook for ending stockpiles in yesterday's WASDE report. Beans lost 8 cents overnight, corn was down 3 cents and wheat rose 3-4 cents. Export sales for the week through July 5 were lower across the board with soybeans seeing a 72% decline week-to-week and a 62% drop from the four-week average. In weather news, flash flood warnings are in effect for parts of southeastern South Dakota, southwestern Minnesota and parts of Iowa and Nebraska where excessive rainfall is expected. Check out today's 3 Big Things for all the details. 

 

West Texas Intermediate = down 0.1%.

Brent Crude = down 0.2%

Dollar = up 0.3%.

Wall Street = U.S. stock higher pre-market.

World Markets = Global stocks mostly higher overnight.

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9 Replies
Senior Contributor

Re: Floor Talk July 13

Crooks
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Honored Advisor

Re: Floor Talk July 13

ILLINOIS

 

Does your keyboard only have five letters'

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Veteran Contributor

Re: Floor Talk July 13

I'm curious how many of his posts have been *crooks!* and nothing else....

 

 

Hope everyone has a great weekend! See y'all monday! 

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Honored Advisor

Re: Floor Talk July 13

IMHO, It's too hot and the crops are maturing way too fast.  Rain, or no rain.  These crops are not going to finish well.  The marketplace is way too complacent and oversold.  

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Honored Advisor

Re: Floor Talk July 13

Specs are way oversold.....

Producers are sitting on the sideline or moving grain at previously committed prices.

 

The specs have got necks waaaay out there..

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Honored Advisor

Re: Floor Talk July 13

Bet there are millions s of bushels on price later.

 

If they wait long enough it'll get to be just later , no price.

 

Saw a worn out farm just planted to soy beans this morning, that ship sailed several weeks ago too.

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Senior Contributor

Re: Floor Talk July 13

This is what's wrong with the farm markets. Not tariffs and not fundamentals

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Senior Contributor

Re: Floor Talk July 13

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Senior Contributor

Re: Floor Talk July 13

I guess that was my one free view of their news
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