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Veteran Advisor

Floor Talk July 15

At the close:

At the close, the Sept. corn futures finished 1 1/4 cent higher at $4.29 1/2, Dec corn futures finished 1 1/4 cents higher $4.40 1/4. 

Aug. soybean futures ended 8 1/2 cents lower at $10.25. Nov. soybean futures closed 9 cents lower at $10.16.

Sept. wheat futures closed 4 1/4 cents lower at $5.66 3/4.

Aug. soymeal futures closed $5.00 per short ton higher at $362.20. Aug. soyoil futures finished $0.75 lower at $31.65. 

In the outside markets, the Brent Crude oil market is $1.26 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points lower.

Mike

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At mid-session:

At mid-session, the Sept. corn futures are trading 1 1/4 cents lower at $4.27, Dec corn futures are 3/4 of a cent lower $4.38. 

Aug. soybean futures are trading 15 3/4 cents lower at $10.17. Nov. soybean futures are trading 16 cents lower at $10.09.

Sept. wheat futures are 8 1/2 cents lower at $5.62.

Aug. soymeal futures are trading $0.90 per short ton lower at $356.30. Aug. soyoil futures are trading $0.67 lower at $31.73. 

In the outside markets, the Brent Crude oil market is $0.92 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points higher.

Mike North, President of Commodity Risk Management Group, says that the markets are reacting to fund selling.  “For that matter, so does farmer selling.  Reports of 2 hour waits at terminals is common across the country as more old crop corn is coming to town.  The fact that crop condition reports held steady in Monday afternoon's crop progress report weighed heavily on corn yesterday, as it led the move lower,” North says.
He adds, “This morning's weakness is led by news of ongoing planting in Missouri and increased double crop soybeans throughout the southern Plains.  These are the results of the fast running rally that has defined the first half of July.  Additionally, weather favors improving conditions in much of the existing wet areas, which calms the nerves of a fickle speculator.”

Mike

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At 10:50am:

Quote of the day: "Corn's goose may have been cooked", according to a floor trader watching weak volatility in the corn market.

 

Are the highs in?

 

Mike

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At the open:

At the open, the Sept. corn futures are trading 1 cent lower at $4.27, Dec corn futures are 1/4 of a cent lower $4.38. 

Aug. soybean futures are trading 9 cents lower at $10.24. Nov. soybean futures are trading 9 cents lower at $10.24.

Sept. wheat futures are 8 1/4 cents lower at $5.62.

Aug. soymeal futures are trading $0.30 per short ton higher at $357.50. Aug. soyoil futures are trading $0.33 lower at $32.07. 

In the outside markets, the Brent Crude oil market is $0.57 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 29 points lower.

Mike

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At 7:15am:

June NOPA Soybean Crush numbers will be released at 11am CT. The trade sees it at 141.5 million bushels, below 148.4 mbu in May, but much higher than last year’s 118.7 mbu. Today's is expected to come in as the second-highest June crush on record, behind 141.6 mbu in 2007. 

 

 

Mike

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At 6:15am:

 

Early calls: Corn 1-2 cents lower, soybeans 4-5 cents lower, and wheat 7-9 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.53 lower.
Dollar =Lower.  
Wall Street = Seen higher, with more focus on earnings season, the Fed speech and China.

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

 

 

 

More in a minute,

 

Mike

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2 Replies
Senior Contributor

Re: Floor Talk July 15

Ben unable to reply here for a while, but able to read the forums a little from time to time, with Floor Talk being one of the threads I like to read, especially now that the corn prices have a 4 in front of them!  Smiley Very Happy

Just thought to take a moment, now that I'm back able to post, to say thanks for all the updates.

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Veteran Advisor

Re: Floor Talk July 15

Husker-J,

 

Thanks for taking a moment to post those kind words. It's always nice to hear that somebody is reading this stuff.

 

Thanks,

Mike

 

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