Floor Talk July 16

[marketeye]

At mid-session:

At mid-session, the Sept. corn futures are trading 4 cents higher at $4.33, Dec corn futures are 4 cents higher at  $4.44. 

Aug. soybean futures are trading 7 cents lower at $10.18. Nov. soybean futures are trading 6 3/4 cents lower at $10.09.

Sept. wheat futures are 1 cent lower at $5.65.

Aug. soymeal futures are trading $0.20 per short ton lower at $362.00. Aug. soyoil futures are trading $0.22 lower at $31.43. 

In the outside markets, the Brent Crude oil market is $0.55 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 48 points higher.

Mike

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At the open:

At the open, the Sept. corn futures are trading 6 1/2 cents higher at $4.36, Dec corn futures are 6 1/4 cents higher at  $4.46. 

Aug. soybean futures are trading 6 1/4 cents higher at $10.31. Nov. soybean futures are trading 6 1/4 cents higher at $10.31.

Sept. wheat futures are 2 1/2 cents higher at $5.69.

Aug. soymeal futures are trading $6.80 per short ton higher at $369.00. Aug. soyoil futures are trading $0.05 higher at $31.70. 

In the outside markets, the Brent Crude oil market is $0.55 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 35 points higher.

Mike

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At 7:40am:

USDA Weekly Export Sales Report Thursday show all sales within expectations:

Wheat= 291,500 metric tons vs. the trade’s expectations of between 300,000-525,000 metric tons,

Corn= 656,200 metric tons vs. the trade’s expectations of between 300,000-900,000 metric tons,

Soybeans=552,500 metric tons vs. the trade’s expectations of between 200,000-800,000 metric tons and

Soybean meal= 72,200 metric tons vs. the trade’s expectations of between 125,000-300,000 metric tons.

Mike

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At 7:00am:

Early calls: Corn 4-6 cents higher, soybeans 4-5 cents higher, and wheat 1-2 cents higher.

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.47 higher.
Dollar =Higher.  
Wall Street = Seen higher, with investors accepting the Greek bailout plan.

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

More in a minute,

Mike

[illinifarmer]

Overnight higher open higher why are we trading lower for last three hours I have found no info to justify this slide? Plus raining and cool again here in IL.

[rayjenkins]

path of rain was farther south than forecast yesterday.....much of IA south of I-80 had 2-4 inches.....there was concern those kind of rains would continue eastward.....when it didn't happen, corn market gave back gains

Ray J

[illinifarmer]

I'm right by I 80 that's my point there was No rain in the forecast today whoops 2-4 how does that even happen and then when it doesn't push a rain that wasn't even forecasted the markets take back gains makes absolutely no sense

[ECIN]

Illnin : Heres the deal --- 2 to 4 ? heck our rain gauges here start a 6 - lol Windy City traders - after this season think that 2 to 4 is just a sprinkle .

btw - Some sprayers fired up today - made a call to very good app driver - tells it like it is type on conidtions - said ground was in better shape than he thought it would be - I said No ---t ! Yeah only cutting 8 to 10 inch tracks across the field , but farmer said to do it , Then rain tonight and then again Sunday night , But on the bright side - Just think how much snow this would have been - lol

[roarintiger1]

ECIN,  If it was winter and what precipitation we've had was snow, my crops wouldn't look like crap.  On the other hand, if it was all snow this time of year, my crops would look a bit worse than they do today.