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Veteran Advisor

Floor Talk July 16

At the close:

 

 

The Dec. corn futures closed 5 cents higher at $3.86.

 

 

 

Nov. soybean futures finished 15 3/4 cents higher at $11.02.

 

 

 

Sep. wheat futures finished 1/4 of a cent higher at $5.38.

 

 

 

The Dec. soymeal futures contract closed $9.60 per short ton higher at $356.80.
In the outside markets, the NYMEX Brent crude oil is $1.17 per barrel higher, the dollar is higher and the Dow Jones Industrials are 67 points higher.

 

Mike

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At mid-session:

The Dec. corn futures are trading 4 3/4 cents higher at $3.86.

 

Nov. soybean futures are trading 9 3/4 cents higher at $10.96.

 

Sep. wheat futures are 1 1/4 cents higher at $5.39.

 

The Dec. soymeal futures contract is trading $6.80 per short ton higher at $354.00.
In the outside markets, the NYMEX Brent crude oil is $0.95 per barrel higher, the dollar is higher and the Dow Jones Industrials are 63 points higher.

 

Tim Hannagan, Walsh Trading Inc. senior grain analyst, says profit-taking (traders buying back short positions) is pushing the farm markets up, today.
"Big breaks in the markets always bring on profit taking. Profit taking is a little easier with talk in the back ground of a potential heat dome moving into the Midwest next week. Plus, the some in the trade feel like an early frost is certain this year," Hannagan says. "In the last 2 weeks, Dec. corn dropped 60 cents and Nov. beans almost 2 dollars. People went short  and need to buy back those positions to take profits. Had we rallied that much, longs would be selling to take profits."

 

Mike

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At 11:15am;

According to Energy Information Agency's data, ethanol production averaged 943,000 barrels per day (b/d)—or 39.61 million gallons daily. That is up 16,000 b/d from the week before. The four-week average for ethanol production stood at 940,000 b/d for an annualized rate of 14.41 billion gallons.

Stocks of ethanol stood at 17.9 million barrels. That is a 1.9% decrease from last week.

Imports of ethanol were 5,000 b/d, down from last week.

 

Mike

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At the open:

The Dec. corn futures are trading 8 cents higher at $3.90 3/4.

 

Nov. soybean futures are trading 12 cents higher at $10.98.

Sep. wheat futures are 5 cents higher at $5.43.

 

The Dec. soymeal futures contract is trading $5.90 per short ton higher at $353.60.
In the outside markets, the NYMEX Brent crude oil is $0.55 per barrel higher, the dollar is higher and the Dow Jones Industrials are 66 points higher.

 

Mike

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At 8am;

BIG FRESH CORN, SOYBEAN SALES ANNOUNCED BY THE USDA WEDNESDAY:

 

Private exporters reported to the U.S. Department of Agriculture the following activity:

  • Export sales of 120,000 metric tons of soybeans to China for delivery during the 2013/2014 marketing year; and
  • Export sales of 240,000 metric tons of soybeans to unknown destinations for delivery during the 2014/2015 marketing year; and
  • Export sales of 210,448 metric tons of corn to unknown destinations for delivery during the 2014/2015 marketing year.

 

"Low prices cure low prices,"--author unknown

 

Mike

--------------------

At 7am:

Bob Linneman, Prairie Ag Marketing Services, says that he is watching the spreads for possible signals of a low in this market. He says, this morning, "Quick thought about volatile soybean market – I am watching the August/November bean spread for indication of a possible low being placed.  It has been so volatile lately, but if we can see a pattern of higher highs and higher lows develop I would like to think the entire complex could rally."

 

What say you?
 
Mike

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At 6:50am:

Early calls: Corn is seen 2-4 cents higher, soybeans 7-9 cents higher, and wheat 2-4 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.

Brent Crude Oil=$0.55 per barrel lower.
Dollar=Higher.

Wall Street=Seen higher, IBM, Apple, Intel all gain.

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

 

 

 

More in a minute,

 

Mike

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11 Replies
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Veteran Advisor

Re: Floor Talk July 16

Good Morning Mike - Europe wasn't just up this morning, it's up 1 - 1.5%.

I'm a bit too busy to put out the weather this morning. Sorry. I'll put out a new summary ASAP. I have a lot to do right now, and in between I need to be studying.

Don't be fooled into no global warming because of our cool temps. Our sun just is not as active as it should be, and there is reason to be concerned about it possibly going into a period (and not just one or two years) like it did during the 'Little Ice Age' in Europe. The sun's seasons are cyclical like we have on Earth, but its seasons are magnetic. We very well could be entering the suns quiet period. Not many are talking about it - and I've been discussing it here for quite some time. We maybe are going to be very lucky right now that we have all this extra CO2 in the atmosphere. When the sun returns to its full magnetic state, is when we will be in real trouble with the global warming - and probably won't have time to do anything about it.

Jen
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Veteran Advisor

Re: Floor Talk July 16

jennys_mn,

 

Good morning to you too. Get studying, we'll hord the fort down here. Besides, the weather is easy to report right now.....beautiful for crop-growth and for kids to play outside.

 

 

 

Mike

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Honored Advisor

Re: Floor Talk July 16

Just what do you think you can do about magnetic storms on the Sun?

 

Mother nature is still in charge. No amount of taxation and money grabbing is going t o change her.

 

It has done this repeatedly before and will do it repeatedly in the future.

 

One super volcano is all that it will take to  upset the  Apple cart, many ways she can take total control.

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Veteran Advisor

Re: Floor Talk July 16

I know you and I don't agree on this one Hobby.  We can't dontrol the magnetic activity, but we have the ability now to control the amount of CO2 we dump into the atmosphere.  I don't have time to go beyond that right now.  But we have had this discussion before.  It's out of most of our hands to do anything about.

 

Jen

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Veteran Advisor

Re: Floor Talk July 16

Did you see this:

The CME Group is surveying market participants about cattle and hog futures trading hours, according to Reuters.

The current hours of trading:

Live cattle, lean hogs and feeder cattle electronic trade only closes from 4 p.m. to 5 p.m. CDT, Monday to Thursday. On Friday, the trading stops at 1:55 p.m. CDT and resumes on Monday at 9:05 a.m CDT.

Open outcry trading runs from 9:05 a.m. to 1 p.m. CDT from Monday to Friday.

The article quotes traders as saying reduced trading hours would help with volatility swings.

 

What say you? Do you care? And what is your opinion on this?

 

Thanks for sharing,

 

 

Mike

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Honored Advisor

Re: Floor Talk July 16

If we want those high yielding crops there had better be co2 for them to feed on. Can't have one without the other. Just as important as nitrogen. Might just be one of the reasons yields have risen. An extra part of a percent of co2 just might actually

Be as important as all the genetic engineering .

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Senior Contributor

Re: Floor Talk July 16

went in the corn field this morning, not impressed with the ear set or size, the only way we will get a record yield around home here is if get enough rain to fill the second ear...

 

 

 

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Senior Advisor

Re: Floor Talk July 16

Sure is a good thing all these record crops are in the bin, otherwise these prices don't accomodate any risk.

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Frequent Contributor

Re: Floor Talk July 16

Very good point Hobby, CO2 is as important and fertilizer, water, and sunlight for optimal plant growth. Sulfur is now having to be supplemented to the corn because it has been decreased in the diesel fuel. Thanks huggers!

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