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Floor Talk July 17

[ Edited ]

At 3pm:

USDA drops corn, soybean and wheat ratings. The corn crop is worse than the 2013 crop, at this point in the growing season.

 

Full story: Can You Say Uh Oh? USDA Keeps Dropping U.S. Crop Ratings

 

Al Kluis, Kluis Commodities, says that today's USDA report is friendly for prices tonight. 
I expect corn to start out 1 to 2 cents higher tonight. I expect soybeans to start out 1 to 2 cents higher tonight.  And this report is friendly for spring wheat prices.  I expect prices to be 1 to 3 cents higher tonight.

 

Mike

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At the close:

At the close, the Sept. corn futures finished 1 1/4¢ lower at $3.75, while December futures finished 1 1/2¢ lower at $3.88. Aug. soybean futures closed 4¢ lower at $9.85, November soybean futures closed 4¢ lower at $9.97. September wheat futures closed 4 3/4¢ lower at $5.06. Dec. soy meal futures settled $1.90 per short ton lower at $321.80. Dec. soy oil futures closed $0.24 lower at 33.44¢ per pound.  In the outside markets, the Brent crude oil market is $0.51 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 3 points higher.

 

Jason Roose, U.S. Commodities grain analyst, says that as the crop conditions go, so go the markets.
“Th grains are trading lower today on a mixed weather forecast with the majority of the crop going through pollination the next 10 days, weekly crop conditions will be watched closely after 3 weeks of lower ratings,” Roose says.

 

Mike

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At mid-session:

At mid-session, the Sept. corn futures are 1/2¢ lower at $3.75, while December futures are 3/4¢ lower at $3.88. Aug. soybean futures are 2 1/2¢ higher at $9.91, November soybean futures are 2 1/4¢ higher at $10.03. September wheat futures are 4¢ lower at $5.06. Dec. soy meal futures are $0.50 per short ton lower at $330.70. Dec. soy oil futures are $0.12 higher at 33.80¢ per pound.  In the outside markets, the Brent crude oil market is $0.32 per barrel lowher, the U.S. dollar is lower, and the Dow Jones Industrials are 3 points higher.

 

Mike

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At 10:20am:

USDA Weekly Export Inspection Report shows that the corn, soybean and wheat inspections all came in within the trade estimates, Monday.

 

Now, all eyes on the updated weather forecasts, late this morning. And then the 3pm USDA Crop Progress Report that is expected to show falling good/excellent ratings for corn and soybeans.

 

What say you?

 

 

Mike

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At 9am:

In early trading, the Sept. corn futures are 1 3/4¢ lower at $3.74, while December futures are 2 1/4¢ lower at $3.87. Aug. soybean futures are 2¢ lower at $9.87, November soybean futures are 2¢ lower at $9.99. September wheat futures are 4¢ lower at $5.06. Dec. soy meal futures are $1.80 per short ton lower at $329.40. Dec. soy oil futures are $0.04 higher at 33.72¢ per pound.  In the outside markets, the Brent crude oil market is $0.07 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 5 points lower.

 

Mike

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Grains were lower on potential rain in the northern Plains while beans were higher overnight on signs of demand. The USDA on Friday announced a big sale of beans to China and the dollar hit the lowest level in nine months, which boosts purchasing power for overseas buyers. Corn was down about  a penny, wheat lost 1-3 cents and soybeans were up about 3 cents. It looks like everything is going to turn higher after the open, however, as all three have almost erased their overnight losses. In weather news, it looks like there's a possibility each day this week that much of central North Dakota may get some rain. While that would help crops, weeks of hot, dry weather has taken its toll on spring wheat, corn and soybeans in the state. It's going to be extremely hot this week in much of the northern half of Missouri along with parts of Kansas and Illinois. See all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-july-17

 

Here's what happened overnight:

 

Brent Crude Oil = up 0.2%

West Texas Intermediate = up 0.1%

Dollar = unchanged

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks mixed on strong China data.