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Veteran Contributor

Floor Talk July 19

At the close:

At the close, the Sept. corn futures finished 5 1/2¢ higher at $3.82 1/2, while December futures finished 5 1/2¢ higher at $3.96 1/4. Aug. soybean futures ended 10 1/4¢ higher at $9.99, November soybean futures closed 10 3/4¢ higher at $10.12. September wheat futures settled 3/4¢ lower at $5.03. Dec. soy meal futures closed $3.30 per short ton higher at $334.20. Dec. soy oil futures finished $0.29 higher at 33.88¢ per pound.  In the outside markets, the Brent crude oil market is $0.74 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 43 points higher.

 

Mike

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At mid-session:

At mid-session, the Sept. corn futures are 6 3/4¢ higher at $3.83, while December futures are 6 3/4¢ higher at $3.97. Aug. soybean futures are 10¢ higher at $9.99, November soybean futures are 10 3/4¢ higher at $10.12. September wheat futures are 3/4¢ higher at $5.04. Dec. soy meal futures are $3.70 per short ton higher at $334.60. Dec. soy oil futures are $0.18 higher at 33.77¢ per pound.  In the outside markets, the Brent crude oil market is $0.55 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 31 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the markets are up as the weather seems to be hot and dry again. 
“The American and European models are battling it out in terms of wet and hot and dusty. Right now, the European model seems to be winning.  Farmers are slowly pricing old and new crop corn” Scoville says. 
He adds, “There are some real problems out there with uneven corn and some very short soybeans too. So, we might not be done with this puppy just yet.  We will stay firm until the next round of models come out around noon. We may stay stronger, depending upon what those models have to say.”

 

Mike

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At the open:

In early trading, the Sept. corn futures are 7 1/4¢ higher at $3.84, while December futures are 7 1/4¢ higher at $3.98. Aug. soybean futures are 7 1/2¢ higher at $9.97, November soybean futures are 7 1/4¢ higher at $10.09. September wheat futures are 1 1/4¢ higher at $5.05. Dec. soy meal futures are $3.10 per short ton higher at $326.60. Dec. soy oil futures are $0.11 higher at 33.70¢ per pound.  In the outside markets, the Brent crude oil market is $0.19 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points higher.

 

Mike

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Grains and beans were all higher in overnight trading as a heat wave is parked right over the heat of the Corn Belt. The weather map looks like someone dropped a splotch of something on a US map, centered on central Missouri. That splotch is, of course, a slew of extreme heat warnings and advisories as temperatures are expected to reach triple digits today and indexes top around 110 Fahrenheit. Corn is up a nickel, wheat is up about a penny and soybeans gained 4 cents. The hot weather is expected to last through at least the end of the week. The good news, however, is that North Dakota may get some rain this afternoon with widespread thunderstorms expected. In other news, the US Trade Representative released its goals for NAFTA renegotiation, and while it's no shock the USTR wants ag products to remain duty-free. See all the details in today'd 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-july-19

 

Here's what happened overnight:

 

Brent Crude Oil = up 0.3%

West Texas Intermediate = up 0.2%

Dollar = up 0.2%. 

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

World Markets = Global stocks mixed on wavering oil prices.

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