Floor Talk July 21
Bulletin: The Latest On Ukraine/Russia Turmoil
After the close:
The U.S. corn and soybean crops' condition progress, though still very good, changed little from a week ago, according to the USDA.
In its weekly Crop Progress Report Monday, the USDA rated the U.S. corn crop as 76% good/excellent, unchanged from a week ago, and above 63% from a year ago. The government says that 56% of the U.S. corn crop is silting vs. 39% a year ago at this same time.
For soybeans, the good/excellent rating jumped one percentage point to 73% vs. a week ago and 64% a year ago. The soybean crop is rated as 60% in the blooming stage vs. a 56% five-year average. The USDA sees 19% of the crop is the pod-setting stage vs. a 17% five-year average.
The USDA rated Spring Wheat as 70% good/excellent, unchanged from a week ago.
At the close:
The Dec. corn futures closed 6 1/2 cents lower at $3.72.
Nov. soybean futures finished 13 3/4 cents lower at $10.71.
Sep. wheat futures finished 2 1/4 cents lower at $5.30.
The Dec. soymeal futures contract settled $5.00 per short ton lower at $346.80. The December soyoil futures ended $0.46 cents lower at $36.26
In the outside markets, the NYMEX crude oil is $0.73 per barrel higher, the dollar is higher and the Dow Jones Industrials are 36 points lower.
The Dec. corn futures are trading 6 3/4 cents lower at $3.71.
Nov. soybean futures are trading 16 cents lower at $10.68.
Sep. wheat futures are 4 1/2 cents lower at $5.27.
The Dec. soymeal futures contract is trading $6.50 per short ton lower at $345.30.
In the outside markets, the NYMEX crude oil is $0.42 per barrel higher, the dollar is higher and the Dow Jones Industrials are 74 points lower.
At the open:
The Dec. corn futures are trading 6 cents lower at $3.72.
Nov. soybean futures are trading 13 cents lower at $10.72.
Sep. wheat futures are 5 cents lower at $5.27.
The Dec. soymeal futures contract is trading $5.00 per short ton lower at $346.80.
In the outside markets, the NYMEX Brent crude oil is $0.04 per barrel lower, the dollar is higher and the Dow Jones Industrials are 47 points lower.
If you missed it, here is a summary of Friday's Committment of Traders Report:
These numbers reflect the holding for the week of July 15. There were net losses for the managed money traders across all grains. Net corn and bean losses (-7k and –7.5k, respectively) came in much lower than daily trade estimates had indicated, however. Producers and merchants added 15.4k corn and 16.6k beans on the week to 7/15.
The trade is naming the upcoming Crop Progress Report as to why the markets will trade lower today. For this afternoon's report, here are estimates for some of the trade:
Corn= 76-77% gd/excellent, vs. 75% a week ago.
Soybeans= 72-74%, vs. 72% last week.
Spring Wheat= 69-71%, vs. 70% a week ago.
What do you think? How does this market feel to you? Also, it's interesting that one analyst says, this morning, to keep in mind that the July crop estimates correlate with NASS's yields.
Early calls: Corn is seen 4-6 cents lower, soybeans 14-16 cents lower, and wheat 5-7 cents lower.
Overnight grain, soybean markets=Trading lower.
Brent Crude Oil=$0.02 per barrel higher.
Wall Street=Seen lower on Ukraine, Midddle East turmoil.
World Markets=Europe stocks were lower, Asia/Pacific stocks were lower.
More in a minute,
Re: Floor Talk July 21
Nebraska, Iowa and Ohio have between 21%-31% of their oats harvested, already, according to this afternoon's USDA Crop Progress Report.
If "oats knows", I wonder what the harvest is telling us. Does anybody have their oats harvested? If so, how did they do compared to other years? Or, if you know of someone that has harvested oats, can you offer up what this crop told them about the prospects of corn and soybean cropsizes?