Floor Talk July 21
At the close:
At the close, the Sept. corn futures settled 1 1/2 cents higher at $4.06 1/2, Dec corn futures finished 1 1/2 cents higher at $4.17 1/2.
Aug. soybean futures closed 11 cents higher at $10.18 3/4. Nov. soybean futures closed 5 1/4 cents higher at $10.04 3/4.
Sept. wheat futures finished 8 cents lower at $5.24 3/4.
Aug. soymeal futures closed $3.90 per short ton higher at $359.90. Aug. soyoil futures closed $0.25 higher at $31.93.
In the outside markets, the Brent Crude oil market is $0.44 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 181 points lower.
Mike North, President of Commodity Risk Management Group, says that with no concrete numbers coming until the August 12th report, speculators will be watching the weekly crop conditions reports and weather forecasts for fundamental direction.
“Yesterday's static crop conditions numbers and the non-threatening weather forecasts are not providing anything new for the market. So, speculators are simply watching the charts. That said, the market has completed a technical sell-off following bad performances near their highs last week,” North says.
This morning, corn made a move towards a 50% retracement of the recent rally, getting as low as $4.13/bu, North says. “Support rests near $4.10 and traders, no doubt, viewed the sell-off this morning as an opportunity to re-establish some long positions. Resistance now rests at $4.19 1/4, so a close above this level will invite further buying. All in all, you are looking at a purely technical trade today.”
Alan Brugler, President Brugler Marketing & Management LLC, says that commercials are still lifting August meal shorts, and the higher meal futures lifted beans.
“Corn was routine Turnaround Tuesday profit taking. Wheat is working on a capitulation bottom, but apparently somebody still thinks prices can go higher in that market. Ideas of record spring wheat yield are burdensome, particularly since it can be railed into Chicago and delivered against CBT,” Brugler says.
At mid-session, the Sept. corn futures are trading 3 cents higher at $4.08, Dec corn futures are 2 3/4 cents highewr at $4.18 3/4.
Aug. soybean futures are trading 8 cents higher at $10.15. Nov. soybean futures are trading 7 3/4 cents higher at $10.07.
Sept. wheat futures are 3/4 of a cent lower at $5.32.
Aug. soymeal futures are trading $1.40 per short ton higher at $357.40. Aug. soyoil futures are trading $0.49 higher at $32.17.
In the outside markets, the Brent Crude oil market is $0.09 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 205 points lower.
At the open:
At the open, the Sept. corn futures are trading 1/2 of a cent lower at $4.04, Dec corn futures are 3/4 of a cent lower at $4.15.
Aug. soybean futures are trading 2 cents lower at $10.09. Nov. soybean futures are trading 2 cents higher at $10.01.
Sept. wheat futures are 3 1/4 cents lower at $5.29.
Aug. soymeal futures are trading $1.60 per short ton higher at $351.60. Aug. soyoil futures are trading $0.29 higher at $31.97.
In the outside markets, the Brent Crude oil market is $0.13 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 127 points lower.
Private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year.
The marketing year for soybeans began Sept. 1, according to a USDA press release.
Early calls: Corn 1-2 cents lower, soybeans 3-5 cents higher, and wheat 2-4 cents lower.
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.04 lower.
Wall Street = Seen lower, with 2nd quarter earnings season underway.
World Markets = Europe stocks were mostly lower, Asia/Pacific stocks were higher.
More in a minute,
Re: Floor Talk July 21
Mike, when will the resurveyed soybean acres be reported? From what I've been seeing in my region, most of the crop was planted but looks rough. A few fields here and there in NW Ohio and Central Indiana never got planted. It will be interesting to see just how much ground was unplanted this spring. Double crop soybeans are pretty much non-existent this year. Some of the soft red wheat crop is still standing in the field. Marketing the new crop seems tough this year for me. Iowa and Minnisota may have a good crop on the way, but the eastern cornbelt is spotty to say the least.
Re: Floor Talk July 21
Wife & I made a 2,000 mile + crop tour to South Dakota and back this past week. Went I 57 to I 74 to I 80 to I 35 to I 90 to Mitchell, SD. Coming home I 90 to I 29 to St.Joesph, MO then east on U.S 36 to Jacksonville, Il. then south on 67 to Edwardsville then east on US 50. There are good crops in eastern and northern Iowa. Along I 90 in Minnesota west to South Dakota were GOOD !!!! Corn was tasseling and the thirty inch row beans had the rows about or some closed. South Dakota has a good crop coming on if the rain hits them right. They will need a rain by July 26th. Their beans were fair to good. I say a 6 or 7 on a scale of 10. Came back down I 29 crops got worse around Sioux City and on south. I think mainly to do with the Missouri River flooding. At St Joesph headed east on US 36 rolling hills with good corn, where the water could off. At Kirksvilles things got bad. Alot of unplanted fields, very poor corn stands and it was like this all most to the Mississippi River and it rain all the way across Missouri . On to Jacksonville, Il. there were good areas, but the Illinois River was flooding and taking its areas also. Down 67 same way low areas bad, hills good where water got off. US Route 50 east was BAD !!!!!!! from about Aviston to Olney. Fields not planted, corn 2-5 foot tall, yellow, beans just planted or coming up. Ruts in havested wheat fields. Within this there were some good fields that got planted early and drain well (hills). OH all most forgot central Il. Champaign area was good, but had some pocket areas where water stood. They started getting better around Galesburg and west. I would said for every 10 fields, 8 or 9 had some yellow spots or drowned out spots.
My guess for a national average !!!!!! let me get the dart throw, 159.8/a and beans 40.2/a all depends the next RAIN !!!!
Mike, lets try to get another meeting this winter. I like the last one in Chicago.
"Its no disgrace to be poor, Just mighty unhandy at times"
Re: Floor Talk July 21
"Its no disgrace to be poor, Just mighty unhandy at times ?????????????? Boy is that a " Poor" choose of words !
I have talked to Jr. many time on the phone - Even IF he wears Yellow boots and has Herefords - Jr. is a very rich man - The way he talks about his family and friends is - well Priceless - He is a lucky man !