Floor Talk July 21

[Tony_Dreibus]

At the close:

At the close, the Sep. corn futures closed 3 1/4¢ lower at $3.34, Dec. futures finished 3 1/2¢ lower at $3.40 3/4 per bushel. August soybean futures finished 5 1/2¢ higher at $10.32 1/2, while Nov. soybean futures closed 3 1/2¢ higher at $10.12 1/2. Sept. wheat futures ended 4 3/4¢ higher at $4.17 3/4. August soymeal futures finished $0.10 short ton higher at $352.50. August soyoil futures ended $0.35 higher at 31.06¢ per pound.  In the outside markets, the Brent crude oil market is $1.09 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 120 points lower.

Mike

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At mid-session:

At mid-session, the Sep. corn futures are 1/2¢ lower at $3.37, Dec. futures are 3/4¢ lower at $3.43 per bushel. August soybean futures are 8 1/4¢ higher at $10.35, while Nov. soybean futures are 8¢ higher at $10.17. Sept. wheat futures are 4 1/2¢ higher at $4.17. August soymeal futures are $1.00 short ton higher at $353.40. August soyoil futures are $0.35 higher at 31.06¢ per pound.  In the outside markets, the Brent crude oil market is $0.64 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 68 points lower.

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the weather and the USDA’s Weekly Export Sales Report Thursday are supporting beans.  
“The export sales were disappointing in corn, so that market not reacting well today,” Scoville says.  
A lot of talk the hot weather will not last long enough to damage beans or corn and this might be true, he says.  
“But, I also think we are trading some big yield estimates that might not be there in the end.  We got a good crop I think, not sure about a great crop.  Too many dry pockets, especially east, and too much uneven weather this year to know.  Been a hard market to trade this week,” Scoville says.

Scoville adds, “We are hearing of more problems in Europe, helping the wheat market.” 

Mike

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At the open:

At the open, the Sep. corn futures are 2 3/4¢ lower at $3.34, Dec. futures are 2 3/4¢ lower at $3.41 per bushel. August soybean futures are 3¢ higher at $10.30, while Nov. soybean futures are 1 3/4¢ higher at $10.10. Sept. wheat futures are 1/4 of a cent lower at $4.12. August soymeal futures are $1.20 short ton lower at $351.20. August soyoil futures are $0.14 higher at $30.85.  In the outside markets, the Brent crude oil market is $0.29 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 17 points lower.

Mike

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The so-called heat dome is officially parked over the central U.S., and that's making for some mighty hot temperatures out there. National Weather Service is saying heat indexes of 100 to 110 degrees for the rest of the week, possibly into next week. We expect that down here in Texas, but I only recall a few summers growing up when temps, or even the heat index, topped 100 degrees for a sustained periods of time.

Export sales are out today and they're supposed to be decent. Sales of one crop or another have disappointed in recent weeks, so let's hope we break that trend this morning. 
 

Here's what happened overnight:

Brent Crude Oil = 0.6% lower.
West Texas Intermediate Crude Oil = 0.5% higher.

Dollar = down 0.2%.

Wall Street = U.S. stock futures lower in overnight trading.
World Markets = Global stocks lower as European shares down.