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marketeye
Veteran Advisor

Floor Talk, July 23, 2021

At the close:

At the close, the Sept. corn futures finished 17 1/4¢ lower at $5.47 1/4. New crop Dec. futures finished 18 1/4¢ lower at $5.43. March corn futures ended 17 3/4¢ lower at $5.51.

August soybean futures ended 15 1/4¢ lower at $14.01.

Sept. soybean futures settled 13 1/4¢ lower at $13.55 3/4. New crop November soybean futures ended 10 1/4¢ lower at $13.51 3/4.

Sept. wheat futures closed 8 1/4¢ lower at $6.84.


Aug. soymeal futures closed $9.60 per short ton lower at $353.60.


Sep. soy oil futures ended $0.87 higher at 64.40¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.13 higher (+0.18%) at $72.04. The U.S. dollar is lower, and the Dow Jones Industrials are 198 points higher (+0.57%) at 35,022 points.

Mike

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At midday:

At midsession, the Sept. corn futures are 16 1/4¢ lower at $5.48. New crop Dec. futures are 17 1/4¢ lower at $5.44. March corn futures are 17¢ lower at $5.51.

August soybean futures are 11¢ lower at $14.05.

Sept. soybean futures are 9¢ lower at $13.60. New crop November soybean futures are 8 1/4¢ lower at $13.54.

Sept. wheat futures are 7¢ lower at $6.85 1/4.

Aug. soymeal futures are $6.70 per short ton lower at $356.50.


Aug. soy oil futures are $0.67 higher at 65.67¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.10 higher (+0.14%) at $72.01. The U.S. dollar is lower, and the Dow Jones Industrials are 212 points higher (+0.61%) at 35,035 points.

 

Mike

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At 9am:

In early trading, the Sept. corn futures are 1 1/4¢ lower at $5.63. New crop Dec. futures are 2¢ lower at $5.59 1/2. March corn futures are 2¢ lower at $5.66.

August soybean futures are 1 1/4¢ lower at $14.15.

Sept. soybean futures are 2 1/2¢ lower at $13.66. New crop November soybean futures ended 1¢ lower at $13.61.

Sept. wheat futures are 3 1/4¢ higher at $6.95 1/4.

Aug. soymeal futures are $3.20 per short ton lower at $360.00.


Sep. soy oil futures are $1.02 lower at 64.55¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.22 lower (-0.31%) at $71.70. The U.S. dollar is higher, and the Dow Jones Industrials are 165 points lower (+0.47%) at 34,988 points.

On Friday, private exporters reported to the USDA export sales of 100,000 metric tons of soybeans for delivery to Mexico during the 2021/2022 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis Kluis Advisors, says that investors are keeping a close eye on every updated forecast.

“The weather forecasts changed overnight. The heat is not staying around as long, and there's a good chance of rain in Minnesota and the Dakotas in the extended models in early August. Also, the 30-day August forecast is now for seasonal temps and above-normal moisture in all of the Corn Belt," Kluis stated in a note to customers.

Kluis added, "The grain markets may be setting up for a late-month low again in July. If you look at the days when the corn and soybean markets have bottomed each month, then you see the markets have consistently put in a low between day 25 and day 31. This pattern has been in place since January."

 

What say you?

 

Mike

0 Kudos
14 Replies
illinifarmer
Advisor

Re: Floor Talk, July 23, 2021

Most of us would say BS.  The weather forecast is about as accurate as the crop predictions from the USDA and these market analysts.  Payed to be wrong daily. Also changes daily. So, if what Al suggested rain in the NW and a less extended heat wave turns out to be wrong, then soy and corn get 50c back instantly ok.  No using other excuses, that’s the stated reason for the dip.

0 Kudos
cborman11
Senior Contributor

Re: Floor Talk, July 23, 2021

Our crops are dying you idiots!!!

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Hobbyfarmer
Honored Advisor

Re: Floor Talk, July 23, 2021

Chorman11

Where approx are you located?

 

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skarr9
Senior Reader

Re: Floor Talk, July 23, 2021

We will likely sort all of this weather confusion out Monday morning. With the balance sheets the way they are the reaction in Chicago if the forecasts stay hot and dry will be epic. 

0 Kudos
Hobbyfarmer
Honored Advisor

Re: Floor Talk, July 23, 2021

This whole CBOT thing is gotten to be absolutely ludicrous.

Just a high stakes casino.

All the average Joe Farmer can do is get ulsers and high blood pressure outta the deal.

Like most things Chicago just organized gangs. The CBOT has been taken over by a gang of white collar thugs.

Their sole purpose is to bleed as much out of the small mom and pop traders and hedgers as legally possible.

Nothing more than a game of monopoly with loaded dice.

 

cborman11
Senior Contributor

Re: Floor Talk, July 23, 2021

Mn,not far from SD they look bad there to.

0 Kudos
cborman11
Senior Contributor

Re: Floor Talk, July 23, 2021

And btw AL getting rain in Aug when the crop is dead won't do anything cause once it's dead its dead that's it not sure if you knew that or not so

 

Hobbyfarmer
Honored Advisor

Re: Floor Talk, July 23, 2021

as always there will be winners (one's in a sweet spot with a crop) 

And losers. The losers with harvest price option should do better than a year ago just because of prices. 

Still very hard to see your hopes and dreams wither away. 

2012 had a bin buster crop here in my little slice of Iowa.

Mowed and baled small single digit yielding corn on the Kansas farms.

Crop insurance pmt plus all the semi loads of bales to a feedlot made lemonade out of a bad deal out there.

Now Most likely be disaster pmts too for the drought ravaged areas. Didn't have those in 2012.

This year's total revenue could still be above expectations.

 

 

Hobbyfarmer
Honored Advisor

Re: Floor Talk, July 23, 2021

It is NOT just here...

 

http://www.soybeansandcorn.com/news/Jul23_21-Argentina-Government-Asks-Population-to-Economize-Water

 

Brazil and Paraguay are in a 90 +year since it's been this dry thing Too.

Hydroelectric dams at 10% water capacity. 

It is about to get really interesting...

 

Keep your stick on the ice and skate to where the puck is gonna be.