Floor Talk July 24
At the close:
At the close, the Sept. corn futures finished 2 1/2¢ lower at $3.77, while December futures ended 2 3/4¢ lower at $3.90 3/4. Aug. soybean futures settled 11 1/2¢ lower at $9.97 1/2, November soybean futures closed 12 1/4¢ lower at $10.10. September wheat futures closed 10 1/2¢ lower at $4.88 3/4. Dec. soy meal futures closed $4.10 per short ton lower at $332.70. Dec. soy oil futures finished $0.22 lower at 34.05¢ per pound. In the outside markets, the Brent crude oil market is $0.52 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 42 points lower.
Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the lower trade Monday was related to some better than expected rains this weekend plus outlooks for light showers in eastern Iowa and southern Illinois this week.
“Most of the selling came in the first hour last night and some at the reopen today. Otherwise, the market has been stable and coming back some into the close. Crop conditions should drop tonight and there is no real change in the overall forecast for hot and dusty in the south and west and wet in the north and east, so we might recover from these losses. Felt like a fund dump out overnight but the follow through has been pretty limited. So, I hesitate to read too much into it,” Scoville says.
At mid-session, the Sept. corn futures are 5¢ lower at $3.74, while December futures are 5 1/4¢ lower at $3.88. Aug. soybean futures are 16 3/4¢ lower at $9.92, November soybean futures are 17 1/2¢ lower at $10.04. September wheat futures are 13 1/4¢ lower at $4.86. Dec. soy meal futures are $5.90 per short ton lower at $330.90. Dec. soy oil futures are $0.30 lower at 33.97¢ per pound. In the outside markets, the Brent crude oil market is $0.48 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 53 points lower.
In early trading, the Sept. corn futures are 5 1/4¢ lower at $3.74, while December futures are 5 1/4¢ lower at $3.88. Aug. soybean futures are 16 3/4¢ lower at $9.92, November soybean futures are 17 1/2¢ lower at $10.04. September wheat futures are 7 1/2¢ lower at $4.91. Dec. soy meal futures are $6.30 per short ton lower at $330.50. Dec. soy oil futures are $0.29 lower at 33.98¢ per pound. In the outside markets, the Brent crude oil market is $0.41 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower.
On Monday, Private exporters reported to the U.S. Department of Agriculture export sales of 135,000 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for corn began Sept. 1.
Corn and beans were lower overnight as rain fell over the weekend and temperatures in most of the central Midwest moderated. It had been in the high 90s or low 100s with heat indexes topping 115 degrees, but rainfall in parts of Kansas and Missouri where it was the hottest along with cooler weather prevailed over the weekend. Corn was down about 6 cents, soybeans lost about 17 cents and wheat declined 6-7 cents overnight. More thunderstorms are expected this week for parts of Iowa, Missouri and Illinois, which could cause flooding in some areas. In other news, money managers extended their bullish bets on soybeans while curbing net-longs in corn, though not by much. Check it out in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-july-24
Here's what happened overnight:
Brent Crude Oil = up 0.9%
West Texas Intermediate = up 0.7%
Dollar = up 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks lower after several economic reports.
Re: Floor Talk July 24
rt = saw a little bit of what you've been talking about as we sailed thru on I80 last week.
Quite apparent that there's been alot of water - creeks and rivers had muddy banks as they have receded.
No shortage of water standing in the fields and plenty of uneven/yellow beans.
If the bean fields are that way you know the corn fields have water logged areas as well - just not as easy to see.
Did see some tile going in where the small grain had been combined and the straw had been baled.
Also saw some nice looking fields scattered along the way, more so as we got closer to Indiana.