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Veteran Contributor
Posts: 746
Registered: ‎09-09-2014
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Floor Talk July 24

[ Edited ]

At the close:

At the close, the September corn futures ended 5 1/4¢ lower at $3.52. December futures closed 5 1/4¢ lower at $3.66.

 

August soybean futures finished 10 1/4¢ higher at $8.58.  November soybean futures settled 10 1/2¢ higher at $8.73 1/4.

 

September wheat futures closed 3 1/2¢ lower at $5.10 1/4.

August soymeal futures closed $0.90 per short ton higher at $328.90. August soy oil futures settled 0.27¢ higher at 28.24.

In the outside markets, the NYMEX crude oil market is $0.57 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 162 points higher.

 

 

Mike North, president Commodity Risk Management Group, says that there has been some recent spreading, soybeans vs. corn. 
“The down day in corn invited some buyers back to soybeans.  Against an increase in crop conditions, soybeans may now be able maintain technical momentum if further downside in corn is experienced,” North says.

Regarding the big news of the day, maybe in years, President Trump cutting a $12 billion to the agricultural sector for damage done by trade tariffs, North doesn’t see any price boost from it.
“The deal isn't done, so we are not likely to see much by way of immediate response.”
North adds, “Subsidies do not drive prices higher. Quite contrary, they give no signal to slow down production and long term may impact prices more negatively.”

 

Mike

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At mid-session:

At mid-session, the September corn futures are 1 1/2¢ lower at $3.55 3/4. December futures are 1 3/4¢ lower at $3.69.

 

August soybean futures are 9 1/2¢ higher at $8.57.  November soybean futures are 9 3/4¢ higher at $8.72.

 

September wheat futures are 1¢ lower at $5.12 3/4.

August soymeal futures are $0.70 per short ton higher at $328.70. August soy oil futures 0.27¢ higher at 28.24.

In the outside markets, the NYMEX crude oil market is $0.98 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 204 points higher.

 

Mike

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At 9:10am:

In early trading, the September corn futures are 3 3/4¢ lower at $3.53. December futures are 3 3/4¢ lower at $3.67.

 

August soybean futures are 6 1/2¢ higher at $8.54.  November soybean futures are 6 3/4¢ higher at $8.69.

 

September wheat futures are 3 1/2¢ lower at $5.10.

August soymeal futures are $1.10 per short ton higher at $329.10. August soy oil futures 0.11¢ higher at 28.08.

In the outside markets, the NYMEX crude oil market is $0.64 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 133 points higher.

 

Mike

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Grains and beans were lower in overnight trading after the USDA unexpectedly left corn ratings unchanged and raised soybean ratings. Corn fell 4 cents, beans were down 4 cents and wheat lost 5-7 cents overnight. Export inspections for both corn and soybeans, however, were higher week-to-week while assessments of wheat were lower, according to the US Department of Agriculture. In weather news, the heat wave that had enveloped the Midwest for about the past week or so has finally dissipated, giving way to cooler temperatures and potentially some light rain in Nebraska and Iowa. Check out today's 3 Big Things for all the details. 

 

West Texas Intermediate = up 0.7%.

Brent Crude = up 0.1%

Dollar = down 0.2%.

Wall Street = U.S. stock higher pre-market.

World Markets = Global stocks higher  overnight.

Contributor
Posts: 10
Registered: ‎06-01-2018
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Re: Floor Talk July 24

So the corn crop showed no improvement, and we are exporting more than expected, makes perfect sense that it should fall 4 cents. It's all those who are betting on lower prices, who don't even farm, not letting it go up.
Senior Contributor
Posts: 1,033
Registered: ‎11-30-2014
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Re: Floor Talk July 24

Hate to say it but the loan rate is in the $1.90 bu range on corn.

sooooo head to the basement and the govt can spin a pile of horse pockey bout how much more they're helping agri.  Lol

Contributor
Posts: 10
Registered: ‎06-01-2018
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Re: Floor Talk July 24

Wow, Mike North is one of the liberal swamp screwing the farmers. He writes that if corn can continue to fall, beans has a chance to come back, thought it was about crop conditions, no wait exports, wait no it was the tariffs, no, it couldn't be the tariffs, cause north says "if the deals not done, its not likely to see an immediate response" seems prices fell for days after the tariffs announcement prior to its implement, oh but upon its implement, it fell like a rock again. Doesn't matter, won't get anywhere with these people who hold papers, not crops.