Floor Talk July 25

[marketeye]

At the open:

The Dec. corn futures are trading 3/4 of a cent lower at $3.68.

Nov. soybean futures are trading 5 1/2 cents lower at $10.79.

Sep. wheat futures are 7 1/4 cents higher at $5.36.

The Dec. soymeal futures contract is trading $0.60 per short ton lower at $349.40. Dec. soyoil futures trade $0.21 lower at $36.14.
In the outside markets, the NYMEX Brent crude oil is $0.08 per barrel higher, the dollar is higher and the Dow Jones Industrials are 124 points lower.

Mike

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Fresh Exports: USDA annnounced Friday the following sales:

Private exporters reported to the U.S. Department of Agriculture the following activity:

• Export sales of 269,084 metric tons of corn to Mexico.  Of the total, 23,368 metric tons is for delivery during the 2013/2014 marketing year and 245,716 metric tons is for delivery during the 2014/2015 marketing year; and
• Export sales of 360,000 metric tons of soybeans for delivery to China during the 2014/2015 marketing year; and
• Export sales of 134,700 metric tons of soybean cake and meal for delivery to Mexico during the 2014/2015 marketing year.

Mike

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At the open:

The Dec. corn futures are trading 3 cents lower at $3.66.

Nov. soybean futures are trading 11 cents lower at $10.73.

Sep. wheat futures are 3/4 of a cent higher at $5.29.

The Dec. soymeal futures contract is trading $3.30 per short ton lower at $346.70. Dec. soyoil futures trade $0.18 lower at $36.17.
In the outside markets, the NYMEX Brent crude oil is $0.52 per barrel lower, the dollar is higher and the Dow Jones Industrials are 113 points lower.

 Mike

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At 7:15am:

Early calls: Corn is seen 1-2 cents lower, soybeans 12-14 cents lower, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

Brent Crude Oil=$0.01 per barrel higher.
Dollar=Higher.

Wall Street=Seen lower as Amazon disappoints on earnings. Plus, Ukraine's woes weigh on the market.

World Markets=Europe stocks were lower, Asia/Pacific stocks were higher.

More in a minute,

Mike 

[marketeye]

For those wondering, the U.S. Grains Council is asking China to approve MIR162, the gmo corn trait. The council released this statement late yesterday.

The U.S. Grains Council is calling for China to approve MIR 162 following this week's announcement of new biotech certification requirements for distiller's dried grains with solubles (DDGS) by the Chinese import inspection authority, AQSIQ.

The new requirements effectively call for a certificate from the point of origin - in the case of U.S. shipments, from the U.S. Department of Agriculture (USDA) - guaranteeing that the shipment is free of the biotech trait.

The mandate was made effective immediately, causing serious disruptions with existing DDGS trade and making future DDGS trade hard to achieve.

"China is asking for something that cannot be done. This certificate they're asking for does not exist," said Tom Sleight, USGC's president and CEO.

"It's time for China to look at and approve this trait," Sleight said. "It's been approved for commercialization in the United States since 2010, and it's been approved by all importing countries, including the European Union, for quite some time. We think that the lack of approval of MIR 162 is becoming an undue impediment on trade."

The Council is working to address the new disruption to DDGS trade with the U.S. government and the U.S. ambassador to China, as well as with MAIZALL, which represents grower organizations in several major corn exporting countries.

Mike

[roarintiger1]

More export sales announced this morning?    Must be some good prices for some endusers. 

Export reports have been pretty good the last few days......... It seems they are not waiting for the harvest lows.......I wonder why?

[NCILL]

Great export #s yesterday and today yet down again this morning. Supply and demand driven or drunk behind the wheel?

[marketeye]

Weather is trumping demand. That first-half of August weather outlook is market-pressuring.

Mike

[Wind]

What is the first-half of August weather outlook?  Cool and wet or just normal and normal?

We missed last nights and todays rain and will need some with in 10 days.

[sw363535]

Mike 

China will probably need the corn council to ship over the details on production and implementation  of that trait to be able to approve it.  🙂

[fbf2574789]

Will not approve it. Eazier for them to cancel orders that way to buy it cheaper later on.

[sw363535]

fbf2574789,

Your probably right,  they probably have already stolen the technology and are using it themselves, while they denounce it as a trade tool.