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Veteran Contributor

Floor Talk July 27

At the close:

At the close, the Sept. corn futures finished 1 3/4¢ higher at $3.74 1/4, while December futures closed 1 3/4¢ higher at $3.87 3/4. Aug. soybean futures closed 6¢ higher at $9.94 3/4, November soybean futures ended 7 1/4¢ higher at $10.07 1/2. September wheat futures closed 2¢ higher at $4.79 3/4. Dec. soy meal futures closed $2.50 per short ton higher at $329.00. Dec. soy oil futures closed $0.08 higher at 34.29¢ per pound.  In the outside markets, the Brent crude oil market is $0.28 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 5 points higher.

 

Mike

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At mid-day:

At mid-day, the Sept. corn futures are 2¢ higher at $3.75, while December futures are 2 1/2¢ higher at $3.88. Aug. soybean futures are 7 3/4¢ higher at $9.96, November soybean futures are 8 1/2¢ higher at $10.08. September wheat futures are 3 3/4¢ higher at $4.81. Dec. soy meal futures are $3.50 per short ton higher at $330.00. Dec. soy oil futures are $0.05 lower at 34.16¢ per pound.  In the outside markets, the Brent crude oil market is $0.40 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points higher.

 

Mike

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At 9:30am:

If you missed them, here are the numbers from today's USDA Weekly Export Sales Report:

 

Wheat= 498,000 metric tons vs. the trade’s expectations of between 350,000-550,000 mt.

Corn= 578,600 mt. vs. the trade’s expectations of between  350,000-800,000 mt.

Soybeans= 835,200 mt. vs. the trade’s expectations of between 300,000-900,000 mt.

Soybean meal= 61,900 mt. vs. the trade’s expectations of between  50,000-175,000 metric tons. 

 

 

Mike

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At 9:15am:

In early trading, the Sept. corn futures are 2¢ higher at $3.74, while December futures are 1 3/4¢ higher at $3.87. Aug. soybean futures are 7 1/2¢ higher at $9.96, November soybean futures are 7 1/2¢ higher at $10.07. September wheat futures are 2 1/4¢ higher at $4.80. Dec. soy meal futures are $2.00 per short ton higher at $328.50. Dec. soy oil futures are $0.26 higher at 33.99¢ per pound.  In the outside markets, the Brent crude oil market is $0.04 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 56 points higher.

 

In case you missed it, the USDA announced a fairly strong, fresh soybean sale Thursday.

Private exporters reported to the U.S. Department of Agriculture export sales of 264,000 metric tons of soybeans for delivery to unknown destinations. Of the total 198,000 metric tons is for delivery during the 2016/2017 marketing year and 66,000 metric tons is for delivery during the 2017/2018 marketing year
The marketing year for soybeans began Sept. 1.

 

 

Mike

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Corn, wheat and beans were all higher in overnight trading amid adverse weather in the Midwest and Delta. It's myriad heat advisories and flash flood warnings out there today with the former in the south and latter in the north. Corn rose 2 cents, beans were up 4 cents and wheat was up 4-5 cents. It's going to be hot in parts of several southern states stretching from Oklahoma to Tennessee into the Delta, where heat advisories have been issued and indexes are expected to top 110 degrees. In the north, there's flooding in parts of Missouri and Illinois after excessive rains in both areas. Much of Indiana is extremely wet as well after storms the past few weeks. In other news, Allendale pegged corn yields and stocks well below USDA's July projections, and frankly they seem way more realistic than what the government put out this month. Check out the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-july-27
 

Here's what happened overnight:

 

Brent Crude Oil = down 0.6%

West Texas Intermediate = down 0.4%

Dollar = up 0.1%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks mixed as oil turns lower. 

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Senior Advisor

Re: Floor Talk July 27

MIDWEST CORN, BEANS RELISHING EVERY DROP OF RAIN

 

 

Ok, agree, at least for that 1st inch, not so much for the next 6-7 inches, all in a few hours.

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