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Veteran Advisor

Floor Talk July 28

At 4pm:

Our Brazilian sources are checking on this. But, rumors have it that China is canceling soybean cargoes, due to a lack of credit from China's bank.

 

Mike

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At the close:

At the close, the Sept. corn futures ended 2 cents higher at $3.75, Dec corn futures finished 2 cents higher at $3.85 1/2.

Sept. soybean futures closed 14 3/4 cents higher at $9.54. Nov. soybean futures closed 11 1/2 cents higher at $9.44 3/4.

Sept. wheat futures settled 8 1/4 cents higher at $5.10 3/4.

Aug. soymeal futures closed $0.90 per short ton higher at $336.10. Aug. soyoil futures finished $0.55 higher at $30.66. 

In the outside markets, the Brent Crude oil market is $0.15 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 190 points higher.

Mike

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At mid-session:

At mid-session, the Sept. corn futures are trading 2 cents lower at $3.71, Dec corn futures are 2 1/2 cents lower at $3.81. 

Aug. soybean futures are trading 11 cents higher at $9.72. Nov. soybean futures are trading 9 cents higher at $9.42.

Sept. wheat futures are 2 3/4 cents higher at $5.05 1/4.

Aug. soymeal futures are trading $0.20 per short ton lower at $335.00. Aug. soyoil futures are trading $0.38 higher at $30.49. 

In the outside markets, the Brent Crude oil market is $0.49 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 120 points higher.

Jacob Burks, WedBush Futures grain analyst, says the weather won’t let the corn market gain any traction.
“Unfortunately, for the market, the good areas of the Corn Belt are getting beneficial rains, after seeing a conditions report yesterday that saw an uptick in the good to excellent category.  I thought we were going to see a turnaround Tuesday, but corn is struggling. We are hoping to see a technical support at $3.80.  There is a lot of confusion over what the funds are holding and who is going to be there to buy this market,” Burks says.

Mike

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At the open:

At the open, the Sept. corn futures are trading 1 1/4 cents higher at $3.74, Dec corn futures are 1 cent higher at  $3.84. 

Aug. soybean futures are trading 8 cents higher at $9.69. Nov. soybean futures are trading 10 cents higher at $9.43.

Sept. wheat futures are 3 cents higher at $5.06.

Aug. soymeal futures are trading $3.00 per short ton higher at $338.20. Aug. soyoil futures are trading $0.13 higher at $30.24. 

In the outside markets, the Brent Crude oil market is $1.05 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 117 points lower.

Mike

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At 8:00am:

 

Early calls: Corn 1-2 cents higher, soybeans 9-10 cents higher, and wheat 4-5 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.37 lower.
Dollar =Higher.  
Wall Street = Seen higher, focus is on the Fed.

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

 

 

 

More in a minute,

 

Mike

8 Replies
Advisor

Re: Floor Talk July 28

What happened to all the support at 4$ everyone including you said it had support and would level out at 4$? At 4$ U.S. Farmers make 0$ an acre break even price how many people you know pay bills feed a family and support another year of farming on 0$ income that's at 4$ which we are below again? To generate any kind of reasonable income corn should be 5-7$ and beans 13-15$ just with inflation of production costs. This is 2015 why are we in 1980 trading ranges?
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Veteran Advisor

Re: Floor Talk July 28

Mike,

 

has anyone heard from Palouser? Hope he is well.

Senior Contributor

Re: Floor Talk July 28

Funds Funds Fun They sure do create a lot of volatility. wonder how many years my business will revolve around them. Love em or hate em.

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Veteran Advisor

Re: Floor Talk July 28

gio,

 

I have not heard from Palouser, for awhile. Maybe somebody has seen or heard of him on website X.

 

If so, feel free to let us know what you hear of him.

 

Mike

 

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Veteran Advisor

Re: Floor Talk July 28

Mexico is raising more corn.

 

A USDA FAS Mexico Grain and Feed July Update reports that the Post/New corn production and harvest area estimates have risen with official data from SAGARPA, after favorable weather conditions resulted in a better crop cycle for 2014/2015 fall/winter (MY 2014/2015) than expected.

Production
Ample rain in Sinaloa, a state in the Northwest Region of Mexico where most corn production takes place, allowed farmers to plant 122,000 hectors, or 300 acres, more than the previous year. Sinaloa is projected to reach record production of 5.2 MMT, as a result of superb growing conditions and increased corn planted area.

 

Mexico’s production forecast for MY 2015/16 remains unchanged by USDA/Official estimates at 23.5 MMT.

 

Trade

Total corn import estimate has been lowered for MY 2014/15 to reflect higher estimated domestic production than previously thought. The Post/New lowered total corn import estimates from USDA Official data to 9.0 MMT.

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Senior Contributor

Re: Floor Talk July 28

Mike: you might want to proof read and check your math.  It is more than 300 acres.   2.5 hectors per 1 acre

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Honored Advisor

Re: Floor Talk July 28

Nice to know that Mexico won't run out of tortilla chips now.........

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Veteran Advisor

Re: Floor Talk July 28

The world is awash in corn   @copyright 2015  elcheapo