Floor Talk July 29

[marketeye]

At the open:

The Sept. futures corn contract is 2 cents higher at $4.94. New-crop Dec. corn futures are 1 cent lower at $4.75. The Aug. soybean futures contract is trading 4 cents lower at $13.46, new-crop Nov. soybeans are trading 10 cents lower at $12.18. Sept. wheat futures are trading 2 cents higher at $6.53 per bushel. The Dec. soymeal futures are trading $1.60 per short ton lower at $368.30. The Dec. soyoil futures are trading $0.24 lower at $43.49.
In the outside markets, the NYMEX crude oil is $0.47 per barrel higher, the dollar is higher and the Dow Jones Industrials are 4 points lower.

Mike

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At 6:35am:
Early calls: Corn is seen 1-2 cents higher (old-crop), soybeans 3-5 cents lower (old-crop), and wheat 1-2 cents higher. Meanwhile, new-crop corn 1-2 cents higher and soybeans are seen 5-10 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.09 per barrel higher.
Dollar=Lower.
Wall Street=Seen lower, as investors await word from this week's two-day Fed Policy meetings.
World=Asia/Pacific stocks were lower and Europe's stocks are higher. 

More in a minute,

Mike

[timetippingpt]

Evidence for how out of touch Chicago is with reality....note the title of your post!    🙂

Yes, the crop looks like June 29th, but wishing won't make it so. 🙂

[marketeye]

time,

That was to make sure the folks are paying attention. Thanks for catching that. Actually, I'm reporting from central Illinois this morning. Around here, some farmers are spraying fungicide on corn. I caught some of the activity going on:

Who else is applying fungicide to corn, around the country? Has the research on this proven to you that it's benefiicial? I visit an agronomist and another Illinois farmer, today, to get a crop update in this area.

.

I'm not sure what is going on underneath the soil, here, but to stand next to this field, the corn looks pretty good. The local farmers say rain is needed. This is located north of Highway 9, east of Bloomington, IL.

Mike

[Buckley_HF]

Good morning mike. I'm 20 miles north and 60 miles east of you. Wife is from Bloomington. Anyhow we are dry here. .3" in the month of July but tons of rain in June and cool temps the past week are trying to hide the stress. But it's getting more apparent. If we don't get a rain this week we will be in trouble. Going out to get into the sprayer to apply fungicide in an hour. We like it. Anywhere from
5-20 bpa difference, all depending on year. Have fun in McLean county scouting.

[Canuck_2]

Use fungicide on wheat but have never used it on corn yet.

Considered it this year but with the falling corn price it became harder to justify the expense so I decided to wait at least another year before spending on fungicides.

[weedman]

Right now, if we were to get a nice rain, I think we could still yield in the 160- 170 bu range. We need a couple in of rain for that to materialize. Even if that is our final yield, our insurance gaurentee @ $4.65 Oct ave for Dec corn, puts us at around 185 bu . So you can see we would only be spraying fungicde for the insurance co. $25.00 still in our pockets. That is the common theme in our area. WC SW IA. If we don't get rain we could be in the 80-100 bu range shorthly. Some of our corn is just now pollinating.

[marketeye]

weedma,

Thanks for the update. It doesn't sound like you will be applying fungicide. I didn't think everybody would.

Mike

[unlgrad]

I have put on fungicide and insecticide for 5 straight years untill last year's drought.  This year we are in drought again, it would pay, if we did not have crop insurance.  Right now, can not justify the expense unless we could pick up a 2-3 inch rain here in Burt County Nebraska.  Irrigated fields are being sprayed and I have seen dryland also in the area.  Some guys have GRIP insurance up here, I have RP, besides, if enough farmers continue to spray fungicide when it is not needed for disease control, it will go the way that RR has gone.  It really is not optimum.   I know it increases yield in most years.  I don't consider it BMP to apply without disease present.  My opinion.

[redrotor]

Mike, if your photos are accurate, the corn on top has deep green color and good yield potential. Bottom corn is pale green, running out of N so ear size will be impacted. Ia. Mn. and Wi. could end up with lots of pale green corn cuz the continuos rain took our N down below the shallow roots. You may be the only guy in Chicago who knows this. 

[jennys_mn]

Probably need to add ND, MI, and possibly SD to that list. Maybe a smattering of others.

Reference my cellulitis, man does this thing hurt. Back in the clinic today, seems to have gotten worse. Wish I was back in MN.

Jen