Floor Talk July 3

[marketeye]

NOTICE:

The farm markets close at 12-Noon today and won't reopen until Friday at 8:30am CT.

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At 10:10am:

Corn has fallen into negative territory, while soybeans remain a bit higher Wednesday.

Mike

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At mid-day:

The Sept. futures corn contract is trading 4 cents lower at $5.29. New-crop Dec. corn futures are trading 2 cents lowerat $5.00. The Aug. soybean futures contract is trading 5 cents higher at $14.39, new-crop Nov. soybeans are trading 5cents higher at $12.48.  Sept. wheat futures are trading 8 cents higher at $6.6 per bushel. The Aug. soymeal futures are trading $0.20 short ton lower at $432.70. The Aug. soyoil futures are trading $0.21 higher at $47.04.


In the outside markets, the NYMEX crude oil is $2.26 per barrel higher, the dollar is lower and the Dow Jones Industrials are 57 points higher.

Mike

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At the open:

The Sept. futures corn contract opened 2 cents higher at $5.35. New-crop Dec. corn futures opened 3 cents higher at $5.05. The Aug. soybean futures contract opened 14 cents higher at $14.47., new-crop Nov. soybeans opened 12 cents higher at $12.54.  Sept. wheat futures started 10 cents higher at $6.68 per bushel. The Aug. soymeal futures opened $2.90 short ton higher at $435.80. The Aug. soyoil futures opened $0.29 higher at $47.12.


In the outside markets, the NYMEX crude oil is $1.81 per barrel higher, the dollar is higher and the Dow Jones Industrials are 18 points lower.

USDA announced Wednesday that China bought 360,000 tons of U.S. SRW wheat for 2013-14 delivery.

--Weekly Export Sales Report will be delayed until Friday.

--The Committment of Traders Report will be delayed from Friday to Monday.

Mike

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At 7:25am:

Early calls:  Corn is seen 5-7 cents higher (old-crop), soybeans 12-14 cents higher (old-crop), and wheat 10-12 cents higher. Meanwhile, new-crop corn 5-7 cents higher and soybeans are seen 12-14 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$1.73 per barrel higher. 
Dollar=Higher.
Wall Street=Seen lower, as world worries flow through the markets.

World=Asia/Pacific stocks were lower and Europe's stocks are lower.

More in a minute,

Mike

[marketeye]

Texas corn harvest is set to start. Here are the corn photos from Williamson County, Texas. This corn is located a mile from the grainery, it was one of the more earlier planted fields in the area. It is located in the middle of the county about 45 miles northeast of Austin, Texas. If you remember, we posted photos of this corn when it was planted in Mid-March. It's ready to go. The local elevator tells me that it will receive its first load of corn this week. Here are the photos, folks:

[SouthWestOhio]

Nice lookin ears.

[marketeye]

SouthWestOhio,

The elevator manager told me that he has already tested some local corn. He thinks it's just a bit on the high side, regarding the moisture levels. But, he's prepared to take in his first load this week.

Mike

[redrotor]

Planted mid-March? WOW!  Thats only 6 wks before mine was planted and mine is only chest high and won't pollinate for another 20-24 days. 102 day corn. 35 mi north of Madison, Wi.

[Shaggy98]

I don't know much about corn production, but I would imagine they had more GDU's.

[k-289]

They like to harvest quickly so the Johson grass doesn't get them in trouble ---

[Longcreekfarms]

Interesting that there are some blank stalks there too. And planted at 20-22k? What's the expected yield on this, 100 bu or so?

[marketeye]

Longcreekfarms,

Good questions. I'm trying to find out more information on this corn. Also, hope to have a few more photos from different locations, later.

Mike

[roarintiger1]

100 bushels per acre?     That's gonna take USDA's national yield down a bit...............