Floor Talk July 31

[marketeye]

At the close:

The Dec. corn futures settled 4 1/2 cents lower at $3.67.

Nov. soybean futures ended 3/4 of a cent higher at $10.82.

Sep. wheat futures settled 3 cents higher at $5.30.

December soymeal futures closed $0.20 higher at $348.80. The Dec. soyoil futures settled $0.01 higher at $36.40.
In the outside markets, the NYMEX Brent crude oil is $1.56 per barrel lower, the dollar is higher and the Dow Jones Industrials are 250 points lower.

Mike

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At mid-session:

The Dec. corn futures are trading 4 1/2 cents lower at $3.67.

Nov. soybean futures are trading 2 1/2 cents higher at $10.83 3/4.

Sep. wheat futures are unchanged at $5.27.

December soymeal futures are unchanged at $348.60. The Dec. soyoil futures are $0.13 higher at $36.52.
In the outside markets, the NYMEX Brent crude oil is $0.64 per barrel lower, the dollar is higher and the Dow Jones Industrials are 178 points lower.

Mike

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At the open:

The Dec. corn futures are trading 1 3/4 cents lower at $3.69.

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

Sep. wheat futures are unchanged at $5.27.

August soymeal and soyoil contracts are up $1.70 per short ton at $389.30 and down $0.04 at $36.01 respectively.
In the outside markets, the NYMEX Brent crude oil is $0.19 per barrel lower, the dollar is higher and the Dow Jones Industrials are 100 points lower.

Mike

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At 8am:

USDA Weekly Export Sales Report shows that corn, soybeans beat expectations:

Wheat=  801,000 metric tons  vs. the trade's expectations of between 300,000-575,000 metric tons

Corn= 1.276 million metric tons vs. the trade's expectations of between 500,000-900,000 metric tons

Soybeans= 1.455 million metric tons vs. the trade's expectations of between 250,000-1,000,000 metric tons

Mike

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At 6:50am:

Early calls: Corn is seen 1-2 cents lower, soybeans 2-4 cents higher, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mostly lower.

Brent Crude Oil=$0.55 per barrel lower.
Dollar=Higher.

Wall Street=Seen lower, as investors await more earnings reports and jobless claims.

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

More in a minute,

Mike

[marketeye]

The 2014 U.S. soybean harvest is underway. In south Texas's Rio Grande Valley, the combines are rolling and the yields are way above normal for that area, Texas A & M ag officials say it's so good, that the area farmers should think about planting more of the legume than they do. I'm still waiting to hear of exact yield numbers.

Mike

[roarintiger1]

Yes, it will be interesting........are their average yields much over 30?   🙂

[k-289]

probably putting them on the barge for shipment up the Rio Grande ---

[Hobbyfarmer]

Oh Joy Maryland South. 

Small insignificant area determines national yield and price.

[k-289]

Maybe they could put some beans in the border crossing canoes and walk them up the Rio --- or is there some new processor down there--- $ 2000 /900 bu. a truck load to get them to Wictiha Kansas ?

[too close for comfort]

Just more proof that I know nothing about these markets. Is there another industry that had reported sales over 25% higher than anticipated and the price drops?

[Hobbyfarmer]

Computer industry works. That way.

[too close for comfort]

But don't they say that every so many years computers double their speed? I wish that was happening to me.

[Shaggy98]

Computers might double their speed but is it noticeable? I mean if you take processing speed from .2 nano seconds to .1 nano seconds that is doubling the speed, but we're already processing so fast that the increase is unnoticeable. Apply that theory to production Ag and see if it fits anywhere.