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Veteran Advisor

Floor Talk July 6

At the close:

At the close, the Sept. corn futures settled 2 cents lower at $4.26 1/2 per bushel. The Dec corn futures finished 2 1/4 cents lower at $4.35 per bushel. 

Aug. soybean futures closed 16 cents lower at $10.22 1/4. Nov. soybean futures finished 15 1/2 cents lower at $10.14 3/4.

Sept. wheat futures ended 5 cents higher at $5.95 1/2.

Aug. soymeal futures closed $3.80 per short ton lower at $346.30. Aug. soyoil futures closed $0.74 lower at $32.74.  

In the outside markets, the Brent Crude oil market is $4.79 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 96 points lower.

Mike

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At mid-session:

At mid-session, the Sept. corn futures are trading 4 cents lower at $4.24 per bushel. The Dec corn futures are 4 1/2 cents lower at $4.32 per bushel. 

Aug. soybean futures are trading 14 1/4 cents lower at $10.24. Nov. soybean futures are trading 14 cents lower at $10.16.

Sept. wheat futures are 2 cents higher at $5.92.

Aug. soymeal futures are trading $3.00 per short ton lower at $347.10. Aug. soyoil futures are trading $0.54 lower at $32.94.  

In the outside markets, the Brent Crude oil market is $3.76 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 38 points lower.

Jack Scoville. the PRICE Futures Group Senior Market Analyst, says that the lower market is a result of forecasts for somewhat better weather.
“Plus, half of the world has been out crop-scouting and seeing what is going on.  The crops are out there, although conditions are still kind of rough for them.  I think the warmer weather we all think is coming will do a lot for growth,” Scoville says. 
Corn is still very short and some is very yellow, Scoville says.  Beans are still trying to canopy, in many areas.  “But, forecasts for somewhat warmer and drier weather is hurting the up side, plus it is usually hard to rally past July 4th, without some big heat which does not seem to be in the cards.”
Scoville adds, “There is a good chance we made a spike high last week. So now, I think we know the high and the low for at least the next several weeks.”

Mike

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At the open:

At the open, the Sept. corn futures are trading 7 cents lower at $4.20 per bushel. The Dec corn futures are 7 cents lower at $4.29 per bushel. 

Aug. soybean futures are trading 18 cents lower at $10.19. Nov. soybean futures are trading 20 cents lower at $10.10.

Sept. wheat futures are 15 cents lower at $5.74.

Aug. soymeal futures are trading $5.30 per short ton lower at $344.80. Aug. soyoil futures are trading $0.66 lower at $32.82.  

In the outside markets, the Brent Crude oil market is $2.95 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 81 points lower.

Mike

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At 7:45am:

 

Early calls: Corn 9-10 cents lower, soybeans 18-20 cents lower, and wheat 10-15 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $3.10 lower.
Dollar =Lower.  
Wall Street = Seen lower, with Greek drama of voters saying no to austerity measures.

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

 

 

 

More in a minute,

 

Mike

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7 Replies
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Veteran Contributor

Re: MarketEye, this commodity sphere could be rife with Mc-Size shorts-

 

Ask yourself could this be true for other commodities ?

 

over and out

 

Gottlieb

 

By Henry Sanderson
Financial Times, London
Sunday, July 5, 2015

A Chinese hedge fund that made a huge bet against copper has closed out its entire position in the metal, as the selloff in the country’s stock market forces investors to pull money out of other markets.

A unit of Shanghai Chaos, a fund that held the biggest short position in Shanghai copper, was no longer in the top 20 holders of short copper contracts Friday, data from the Shanghai Futures Exchange showed.

Chinese hedge funds rely on retail investors much more than their Western counterparts. It is not clear whether Shanghai Chaos made the copper move as a trading decision or because it needed to return money to investors. ...

 

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Honored Advisor

Re: MarketEye, this commodity sphere could be rife with Mc-Size shorts-

Don't have a clue about the markets today. (As usual)   But I smell a turnaround Tuesday heading our way.

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Veteran Contributor

Re: MarketEye, this commodity sphere could be rife with Mc-Size shorts-

 

 

Does this short burning not look orchestrated to you  ? ? ?

 

https://finviz.com/futures.ashx

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Advisor

Re: Floor Talk July 6

Absolutely this is orchestrated that's why this should be better regulated. Guys trying to cover its a joke no reason grains should be down just another short con because the market was upside down to begin with. Lock 'em up bunch of thieves.
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Veteran Advisor

Re: Floor Talk July 6

Turnaround Monday.

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Advisor

Re: Floor Talk July 6

Mike,  I'm sure hope the drier forecast holds out.  Dumped 3.77" out this morning and water running in the low lands.  If the EPA would take a pic now they could claim a lot of low lands. Some field corn leaning a little.  Did manage to pick over 300 doz sweetcorn with out getting stuck.

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Frequent Contributor

Re: Floor Talk July 6

Scoville thinks a little sunshine will fix what happened to that corn during the stages when it is determining ear size.   Wrong.  Having lived what much of the eastern Corn Belt has been enduring, I'll offer this analysis.  Some people, while nearly desperate now, will have forgiving enough soils/topography to come out with a yield that while subpar, will be more than they think possible today.  Other people hoping for maybe 140 will be positively shocked by how bad their yield monitor looks this fall.  It's going to take considerable time to sort out the average between those scenarios, and the very nice crop in places like MN and NIA.

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