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Veteran Contributor

Floor Talk July 6

At the close:

At the close, the Sept. corn futures finished 1 1/2¢ lower at $3.90 1/2, while December futures closed 1 1/4¢ lower at $4.02 3/4. Aug. soybean futures finished 4¢ higher at $9.85 3/4, November soybean futures closed 5¢ higher at $9.99. September wheat futures closed 21¢ lower at $5.39. August soy meal futures finished $3.70 per short ton higher at $322.00. August soy oil futures are $0.34 lower at 32.90¢ per pound.  In the outside markets, the Brent crude oil market is $0.21 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 122 points lower.

 

Mike

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At mid-session:

At mid-session, the Sept. corn futures are 5 1/2¢ lower at $3.86, while December futures are 5¢ lower at $3.99. Aug. soybean futures are 1/4¢ lower at $9.81, November soybean futures are 1/4¢ higher at $9.94. September wheat futures are 22 1/4¢ lower at $5.37. August soy meal futures are $1.40 per short ton higher at $319.70. August soy oil futures are $0.23 lower at 33.01¢ per pound.  In the outside markets, the Brent crude oil market is $0.95 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 86 points lower.

 

Mike

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At the open:

In early trading, the Sept. corn futures are 7 3/4¢ lower at $3.84, while December futures are 7 3/4¢ lower at $3.96. Aug. soybean futures are 3 3/4¢ lower at $9.78, November soybean futures are 4 1/4¢ lower at $9.90. September wheat futures are 19 1/2¢ lower at $5.40. August soy meal futures are $0.70 per short ton lower at $317.60. August soy oil futures are $0.13 lower at 33.11¢ per pound.  In the outside markets, the Brent crude oil market is $0.84 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 61 points lower.

 

Mike

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Wheat futures were lower overnight after traders who'd made their money sold contracts and closed out positions. The run-up took Chicago wheat to the highest level in two years before prices headed lower in overnight trading. Nothing has changed fundamentally, however, as it's still extremely dry in the northern Plains and spotty, unpredictable storms dominate in the Midwest. Wheat lost 16-17 cents and corn and beans were down about 6 cents. Not surprisingly, the spring wheat condition was lowered due to the drought, and soybean ratings fell in the much-delayed crop progress report. Corn ratings, however, improved week over week. See all the details in today's 3 Big Things at http://www.agriculture.com/news/crops/3-big-things-today-july-6-0

 

Here's what happened overnight:

 

Brent Crude Oil = up 1.2%

West Texas Intermediate = up 1.3%

Dollar = down 0.2%

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks decline on global geopolitical worries.

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Veteran Advisor

Re: Floor Talk July 6

The problem with futures is they are in the future.  

Was this the weather rally, or will there be an extension or even another bump up?

Talking about it is one thing.  The only thing that matters is where one's money is.  I always found trading on paper was a lot easier than trading for real.  These kinds of times bring a gut check.

Lock in some prices or let them ride with the expectation and hope they'll go higher but the fear they'll go lower?

Does your broker have your sell or buy order or are you thinking about it?

Times like these are when the cheese, as they say, get's more binding.

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