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Veteran Advisor

Floor Talk July 8

At the close:

 

 

The Dec. corn futures closed 2 cents lower at $4.04.

 

Nov. soybean futures finish 9 1/4 cents lower at $11.16.
Sep. wheat futures end 1/4 of a cent lower at $5.56.

 

 

 

The Dec. soymeal futures contract is trading $1.40 per short ton lower at $357.30. The Dec. soyoil futures closed $0.54 lower at $37.97.
In the outside markets, the NYMEX Brent crude oil is $0.31 per barrel lower, the dollar is lower and the Dow Jones Industrials are 103 points lower.

 

 

Tim Hannagan, Walsh Trading Inc., says bearish report thoughts and bearish crop-weather equals lower markets. it's that simple. "With a bearish crop report expected Friday its allowing corn and beans more time to trade the bearish weather pattern. Look for some short covering ahead of the report but then selling re-enters."

 

Mike

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At mid-session:

The Dec. corn futures are trading 1 1/2 cents lower at $4.04.

Nov. soybean futures are trading 8 1/4 cents lower at $11.17.
Sep. wheat futures are 2 cents higher at $5.58.

 

The Dec. soymeal futures contract is trading $2.20 per short ton lower at $356.50. The Dec. soyoil futures are trading $0.43 lower at $38.08.
In the outside markets, the NYMEX Brent crude oil is $0.01 per barrel higher, the dollar is lower and the Dow Jones Industrials are 140 points lower.

 

Mike

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At 10am:

The markets are weaker. Turnaround Tuesday look to be in motion, early. But, things have changed.

 

Helen Pound, Senior Futures Market Specialist, with KCG Futures has some interesting early market thoughts:

"The cash basis bid in Memphis is down 80 cents overnight as the bid dropped from +12 N to +20 U as the south anticipates bean harvest just weeks away and the north not aggressively bidding for barges to move north. (It’s interesting to note that the Memphis bid is a buck lower than the Central Illinois processor basis.)  Bean imports from Brazil are expected to peak over the next 30-45 days."

 

 

Mike

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In early trading:
The Dec. corn futures are trading 1 cent higher at $4.07.

 

Nov. soybean futures are trading 2 cents lower at $11.23.

Sep. wheat futures are 3 3/4 cents higher at $5.60.

 

The Dec. soymeal futures contract is trading $0.40 per short ton lower at $358.30. The Dec. soyoil futures are trading $0.11 lower at $38.40.
In the outside markets, the NYMEX Brent crude oil is $0.56 per barrel lower, the dollar is higher and the Dow Jones Industrials are 82 points lower.

 

Mike

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At 6:30am:

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

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

Brent Crude Oil=$0.67 per barrel lower.
Dollar= Higher.

Wall Street=Seen lower, as investors eye the start of the 2nd quarter earning's season.

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

 

 

 

More in a minute,

 

Mike

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8 Replies
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Advisor

Re: Floor Talk July 8

Thank you for all you do Marketeye.  I think it might be time to put in the "B" team and see if we can get the markets going in the other direction.  hahaha.  Thanks for pics of the twins yesterday, looks like they are growing fast.

 

I thought we should take some of the rain and bad weather from the midwest for a few days, it is the least we can do.  Lots of rain the last few days and now super Typhoon Neoguri is on its way to visit Sasebo!

 

Here is the track:

026.PNG

An up close image of the storm:

027 1.png

 

And to give everyone an idea of how big it is, to the lower left of the eye is Tiawan. 

028.PNG

 

Currently 110 knots sustained winds, forecast to be 70 knots when it passes Sasebo with gusts around 100 knots. 

 

All our ships that can have gotten underway for storm evasion, normally the Japanese ships stay in port since Sasebo is considered a safe harbor.  They left with the U.S. ships this time, maybe they know something!

 

Don't worry about us, we are fully prepared to support the American grain farmers during the storm.  All adult beverages have been bought and payed for from the base!  Smiley Very Happy 

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Senior Advisor

Re: Floor Talk July 8

Thanks Tree ! lol  NOW for the important part - How about posting up some pictures when it gets to rocking and rolling . Oh and better now have to much rice wine ! lol

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Honored Advisor

Re: Floor Talk July 8

Wow tree that's a thunder shower.  If that were bearing down on sw ks we'd have a 30% chance of rain and get all the wind.

That boy is going to shake up the area.

Be careful.

My uncle said riding them out at sea is super scary.

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Veteran Advisor

Re: Floor Talk July 8

My Uncle Bill served on 2 carriers in the Pacific during WW2.  The old Saratoga and the Enterprise in the CIC.

He said you knew you were in a big storm when the green water was hitting the windows on the bridge!!

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Veteran Advisor

Re: Floor Talk July 8

tree fmr,

 

Be safe over there. Thanks for reminding me that I need a vacation. I'll start to work on that. It looks like the markets are facing their own typhoon. But, yours is much more serious. Be sure to get to higher ground, before tapping the rice wine.

 

We would love to see any updates that you have.

 

Thanks,

 

Mike

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Advisor

Re: Floor Talk July 8

At sea is a little scary. Went near a couple of them on frigates, when you have to put your foot on the wall to stand it gets very concerning.
Here is a short clip of the last storm the USS Kitty Hawk went thru before decommissioning. I was watching this live, we had to do some damage control that day! The flight deck is 60 feet off the water on a normal day.

http://m.youtube.com/watch?v=2M5vC7dLqyA

If the link will not work just search, kitty hawk storm.

Only a little rain here so far but its getting closer. ECIN reminded me its time to inventory my shochu!
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Senior Reader

Re: Floor Talk July 8

I was on the kittyhawk in the south china sea in 1964-65 and 66-67 and also the gulf of tonkin. about 9 monthes each cruise. I was with attack squadron va-85 A6A's. at times there was rough seas when typoons were in the area.

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Advisor

Re: Floor Talk July 8

Deerguy, you were on the old girl when she was new!  She made a lot of history for sure.  I was on board from 2007 until decommissioning in 2009.  She still had a lot of life in the engineering plant the day we pulled fires for the last time!

 

The sailor that raised the commissioning pennant was a QMSN in 1961.  That same man, although 48 years and 13 days older, lowered the commissioning pennant for the last time.  (just a little bit of her history)

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