Floor Talk June 20

[Tony_Dreibus]

At the close:

At the close, the July corn futures settled 16 1/2¢ lower at $4.21 1/4, Dec. futures finished 15¢ lower at $4.33 3/4 per bushel. July soybean futures ended 16¢ lower at $11.43 1/2, while Nov. soybean futures settled 15 1/2¢ lower at $11.32 3/4. July wheat futures closed 8 1/4¢ lower at $4.73. July soymeal futures closed $4.70 short ton lower at $402.70. July soyoil futures settled $0.29 lower at $31.64.  In the outside markets, the Brent crude oil market is $1.27 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 183 points higher.

Mike

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At mid-session:

At mid-session, the July corn futures are 12 3/4¢ lower at $4.25, Dec. futures are 11 1/4¢ lower at $4.37 per bushel. July soybean futures are 13¢ lower at $11.46, while Nov. soybean futures are 12 3/4¢ lower at $11.35. July wheat futures are 2 3/4¢ lower at $4.78. July soymeal futures are $4.70 short ton lower at $402.70. July soyoil futures are $0.21 lower at $31.72.  In the outside markets, the Brent crude oil market is $1.17 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 197 points higher.

Mike

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At 10:15am:

We head into a week of trading with the outside investors getting really long corn, backing off on soybeans, according to Friday's CFTC Report.

For Managed Money:

Corn= a net 45,000 contracts were added in the week of 6/14/2016. That was double what was expected. And it now puts that category of investors up 268,412 contracts in corn.

Soybeans= The group dropped a net 3,000 contracts.

Wheat= Managed money added 3,200 contracts.

Poducers and Merchants (in same timeframe)

Corn= dropped 36,000 contracts

Soybeans= dropped 16,500 contracts

Wheat= added 4,000

Mike

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At the open:

At the open, the July corn futures are 10 3/4¢ lower at $4.27, Dec. futures are 10 3/4¢ lower at $4.38 per bushel. July soybean futures are 16 1/2¢ lower at $11.43, while Nov. soybean futures are 17 3/4¢ lower at $11.30. July wheat futures are 6¢ lower at $4.75. July soymeal futures are $5.30 short ton lower at $402.10. July soyoil futures are $0.24 lower at $31.69.  In the outside markets, the Brent crude oil market is $0.96 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 245 points higher.

Mike

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Rain has made its way into the forecast with showers expected this week in much of the upper Midwest. A section of southern Michigan and northern Indiana, where it's been extremely dry the past few months, may finally see some precipitation, according to the National Weather Service. Some rain also is expected in eastern Iowa and western Illinois, which could alleviate some of the recent dryness. Meanwhile, speculators have now reduced their net-long bets for a second straight week, albeit by a small amount. 

Here's what happened overnight:

Brent Crude Oil = 1.8% higher. 

West Texas Intermediate Crude Oil = 1.6% higher.

Dollar = down 0.6%.

Wall Street = U.S. stock futures higher in pre-market trading. 
World Markets = Global stocks jump as risks that Britain will exit EU subside. 

[marketeye]

The USDA will be out, today, with its weekly Crop Progress Report. I have to say, after a window tour of Illinois and Iowa crops along I-88 and I-80 this weekend, I see very few problems out there. The trip was from southcentral Iowa to the subs of Chicago.

I mean the shade of green on the corn plants is so vibrant, and the beans look to be growing on-pace.

This says nothing about what's going on under the ground. So, we might be at a time when the crops look great from the road, going 80, I mean 70 mph, but underneath the soil maybe a storm is brewing.

And, I visited with an in-law that just drove from Tennessee to central Illinois (twice in the last two weeks). He was amazed at how good the crops are looking all of the way from Effingham, Illinois to the central part of the state.

Should be an interesting Crop Progress Report at 3pm.

Mike

[westernia80]

I realize that to most people in the state, whether it's politics, sports, road department, or corn traders think that west of Des Moines doesn't exist, matter, or is actually part of Nebraska.  But we do exist and things are getting worse here.  The last 3 weeks I have had a total of .4" rain.  Yesterday was the first day in the last 13 that was not over 90 degrees in Omaha and it's only June 20.  Saw some small sandy spots of dead corn last night under a pivot, just couldn't get water fast enough.  My crops surprisingly looked good yesterday but it was cooler.  I got .19" last night.  The predicted rainfall maps for the last two weeks have shown us getting 1"-2" over a widespread area both weeks  but it just doesn't happen.  Point is not all is rosey in Iowa