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09-11-2017 06:54 AM - last edited on 09-11-2017 01:34 PM by marketeye
At the close:
At the close, the Dec. corn futures finished 3/4¢ higher at $3.57 1/2, while March futures finished 3/4¢ at $3.69. Nov. soybean futures settled 2¢ lower at $9.60, Jan. soybean futures finished 2¢ lower $9.70. September wheat futures finished 3¢ lower at $4.34 3/4. Dec. soy meal futures closed $2.00 per short ton lower at $300.40. Dec. soy oil futures ended $0.21 higher at 35.15¢ per pound. In the outside markets, the Brent crude oil market is $0.53 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 257 points higher.
At mid-session, the Dec. corn futures are 1/4¢ lower at $3.56, while March futures are unchanged at $3.69. Nov. soybean futures are 2 1/4¢ lower at $9.59, Jan. soybean futures are 2 1/2¢ lower $9.69. September wheat futures are 2¢ lower at $4.35. Dec. soy meal futures are $1.20 per short ton lower at $304.00. Dec. soy oil futures are $0.08 higher at 35.02¢ per pound. In the outside markets, the Brent crude oil market is $0.66 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 241 points higher.
If you missed it, the USDA released a decent sized one-time sale of soybeans Monday.
Private exporters reported to the U.S. Department of Agriculture export sales of 352,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1.
In early trading , the Dec. corn futures are 1¢ lower at $3.55, while March futures are 3/4¢ lower at $3.68. Nov. soybean futures are 1 3/4¢ higher at $9.63, Jan. soybean futures are 1 3/4¢ higher $9.73. September wheat futures are 4 1/2¢ lower at $4.33. Dec. soy meal futures are $0.90 per short ton lower at $304.30. Dec. soy oil futures are $0.17 higher at 35.11¢ per pound. In the outside markets, the Brent crude oil market is $0.19 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 185 points higher.
Wheat futures were lower overnight as SovEcon, Russia's ag consultancy, said production in the country would be higher than previously expected, while corn and beans were mixed. Wheat was down 4-5 cents, corn lost 2 cents and beans were up 2 cents. Hurricane Irma slammed into Florida over the weekend leaving millions without power and killing several people. The storm is moving into Georgia and Alabama and several other Gulf States, which may mean a slowed harvest and flooded fields in some areas. In the Midwest, the weather is expected to be mostly quiet and lacking any meaningful precipitation anywhere. In other news, money managers raised their net-short positions, or bets on lower prices, in corn last week but were less bearish soybeans. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-september-11.
Here's what happened overnight:
Brent Crude Oil = down 0.3%
West Texas Intermediate = up 0.4%
Dollar = up 0.2%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher as investors exit Treasuries, gold.
09-11-2017 08:40 AM
So we are getting enough early corn yield (combine) reports for Iowa that unless there is a dramatic change later on, Iowa is rated way to high on corn yields. So when does the market accept it, or a Iowa yield of 170-160 doesn't matter? What if we do 150? That Iowa was ever marked as one of the top years for state wide yield was a per exercise in fantasy with rainfall totals.
09-11-2017 08:43 AM
Second request to interpret Texas dialect.
When you say "raised net-short positions" do you mean increased the number of them (a more bearish stance) or do you mean moved them higher up a chart or graph, that is, reduced the number of them, which means a more bullish stance?
Does raised refer to the number of shorts or the money level of the shorts?
09-11-2017 09:57 AM - edited 09-11-2017 10:12 AM
It's interesting to note that soybeans continue to go out the export door. Soybeans & corn continue to be on sale. It seems to me that at some point, the sale will be over. Are we there yet? End users have had ample opportunity to source all of these products that they need at low prices.
BTW, Thoughts and prayers today for the families of those left behind after the 9/11 tragedy 16 years ago. Also prayers to those in Texas and Florida. This serves as a reminder of just how good it is to live in the corn belt.