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Veteran Contributor
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Registered: ‎09-09-2014
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Floor Talk September 14

[ Edited ]

At the close:

At the close, the Dec. corn futures settled 2 3/4¢ higher at $3.54, while March futures finished  2 3/4¢ higher at $3.66 1/2. Nov. soybean futures finished 15 1/2¢ higher at $9.76, Jan. soybean futures settled 15 3/4¢ higher $9.86. September wheat futures closed 1/4¢ lower at $4.43. Dec. soy meal futures finished $7.70 per short ton higher at $313.10. Dec. soy oil futures closed $0.01 lower at 35.08¢ per pound.  In the outside markets, the Brent crude oil market is $0.38 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 49 points higher.

 

Mike

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At mid-session:

 

At mid-session, the Dec. corn futures are 2 1/2¢ higher at $3.54, while March futures are 2 3/4¢ higher at $3.66 1/2. Nov. soybean futures are 16¢ higher at $9.76 1/2, Jan. soybean futures are 15 3/4¢ higher $9.86 1/2. September wheat futures are 2¢ higher at $4.45. Dec. soy meal futures are $7.30 per short ton higher at $312.70. Dec. soy oil futures are unchanged at 35.09¢ per pound.  In the outside markets, the Brent crude oil market is $0.92 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points higher.

 

Mike

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At 9:25am:

If you missed it, the USDA released fresh and separately Weekly Export Sales Thursday. Corn sales at the high end of expectations, soybeans beat, wheat missed.

 

Corn= 1.047 million metric tons vs. the trade’s expectations of between 650,000-1,200,000 metric tons.

Soybeans= 1.612 mmt. vs. the trade’s expectations of between 1,000,000-1,500,000 metric tons.

Soybean meal= 146,900 mt. vs. the trade’s expectations of between 50,000-400,000 metric tons.

Wheat= 316,700 mt. vs. the trade’s expectations of between 350,000-550,000 metric tons.

 

And, fresh soybean sales to China reported today.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 198,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1.

 

Mike

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At 8:55am:

In early trading , the Dec. corn futures are 3¢ higher at $3.54, while March futures are 3¢ higher at $3.66. Nov. soybean futures are 10¢ higher at $9.70, Jan. soybean futures are 10¢ higher $9.80. September wheat futures are 4 3/4¢ higher at $4.48. Dec. soy meal futures are $3.70 per short ton higher at $309.10. Dec. soy oil futures are $0.11 higher at 35.20¢ per pound.  In the outside markets, the Brent crude oil market is $0.67 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points higher.

 

Mike

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Corn and soybeans were higher overnight as early yield results aren't quite as good as anybody -- certainly not the USDA -- expected. That said, only 5% of the crop was collected as of last weekend and most of that is in "fringe" states like Texas. Trust me, I live down here and the corn is nice but it's not like what this Nebraska boy is used to seeing. But I digress. Corn is up 3 cents, soybeans are up 6 cents and wheat is up 4-5 cents. Prices also may be rising on the weaker dollar, which is down again and may be headed toward the lowest level since January 2015, which it hit last week. That should be good news for demand for dollar-denominated products but so far we haven't seen the usual bump. A lot of it may be geopolitical, but what is known is that if North Korea keeps making threats, the dollar isn't going to get much better. In weather news it's going to be fairly quiet in much of the Midwest, though some storms are brewing in the northern Plains today. Illinois and Indiana may get some precip this weekend as well. Get all the gory details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-september-14.

 

Here's what happened overnight:

 

Brent Crude Oil = up 1.1%

West Texas Intermediate = up 0.8%

Dollar = down 0.2%.

Wall Street = U.S. stock futures mixed in pre-bell trading.

World Markets = Global stocks mixed on higher oil, North Korean antics.

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Honored Advisor
Posts: 5,329
Registered: ‎01-10-2012

Re: Floor Talk September 14

[ Edited ]

 

BF 2012...

 

"We should finish up corn today......looks like avg will be somewhere between 35-40 bu/acre.......half of what our beans yielded in 2016. Maybe we'll get an LDP on top of our Revenue Claim.

 

That's what 1.9" of rain since May 18 does for a crop. Oh....not to mention the 22" that came in April and Early May. It truly sucks, but then, not hard to figure out where you are in the scheme of marketing. I know there are some good crops across the country....but a wide swath of stuff looks just like mine...or worse. Tomorrow will find out how many acres I can get out of a set of ripper points on my Zone Builder. Those things will be glowing red hot on the end rows when I pull it out of the ground.

 

Well, another day of harvest hell. LOL. First, the stirrator motor burns out after the door is covered with 23% corn in it.....Fixed the motor, fired it up and the plug in that goes to the trip wire box to both motors melted down....and oh...did I mention the stirrator stopped dead center over the only entry door on top with a ladder? So we're all laughing about our bad luck, realizing that 30 more acres of 30 bu/acre corn and we won't need to fight the stirrator and dryer for long. At least the Aflatoxin test came back 0 on what we have dried.

 

Someone besides myself is into storing OC corn. Consolidated is piling OC corn outside...you know all that FREE DP stuff they stole over the summer, with a August 31 up your rear end 30 cent storage till Jan thrown in for good measure......but they are keeping the old crop cause the quality of NC drought and water ravaged replanted stuff is horrible.

 

I have 800 acres of soybeans which are all turning at the same time and alot of SRW to plant. The stuff(corn) needs to be out of the field so we can move on to beans. I started shelling a little over a week ago @ 23%. 8 days later of dry hot windy days....and the same fields are still 23%. Plant dead, moisture obviously trapped in ear some way. Weird. Also concerned with Aflatoxin

.

PS. My propane guy is really nice. I love stuffing his pockets with some of our bounty. LOL

 

Anyway....that's the report form the follies down here in the sticks....Everyone be safe. Have fun hauling that 300 bu/acre $ 2.00 and change corn to town."

 

 

 

Honored Advisor
Posts: 5,329
Registered: ‎01-10-2012
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Re: Floor Talk September 14

Our own SW is shelling corn, how about a report from there? (They call it "cutting corn" down there)

Esteemed Advisor
Posts: 2,495
Registered: ‎04-29-2011
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Re: Floor Talk September 14

For every acre of corn the reaches that lofty level of 40 bushels per acre, there has to be an acre making 300 to reach USDA's prediction of 170.   Stick that into your pipe and smoke it.   Smiley Wink

Advisor
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Registered: ‎08-04-2010
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Re: Floor Talk September 14

USDA is going to start becoming fake news after this harvest. 

Veteran Advisor
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Registered: ‎06-30-2010
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Re: Floor Talk September 14

Still, at a 90% confidence level, relative to the USDA report history, they would still claim they "nailed it" if they're within 7.6% of final number -- that's a plus or minus over ONE BILLION bushels of corn, relative to the Sept report.

Honored Advisor
Posts: 7,649
Registered: ‎07-18-2011

Re: Floor Talk September 14

[ Edited ]

Sw is harvesting wet corn into the feedlot pit.....  Yields from the two finished fields are average irrigated yields at 217 

& 190......... not so good...... that 190 was 235 last year....

 

Then one boss has another machine working in the fields that were hailed....... mile rows  west side hurt bad making 65 bpa about 17 moisture, and the east side making 130 bpa with 28 moisture.  He is trying to blend those to an average of  23+ moisture so we can get it into the wet pit where the dockage won't hurt so much.    Expectation on that one was 220 bpa.  there will be over 1000 acres of those hailed fields.... Usda did not check these non progressive fields

 

If there is an insurance claim on this one ......................Don't ya just love how FEDERAL Crop insurance never pays for that test weight dockage.   I was supprised how high the test weight was ...... 50 lb/bu.  Didn't look that good.

 

Veteran Advisor
Posts: 2,964
Registered: ‎02-11-2013
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Re: Floor Talk September 14

Keeping ya all in prayers.
Veteran Advisor
Posts: 1,233
Registered: ‎06-30-2010
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Re: Floor Talk September 14

Test weight on corn -- yes, I think crop insurance only starts additional discounting below 49#.

Honored Advisor
Posts: 7,649
Registered: ‎07-18-2011
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Re: Floor Talk September 14

Thank you cheapo
This is not fun