Floor Talk September 2
At the close:
The Dec. corn futures settled 1 cent lower at $3.63.
Nov. soybean futures closed 7 3/4 cents higher at $10.32.
Dec. wheat futures ended 8 1/2 cents lower at $5.55.
Dec. soymeal futures finished $9.30 per short higher at $360.00. The Dec. soyoil futures closed $0.02 lower at $32.12.
In the outside markets, the crude oil is $1.29 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 51 points lower.
The Dec. corn futures are trading 3/4 of a cent lower at $3.64.
Nov. soybean futures are trading 11 1/2 cents higher at $10.35.
Dec. wheat futures are 8 1/2 cents lower at $5.55.
Dec. soymeal futures are trading $9.00 per short higher at $359.70. The Dec. soyoil futures are $0.25 higher at $32.39.
In the outside markets, the crude oil is $1.29 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 73 points lower.
Mike North, Senior Risk Advisor for First Capital Ag, says the market is building in disease concerns.
"Certainly, some sudden death syndrome conversations have played into the market. However, we are continuing to see strong spot basis help to lead the soy complex higher," North says. Corn continues to watch benign weather and wait for the next yield update, before it moves off dead center. I suggest fluffing your pillow, corn will be quiet for a while."
At the open:
The Dec. corn futures are trading 1 cent higher at $3.65.
Nov. soybean futures are trading 4 1/2 cents higher at $10.29.
Dec. wheat futures are 1/4 cents lower at $5.63.
In the outside markets, the crude oil is $0.52 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 12 points higher.
--USDA Crop Progress Report Tuesday is expected to show crop conditions falling, due to disease issues.
--If you missed it, Friday 's Disaggregated CFTC Report showed the managed money funds net short, for the week ending Tuesday, August, for most grains. No surprise for the trade. Corn lost 7,000 net, soybeans lost 8,000, Chicago wheat added 3,500 net. Producers and merchants added between 16-19,000 net in corn, beans, and meal on the week.
--Ukraine's Ag Minister announced Monday that the country's wheat and barley harvest is 66% complete. Corn harvest is just starting.
--Argentina soybean acres, for 2013/14 have been lowered to 48 million acres, a drop of 500,000 hectares. Production remains unchanged.
Early calls: Corn 1-2 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents lower.
Overnight grain, soybean markets = Trading mostly higher.
Crude Oil = $0.52 per barrel higher.
Dollar = Higher.
Wall Street = Seen higher, despite Russia/Ukraine 'war of words'.
World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.
More in a minute,
Re: Floor Talk September 2
Mike---that lowering of Argentina's soybean acres: Surely not lowered 48 million acres. Maybe lowered from ?? acres to 48 million acres.
Could you clarify? Thanks.