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Veteran Advisor

Floor Talk September 3

At the close:

At the close, the Dec. corn futures settled 6 cents lower at $3.61 1/2.  Nov. soybean futures finished 4 1/2 cents lower at $8.69 1/2.

Dec. wheat futures settled 13 3/4 cents lower at $4.65 1/4.

Dec. soymeal futures finished $2.10 per short ton lower at $308.20. Dec. soyoil futures closed $0.02 lower at $27.07. 

In the outside markets, the Brent Crude oil market is $0.23 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 68 points higher.

Mike

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At mid-day:

At mid-day, the Dec. corn futures are trading 5 1/4 cents lower at $3.62 1/4.  Nov. soybean futures are trading 2 cents lower at $8.72.

Dec. wheat futures are 10 1/2 cents lower at $4.68.

Dec. soymeal futures are trading $2.00 per short ton lower at $308.30. Dec. soyoil futures are trading $0.20 higher at $27.29. 

In the outside markets, the Brent Crude oil market is $1.04 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 106 points higher.

Dustin Johnson, EHedger LLC, grain analyst, says that the strong Informa yield estimates were the main reason for the weakness today.  
“Sure the soybean export sales were great and the daily announcement of another 883,400 MTs was even better, but we still have a little ways to go to catch up to last year's sales pace,” Johnson says. “Corn sales are running behind pace still and today's number was not favorable which is probably why corn is losing to beans.”
US Dollar index is up 0.65, also negative for grains, Johnson says. 
“The Dollar is up past the 100-day moving average, again, and testing the 50-day moving average. So, it will be an important close if we can settle above both of those,” Johnson says.
Jacob Burks, Wedbush Futures grain analyst, says the market remains ugly. “Ugly day in the grain trade.  No economic news to help bring the market to thinking usage may keep up with the supply.  We are seeing the analyst beginning to increase their estimates toward where the USDA came in last month.  Funds are neutral with no reason to buy right now.”

 

 

Mike

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At 11:45am:

NEWS: Mississippi River shutdown Thursday near Paducah, Kentucky, due to a tow barge collision and oil spill. The Army Corp of Engineers is cleaning up the mess, trying to get the river re-opened.

 

Mike

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At 11:15am:

2015 U.S. Production Estimates
               Informa           Informa             USDA
               Latest              Aug. 5        2015       2014
Corn           13.688       13.412       13.686     14.216
Soybeans        3.924      3.789        3.916      3.969

 

What do you think?

 

Mike

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In early trading:

At 9:00am, the Dec. corn futures are trading 3 1/4 cents lower at $3.64.  Nov. soybean futures are trading 1 1/2 cents higher at $8.75.

Dec. wheat futures are 8 cents lower at $4.71.

Dec. soymeal futures are trading $1.40 per short ton lower at $308.90. Dec. soyoil futures are trading $0.37 higher at $27.46. 

In the outside markets, the Brent Crude oil market is $0.18 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 73 points higher.

Mike

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At 7:50am:

USDA Weekly Export Sales Thursday show strong soybean and soymeal activity.

 

Wheat= 277,500 metric tons vs. the trade's expectations of 250,000-500,000 metric tons.

Corn= 441,000 mt vs. the trade's expectations of between 500,000-1.5mmt.

Soybeans= 1.592 mmt. vs. the trade's expectations of  550,000-1.15mmt.

Soybean meal =204,500 mt vs. the trade's expectations of 50,000-200,000  metric tons.

 

Mike

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At 7:15am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.18 lower.
Dollar =Lower.  
Wall Street = Seen higher, with data ahead.

World Markets = Europe stocks were higher, Asia/Pacific stocks were mostly higher.

 

 

 

More in a minute,

 

Mike

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4 Replies
Honored Advisor

Re: Floor Talk September 3

Big news........883,400 tonnes of soybeans sold to China and to unknown.   It is the 7th largest one day sale ever.

 

I just read this on the internet....so it must be true.     Demand for soybeans is NOT dead.

 

Actually some good news for successful farming....

 

 

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Veteran Advisor

Re: Floor Talk September 3

roarintiger1,

 

It is good news. Demand is needed. Here's the breakdown of the fresh export sales:

 

  • Export sales of 110,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year; and
  • Export sales of 773,400 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

 

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Senior Contributor

Re: Floor Talk September 3

Seems like Informa, Allenfale etc want to ride the USDA coatails
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Senior Contributor

Re: Floor Talk September 3

Do you think these groups have research teams gathering information from the fields or one guy in the back room reading and copycatting what the USDA puts out.

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