Floor Talk September 7

[Tony_Dreibus]

At the close:

At the close, the Dec. corn futures settled 4 3/4¢ higher at $3.33 1/4, while March futures settled 4 1/4¢ higher at $3.43 per bushel. Nov. soybean futures ended 15 3/4¢ higher at $9.75 1/2, while Jan. soybean futures closed 15 1/2¢ higher at $9.79. Dec. wheat futures closed 4 1/4¢ higher at $4.02 3/4. Dec. soymeal futures ended $6.60 short ton higher at $316.70. Dec. soyoil futures settled $0.02 higher at 33.15¢ per pound.  In the outside markets, the Brent crude oil market is $0.60 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 29 points lower.

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the rally is a combination of demand and the rains moving though the Midwest. 
“The farmers want the soils and crops to dry down.  They are getting a little worried about disease, and some southern beans and corn are ready to cut,” Scoville says. 
He adds, “Plus, the demand is great, and USDA will have to increase exports of beans anyway and cut ending stocks. Ending stocks could go below 200 million bushels.” 
Initial corn yield reports are not as high as expected in southern Midwest and mid south, Scoville says. 


Lots of fun things to talk about!

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 3 1/2¢ higher at $3.32, while March futures are 3 1/4¢ higher at $3.42 per bushel. Nov. soybean futures are 12 1/2¢ higher at $9.72, while Jan. soybean futures are 12¢ higher at $9.75. Dec. wheat futures are 4 3/4¢ higher at $4.03. Dec. soymeal futures are $5.30 short ton higher at $315.40. Dec. soyoil futures are $0.01 higher at 33.14¢ per pound.  In the outside markets, the Brent crude oil market is $0.56 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points lower.

Mike

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At 9:30am;

If you missed it, the USDA announced a big chunk of U.S. soybean exports Wednesday.

Private exporters reported to the U.S. Department of Agriculture the following activity:

--Export sales of 220,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year; and

--Export sales of 264,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

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At 8:50am:

In early trading, the Dec. corn futures are 3 1/2¢ higher at $3.32, while March futures are 3 1/4¢ higher at $3.42 per bushel. Nov. soybean futures are 15 3/4¢ higher at $9.75, while Jan. soybean futures are 15 1/2¢ higher at $9.79. Dec. wheat futures are 5 1/2¢ higher at $4.04. Dec. soymeal futures are $6.70 short ton higher at $316.80. Dec. soyoil futures are $0.13 higher at 33.26¢ per pound.  In the outside markets, the Brent crude oil market is $0.24 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 11 points lower.

Mike

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Soybeans rose overnight as the rain just won't stop, and reports of flooded fields and sudden death syndrome continue to roll in. The crop tour a couple weeks ago saw evidence of fungal diseases because it's been such a wet growing season. Still, the condition of the crop was unchanged week-over-week, and is still at a lofty level. It's going to continue to rain today in much of the Midwest. Flash flood warnings have been issued in several states, and a random heat advisory is in effect in parts of central and southern Illinois today. 

Here's what happened overnight:

Brent Crude Oil = 1% higher.
West Texas Intermediate Crude Oil = 0.9% higher.

Dollar = unchanged.

Wall Street = U.S. stock futures modestly lower in overnight trading. 
World Markets = Global stocks higher as emerging markets show promise. 

[lsc76cat]

"Getting a little worried about disease"??

I could post a half dozen pictures every day for 2 weeks of different places where SDS or mold has

affected beans and not leave my home township.  This wet weather has not been helpful.