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marketeye
Veteran Advisor

Floor Talk September 8, 2021

After the close:

 

WHOOPS!

Earlier this morning, the latest set of crop acreage reporting data was inadvertently posted early on the FSA website and taken down shortly thereafter. This data had been scheduled for release Friday, September 10 at 1pm. To ensure equitable access to this information, FSA has reposted the data on its website.

Corn = 91.2 million vs. 90.3 million in August
Soybeans= 86.1 vs. 85.2 million in August
Wheat 49.3 million vs. 48.8 million in August.

 

 

What say you? Too high, about right or too low.

 

Mike

At the close:

 

The markets lost steam, as the day went along.

 

At the close, the Dec. corn futures finished 1/2¢ lower at $5.10 1/4. March futures finished 3/4¢ lower at $5.19 3/4. May corn futures settled 3/4¢ lower at $5.26.

November soybean futures closed 2 1/2¢ higher at $12.79 1/2.

Jan. soybean futures closed 2¢ higher at $12.88. March soybean futures closed 3/4¢ higher at $12.95.

Dec. wheat futures closed 10 1/4¢ lower at $7.09.

Dec. soymeal futures finished unchanged at $337.80.

Dec. soy oil futures closed $0.27 lower at 57.49¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.95 higher (+1.39%) at $69.30. The U.S. dollar is higher, and the Dow Jones Industrials are 75 points lower (-0.21%) at 35,024 points.

 

Harvest Note: Iowa farmer tells me that his beans are reading 12.5% moisture and yielding 65-70 bushel per acre.  The cutting has started. He says there will be a little delay, with corn still pretty green.

 

Mike

--------

At 8:45am:

 

Corn, soybean prices move higher Wednesday.

 

Mike

 

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13 Replies
rickgthf
Senior Advisor

Re: So, we picked up a million each of corn & beans ....

.... between July & Aug.  I guess I'm not surprised but you have to wonder, where do you hide 2 million acres?

wrightcattle
Veteran Advisor

Re: So, we picked up a million each of corn & beans ....

How many acres get harvested for grain? This will be the true story,  IF ever known. 

Alot more more silage acres this year.... 

Also Minn and the Dakotas are bout 1/4 of the total bean crop. 

All gonna be Way short of bean yield this year. 

The whole story will be an interesting deal ongoing. 

When the port is working again will be the real deal this year on into 22.

 

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erikjohnson61y
Veteran Advisor

Re: So, we picked up a million each of corn & beans ....

When USDA runs out of fingers and toes, they just guess. Crop forecast school is right next door to weather forecast school, and it seems they share professors...

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wrightcattle
Veteran Advisor

Re: So, we picked up a million each of corn & beans ....

In general the crop prognostication folks run scared of the govt numbers. 

Granted it's a large total area And this year is especially tough to come up with real credit worthy estimates. 

Not that it should matter anyway. 

All that matters is between a buyer and seller of product. 

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Hobbyfarmer
Honored Advisor

Re: So, we picked up a million each of corn & beans ....

Nope

Smoke, mirrors, guesses, and most important of all perceptions of traders.

 

roarintiger1
Honored Advisor

Re: So, we picked up a million each of corn & beans ....

Those added acres could easily be gone in one export sale to someone. Nothing to see here. Move on. 

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lsc76cat
Senior Advisor

Re: So, we picked up a million each of corn & beans ....

Hmmm....

Crop data "inadvertently" released??

A conspiracy believer would say this was proof that they release data early to a select group.  Just that this time somebody "inadvertently" included the "public" in that release.  

k-289
Senior Advisor

Re: So, we picked up a million each of corn & beans ....

Now  the  wait  is  on  for  those  secret,  private ,  yield  monitor  results  -  -  -

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roarintiger1
Honored Advisor

Re: So, we picked up a million each of corn & beans ....

Nobody is getting my secret, private, yield monitor results.😉

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