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Veteran Advisor

Floor Talk September 8

VIDEO: Brazil Update. Luis Vieira attended the biggest farm show, for farm equipment sales, in southern Brazil. He reports that despite lower markets, farmers are buying more equipment, will grow bigger crops in 2014/15, and don't seem to be in a hurry to sell any crops, right now. Click on the hot link above and find out the mood of the farmers attending the farm show.

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At the close:

The December corn futures closed 7 3/4 cents lower at $3.48.

 

November soybean futures finished 13 cents lower at $10.08.

 

December wheat futures closed 1 3/4 cents lower at $5.33.

 

For Dec. soybean meal futures, the contract ended $6.70 per short ton lower at $342.40; Dec. soybean oil futures settled $0.34 lower at $32.14.

In the outside markets, the crude oil is $0.89 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 38 points lower.

 

Ray Grabanski, Pro Ag market analyst, says early harvest yields from the south will show the mammoth crop we have in the US. "And the frost chances this week are limited to the far northern and western Corn Belt (MT, western ND/SD, WY, western NE). So, the frost risk isn't over much of the Corn Belt.  
Our yield models are showing 175+ bu/acre corn and 47.6 bu/acre soybeans, so the report Thursday will show larger crops, its just how much larger that is the question."

 

Mike

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At mid-session:

The December corn futures are trading 5 3/4 cents lower at $3.50.

 

November soybean futures are trading 6 1/2 cents lower at $10.15.

 

December wheat futures are 2 3/4 cents lower at $5.32.

 

For Dec. soybean meal futures, the contract traded $4.60 per short ton lower at $344.50; Dec. soybean oil futures traded $0.24 lower at $32.24.

 

In the outside markets, the crude oil dropped $1.02 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 23 points lower.

 

Mike North, Senior Risk Advisor, First Capitol Ag, says the bears are dominating the markets.
"The reported corn and soybean yields and field checks that are coming in, are overwhelming the market. Big yields are coming out for corn.  Frost continues to be a concern, but is losing its grip on the market this morning.  We will continue to watch over the next week, as to how the weather forecasts change," North says.

 

Mike

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At the open:

The December corn futures are trading 7 1/4 cents lower at $3.48.

 

November soybean futures are trading 10 3/4 cents lower at $10.10.

 

December wheat futures are 9 3/4 cents lower at $5.25.

 

For Dec. soybean meal futures, the contract traded $5.10 per short ton lower at $344.00; Dec. soybean oil futures traded $0.36 lower at $32.18.

In the outside markets, the crude oil dropped $0.72 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 17 points lower.

 

 

Mike

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At 7:50am:

If you missed it, Friday's Commitment of Traders Report showed mixed results.

Managed money funds, on the week ending Tues Sept. 2 added near 10k net corn contracts, compared to expectations for just a 1,000 gain. For soybean meal, their position rose 11, 800 net on the week. A 3,500 net loss was noted for soybeans, compared to daily estimates for a 2,000 net gain.

 

Mike

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At 7:00am:

Early calls: Corn is 2-4 cents lower, soybeans 5-7 cents lower, and wheat 4-6 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Crude Oil = $0.46 per barrel lower.
Dollar = Higher
Wall Street = Seen lower, with China and Ukraine worries.
World Markets = Europe stocks were lower, Asia/Pacific stocks were mostly higher.

 

More in a minute,

 

Mike

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