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marketeye
Veteran Advisor

From the floor August 12

At the close:

The Dec. corn futures settled 1/2 of a cent higher at $7.14 1/2. The Nov. soybean contract closed 3 cents higher at $13.34 3/4. The Sep. wheat futures settled 1 1/4 cents higher at $7.02 1/2. The Dec. soyoil futures settled $0.07 higher at $54.65. The Dec. soymeal futures settled $1.60 per short ton lower at $352.10.

 

In the outside markets, the NYMEX crude oil is $0.58 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 140 points.

 

Mike

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At mid-session:

The Dec. corn futures are trading 1/2 of a cent higher at $7.14 1/4. The Nov. soybean contract is trading 7 1/4 cents higher at $13.39. The Sep. wheat futures are trading 11 1/4 cents higher at $7.12 1/2. The Dec. soyoil futures are $0.64 higher at $55.22. The Dec. soymeal futures are trading at $0.70 per short ton lower at $353.00.

 

In the outside markets, the NYMEX crude oil is $0.90 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 201 points.

 

Mike

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At the open:

The Dec. corn futures opened 2 cents lower at $7.12. The Nov. soybean contract opened 1 1/2 cents higher at $13.33 1/4. The Sep. wheat futures opened 3 cents lower at $6.98. The Aug. soyoil futures opened $0.19 higher at $54.28.

 

In the outside markets, the NYMEX crude oil is $0.96 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 107 points.

 

Mike

At 8:12am:

Yesterday, a floor trader pulled me aside and asked if the farmers I talk to realize that right now the Sep. 2012 corn futures contract is offering a price of $6.85? That's a pretty good price, as we sit here today, the trader says.This particular trader really spread-trades and has been successful doing it.

 

Let me ask, has anyone noticed that and locked in any crop on that Sep. 2012 contract? Or, do you see better prospects with near-term contracts?

 

Mike

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At 7am:

Early calls: Corn up 1-2 cents, soybeans up 2-4 cents, and wheat down 1-2 to up 1-2 cents.

 

Trackers:

Overnight grain, soybean markets=Trading mostly higher.

Crude Oil=$0.03 higher.

Dollar=Lower.

Wall Street=Seen trading higher as the market awaits a number of economic reports Friday.

World Markets=Higher.

 

More in a minute,

 

Mike

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5 Replies
Mizzou_Tiger
Senior Advisor

Re: From the floor August 12

is that trader assuming that it would be 2012 crop or 2011 crop.............there is no excuse why 2011 and probably 2012 crop shouldn't be sold with a $7 in front of it...........

 

2011 crop will be worth as much or more than 2010 crop, and more than one load of 2010 got sold with an $8 in front of it...........

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p-oed Farmer
Senior Contributor

Re: From the floor August 12

Mike.... Does the spread trader think that we are going to somehow find more corn that would let the 6.85 turn into something lower?...... IMHO..... The only way that we go lower is with demand going away...... 6.85 wont do that......FWIW......Dallas

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marketeye
Veteran Advisor

Re: From the floor August 12

You bet. The trader is talking about pricing forward some 2012 crop.You know, nibbling a bit.

 

Mike

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Jim Meade / Iowa City
Senior Advisor

Re: From the floor August 12

We can figure on some heavy jawboning on good prices as the election comes closer. Ethanol will get gummed pretty hard.
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nwobcw
Advisor

Re: From the floor August 12

  It is tempting to lock in a guaranteed profit for 2012.

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