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marketeye
Veteran Advisor

From the floor August 15

At the close:

The Dec. corn futures settled 5 1/2 cents higher at $7.20. The Nov. soybean contract ended 16 1/2 cents higher at $13.51 1/4. The Sep. wheat futures settled 10 cents higher at $7.12 1/2. The Sep. soyoil futures closed $0.81 higher at $55.46. The Sep. soymeal futures close $5.60 per short ton higher at $357.70.

 

In the outside markets, the NYMEX crude oil is $2.22 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 155 points.

 

Mike

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At mid-session:

The Dec. corn futures are trading 7 cents higher at $7.21 1/2. The Nov. soybean contract is trading 14 1/4 cents higher at $13.49. The Sep. wheat futures are trading 10 cents higher at $7.12 1/2. The Sep. soyoil futures are trading $0.99 higher at $55.64. The Sep. soymeal futures are trading $3.10 per short ton higher at $355.20.

 

In the outside markets, the NYMEX crude oil is $1.61 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 117 points.

 

Mike

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At the open:

The Dec. corn futures opened 9 cents higher at $7.23 3/4. The Nov. soybean contract opened 15 1/2 cents higher at $13.50 1/4. The Sep. wheat futures opened 10 1/2 cents higher at $7.12 1/2. The Sep. soyoil futures opened $0.89 higher at $55.05. The Sep. soymeal futures opened $3.30 per short ton higher at $350.20.

 

In the outside markets, the NYMEX crude oil is $1.72 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 163 points.

 

Supportive outside markets, expected drop in crop ratings this afternoon, less rain over the weekend and drier weather for the remainder of this month are all underpinning today's farm markets.

 

Mike

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At 7:25am:

Combines roll in the Deep South.

--At least one Louisiana Parish agronomist reports that corn is 65% harvested with dryland yields ranging from 125-150 bushels per acre. That's better than expected. Soybean yields have been reported below 20 bushels per acre. Some farmers could see 50 and above, though.

 

Mike

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At 7am:

The demand side:

--Algeria announces Monday a purchase of 500,000 mt of milling wheat from European sellers.

--Saudia Arabia announces a hard wheat buy of 660,000 mt from EU, Australia, Canada and the U.S.

--China's new 2011 soybean import estimate at 52.0 million metric tons is down 5% on-year. Also, China's August soybean imports estimate is at 4.5 mmt, down 16% on-month, and 6% on-year, according to the Dow Jones Newswire.

 

Mike

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At 6:30am:

Early calls: Corn up 5-7 cents, soybeans up 8-10 cents, and wheat up 8-10 cents.

 

Trackers:

Overnight grain, soybean markets=Trading higher.

Crude Oil=$0.56 lower.

Dollar=Lower.

Wall Street=Seen trading higher with strength coming from Japan reporting a smaller-than-expected conctraction of its Gross Domestic Product Monday.

World Markets=Higher.

 

More in a minute,

 

Mike

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4 Replies
ShelladyOptions
Senior Contributor

Re: From the floor August 15

I love the way we report things nowadays....A less negative number is a great thing. Your daughter failed her math test but she didn't fail as badly as was expected.

 

The markets are still going to act a little bruised today. Financially we don't have a lot to get our teeth into and Mondays have been fairly quite in the past.

 

Crude market is little changed and the fixed income world is watching Google acquisition of Motorola Mobility.

 

In the ag world things look to be tight but let's keep in mind the money (or lack thereof) flows around the world.

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SouthWestOhio
Senior Contributor

Re: From the floor August 15

Thanks for the heads up on Motorola. I've got some shares of that around here collecting dust.

 

I wonder how many more growers have been out walking their corn fields the past few days. This crop is poor and not getting any better with short ears and small kernals across a broad area. At some point this market is going to take off. Could it be today?

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marketeye
Veteran Advisor

Re: From the floor August 15

ShelladyOptions,

 

In regards to money flows, are you referring to the funds cutting their long positions in the grains and soybean complex options last week? Is this going to be a continuing theme this week? To be sure, CFTC reports cutbacks of 'long' positions at 42% last week.

 

And one more question. You'll notice on this site a lot of talk and some photos being posted of less-than-ideal corn. In fact, I posted some of that same looking corn from central Illinois myself. But, the question is this, the trade is seeing a lot of weak looking pictures as well. What's the reaction? Is the trade saying thanks for the photo but show me the read-out on the yield monitor instead, or what? And maybe the real question is, can a trader afford to let these photos distract he/she from their day-to-day plan? This isn't about right or wrong, just probing for some insight on how someone that trades this commodity for a living views the field reports. Thanks.

 

Mike

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ShelladyOptions
Senior Contributor

Re: From the floor August 15

I am certainly concerned about the anecdotal evidence that I have seen on this site and heard about walking the floor. I think the USDA shares some of those concerns with the moves they made Thursday morning.

 

As for money flows, my concern is that the price of corn reaches a level that prices us out of the market. If the rest of the world were doing much better than is the case today I would be much more bullish corn. I can't help but keep the fiscal health of our customers in the forefront of my mind.

 

Scott

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