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marketeye
Veteran Advisor

From the floor August 26

At the close:

The Dec. corn futures settled 23 1/2 cents higher at $7.67. The Nov. soybean contract closed 30 3/4 cents higher at $14.23 1/2. The Dec. wheat futures settled 9 1/4 cents higher at $7.97. The Dec. soyoil futures closed $1.19 higher at $57.32. The Dec. soymeal futures settled $5.90 per short ton higher at $381.10.

 

In the outside markets, the NYMEX crude oil is $0.22 per barrel higher, the dollar is lower and the Dow Jones Industrials closed up 134 points.

 

Mike

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At mid-day:

The Dec. corn futures are trading 24 cents higher at $7.67 1/2. The Nov. soybean contract is 30 cents higher at $14.22 3/4. The Dec. wheat futures are trading 13 1/2 cents higher at $8.01 1/4. The Dec. soyoil futures are trading $0.82 higher at $56.95. The Dec. soymeal futures are trading $7.60 per short ton higher at $382.80.

 

In the outside markets, the NYMEX crude oil is $0.47 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 145 points.

 

Quite the rally here.

 

Mike

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At the open:

The Dec. corn futures opened 1/2 of a cent higher at $7.44. The Nov. soybean contract is 3 cents lower at $13.89. The Dec. wheat futures opened 3 cents lower at $7.84. The Dec. soyoil futures opened $0.07 lower at $56.07. The Dec. soymeal futures opened $0.30 per short ton higher at $375.50.

 

In the outside markets, the NYMEX crude oil is $1.25 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 75 points.

 

Bernanke's speech isn't alarming anybody. He says Congress needs to do more.

 

Mike

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At 8:45am:

USDA announces Friday that an unknown buyer purchased 243,840 metric tons of U.S. corn for 2011-12 delivery.

 

Mike

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At 6:10am:
Early calls: Corn up 1-2 cents, soybeans down 1-2 cents and wheat down 4-6 cents.
 
Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.41 lower.
Dollar=Lower.
Wall Street=Seen trading even ahead of Fed Chairman Ben Bernanke's 9am speech to central bank president's in Wyoming. Keep in mind Bernanke is telling his own opinion about the economy's outlook and making his own recommendations. This does not mean the Federal Open Market Committee has to accept or enact. The speech will heavily monitered for any sign the Fed plans another quantitative easing measure, known as QE3.
World Markets=Lower.

 

FWIW: Yesterday, the Funds bought 4,000 corn contracts, sold 3,000 soybean contracts, and bought 3,000 wheat contracts. This afternoon, the CFTC will release its weekly report on the Funds' activity since the preceding Tuesday.
 
 
More in a minute,
 
Mike

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6 Replies
highyields
Senior Contributor

Re: From the floor August 26

Does anyone want to bet on who bought that corn?   I'm thinking the Chinese. 

 

Evidently someone thought that $7.50 corn was cheap.    Good Grief................

 

 

 

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rightone
Senior Contributor

Re: From the floor August 26

Doubt it is china ( they get alot of "supposedly" rumors comped that way on corn and really do not buy much at all ).

 

usda reports that a buyer 2011/012 ? heck that might be a rumor too.  ( Just the setup for next week"s "paper down" corn game )  

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teaspoon73
Senior Contributor

Re: From the floor August 26

          With 9 hedge funds on the pro farmer tour, I wonder who is buying corn and beans today. Maybe they should of let everyone know this morning. Next year call it the pro hedge fund tour.  The limit is 40 cents isn't it?

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teaspoon73
Senior Contributor

Re: From the floor August 26

  If you are a foriegn buyer with a strong currency 7.50 corn is cheap. If you want to maintain stability in your home country and yourself in power, 7.50 corn is cheap. Heck, all they have to do is look at the Arab world around the Mediteranian Sea, 8.00 dollar corn looks cheap!

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rightone
Senior Contributor

Re: Your assumption seems

to be that they over there are the exact same living diametric as the good ole usa.

 

It's rice, wheat, soy and meat/cheese protiens that drive the dietary World for the "other half."

 

Why buy corn in the 7's when wheat is the same $? 

 

Comparitively to any and ALL other agri products, corn right now is the WORST buy there is for most foriegners. ( that might be why corn exports suck, btw ).

 

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highyields
Senior Contributor

Re: From the floor August 26

For all honestly what good does that crop tour do any farmer??   It gives the market a different set of eyes rathe then the USDA, I guess.  

 

 

9 hedge funds, I guess they must be thinking corn is a good buy again.  

 

 

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