News From The Grain Floor 8/22/14

Good morning.

 

“If I got to this age it’s because I’ve lived a lot, that’s all.”

Jose Aguinelo dos Santos – turned 126 years old last week… oldest living man ever documented

 

I apologize for the abbreviated letter this morning. I am running late due to flooding by my house.

 

USDA announced 120,000 tons US new crop beans sold to China

 

September options expire today at 115 pm CST

 

ProFarmer final estimates/results come out today at 130 pm CST.

 

Overnight closes

  • SX up 3 ¾ at 1041 ¾
  • CZ up a ¼ at 369 ¼
  • WZ up 5 ¼ at 560 ¾
  • KC WZ up 5 ¾ at 638
  • MWZ up 6 at 629
  • SMZ up 3.20 at 349.70
  • BOZ down 23 at 3288

 

Overnight volume

  • SX 10,733
  • CZ 13,379
  • WZ 5,213
  • KC WZ 904
  • MWZ 357
  • SMZ 6,318
  • BOZ 10,328

 

Opening calls

  • Beans 3-5 higher
  • Corn steady better
  • Wheat 4-6 higher
  • KC wheat 4-6 higher
  • Minneapolis 5-7 higher
  • Meal 3-4 higher
  • Bean oil 20-40 lower

 

 

Dollar , gold, silver higher. Stock market and crude lower.

 

Ukrainian president said more than 100 Russian trucks crossed into Ukraine without checks by Ukrainian customs or border guards.

 

Ukraine president said entry of Russian aid convoy is in “violation of international law”

 

Final day results from ProFarmer crop tour

  • Estimated Iowa corn yield at 178.75 BPA vs. 171.94 BPA a year ago and vs. 3 year average of 157.94 BPA
  • Estimated Iowa average bean pod count at 1,173.59 pods vs. 927.30 pods a year ago and vs. 3 year average of  1,049.68 pods
  • Estimated Minnesota corn yield at 170.76 BPA vs. 181.09 BPA a year ago and vs. 3 year average of 171.07 BPA
  • Estimated Minnesota average bean pod count at 1,031.54 pods vs. 869.42 pods a year ago and vs. 975.99 pods 3 year average

 

Open interest as of yesterday’s close

  • Total corn 1,314,773 open, down 669
  • Total beans 650,533 open, up 4,379
  • Total meal 322,832 open, up 892
  • Total bean oil 355,562 open, down 931
  • Total wheat 410,492 open, down 7,393
  • Total KC wheat 139,639 open, down 421

 

Upcoming reports/events

  • Weekly COT report comes out today at 230 pm CST

 

Data sources: DowJones , Bloomberg, Reuters , DTN news, barchart.com and CME Group, NYSE