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marketeye
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Floor Talk December 18

[ Edited ]

In early trading:

The Dec. corn futures contract is trading 1/4 of a cent lower at $4.26. The March soybean futures contract is trading 1/4 of a cent lower at $13.34. March wheat futures are 3 1/4 cents lower at $6.16 per bushel. The March soymeal futures contract is trading $1.20 per short ton lower at $435.40. The March soyoil futures are trading $0.03 higher at $39.66.
In the outside markets, the NYMEX Brent crude oil is $0.08 per barrel higher, the dollar is higher and the Dow Jones Industrials are 56 points lower.

 

Mike

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At 8am:

Jeff Coleman, The Trean Group analyst and CME Group floor trader, offers these last minute thoughts on the upcoming day's market:   "he big three grain markets traded as expected in the overnight session with corn and soybean futures trading higher while wheat futures continue to set new contract lows. March corn futures are just about unchanged this morning after trading in a very narrow 2 cent range overnight on sparse volume. Today’s ethanol report could provide some spark for the corn complex as traders continue to keep corn futures in a tight range. January soybean futures are 2.5 cents higher this morning after opening lower and trading 8.5 cents lower before technical buying from Europe kicked in. Weather concerns for Argentina seem to be providing support for the soybean complex. March Chicago wheat futures are another 2 cents lower this morning as the slide continues," Coleman says.

 

 

Mike

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At 7:45am:

Early calls: Corn is seen 1-2 cents lower to 1-2 cents higher, soybeans 1-2 cents higher, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Brent Crude Oil=$0.27 per barrel lower.
Dollar=Higher.

Wall Street=Seen higher, with U.S. housing starts and building permits higher than expected. The FOMC meeting ends this afternoon.

World Markets=Asia/Pacific stocks were higher, Europe stocks higher.

 


More in a minute,

 

Mike