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Community Manager
marketeye
Posts: 3,187
Registered: ‎05-03-2010
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Floor Talk November 14

[ Edited ]

After the close:

 

According to EIA data, ethanol production averaged 927,000 barrels per day (b/d) — or 38.93 million gallons daily. That is up 25,000 b/d from the week before and the highest since February 2012. The four-week average for ethanol production stood at 909,000 b/d for an annualized rate of 13.93 billion gallons, according to the Renewable Fuels Association news release Thursday.

Stocks of ethanol stood at 15.2 million barrels. That is a 0.1% decrease from last week.

 

 

Mike

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At the close:

The Dec. corn futures contract closed 3 1/4 cents lower at $4.26. The Nov. soybean futures contract ended 1 1/2 cents lower at $13.13. Dec. wheat futures are 3/4 of a cent lower at $6.44 per bushel. The Dec. soymeal futures contract settled $1.30 per short ton higher at $424.60. The Dec. soyoil futures are trading $0.01 higher at $40.97.
In the outside markets, the NYMEX crude oil is $0.06 per barrel lower, the dollar is higher and the Dow Jones Industrials are 55 points higher.

 

Mike

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At mid-session:

The Dec. corn futures contract is trading 1 1/4 cents lower at $4.28 1/2. The Nov. soybean futures contract is trading 1/4 of a cent lower at $13.14. Dec. wheat futures are 2 1/2 cents higher at $6.48 per bushel. The Dec. soymeal futures contract is trading $0.80 per short ton lower at $422.50. The Dec. soyoil futures are trading $0.19 higher at $41.15.
In the outside markets, the NYMEX crude oil is $1.27 per barrel lower, the dollar is higher and the Dow Jones Industrials are 33 points higher.

 

One analyst sizes up today's market activity like this: "Not much happening here today.  Corn waiting on EPA and beans and SBO got support from the India buying.  Supposed to be some farm selling in beans but I have not seen it.  Wheat up on ideas Brazil bought another 60,000 tons of HRW yesterday and waiting on Egypt.  Some short covering going on the lower prices in corn, beans as I say not a lot of selling interest on big demand ideas.  That might be the big feature in beans.  I think I am most interested in buying wheat as it is near a support area now and the demand seems to be picking up.  Black Sea prices are firming, maybe eu is cheaper now!  Wow!  The problems with the storm in Philippines and such supporting palm oil a bit and maybe a bit in soybean oil, and also rice.  Not a super active day," he says.

 

Mike

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At 10:35am:

Corn remains slightly lower, soybeans slightly higher.

 

Mike

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At the open:

The Dec. corn futures contract is trading unchanged at $4.29 3/4.. The Nov. soybean futures contract is trading 4 1/4 cents lower at $13.10. Dec. wheat futures are 3 3/4 cents higher at $6.49 per bushel. The Dec. soymeal futures contract is trading $1.70 per short ton lower at $421.60. The Dec. soyoil futures are trading $0.18 higher at $41.14.
In the outside markets, the NYMEX crude oil is $0.21 per barrel higher, the dollar is higher and the Dow Jones Industrials are 11 points higher.

 

Mike

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At 8am:

 

--USDA announces Thursday that India bought 40,000 tons of U.S. soybean oil. That's right, INDIA!

 

When was the last time India bought from the U.S.?

 

Hmm......I once traveled to South America with the American Soybean Association. I believe it was like 2007. Those commodity group leaders were trying to convince Brazil, Argentina and Paraguay soybean leaders to join forces with North America to get the Indian market open. Maybe the fruits of that labor is finally cracking that market. I wouldn't say a 40,000 ton purchase can be used to call the market wide open. But, the buying has to start at some level. What do you think?

 

Mike

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At 7:45am:

China is on pace to import a record amount of soybeans this year, the President of the Dalian Exchange says. The Dow Jones Newswire story indicates that China could import 66.0 million metric tons.

 

What do you think? Is this posturing, probable, or pie-in-the-sky thinking?

 

Meanwhile:

--Japan bought 129,445 tons of milling wheat, some U.S. Thursday.

--S. Korea's largest feed manufacturer canceled two 70,000 ton tenders for U.S. corn this week. Why? The price of the corn is too high.

--Ukraine's grain exports, between July 1-Nov. 13, are estimated at 11.06 million tons, up 8% vs. a year ago.

 

What are we learning here?

 

Mike

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At 7:00am:

Early calls: Corn is seen 1-2 cents higher, soybeans 3-5 cents lower, and wheat 4-6 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.34 per barrel lower.
Dollar=Higher.

Wall Street=Seen mxed

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

 


More in a minute,

 

Mike

Veteran Advisor
c-x-1
Posts: 3,259
Registered: ‎06-26-2012
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Re: Floor Talk November 14

Mike,

I don't think China importing 66 mmt is out of reach. heck, they've already bought at least 20 from US so far.

 

something happened last yr that gave them a trigger or wake up call.....to replenish + then some, on their stockpiles.

 

remember, China's intelligent: they KNOW food is the most valuable commodity/currency in the world.

-other countries (aheh, ahem) simply haven't awakened yet.