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Community Manager
marketeye
Posts: 2,894
Registered: ‎05-03-2010
0

Floor Talk November 25

[ Edited ]

At the close:

All farm markets closed lower Friday.

 

Mike

------------

At 10am:

Corn and wheat turn higher Friday. Soybeans are lower.

 

Mike

-----------

At the open:

The Dec. corn futures opened 3/4 of a cent higher at $5.88. The Jan. soybean contract opened 6 1/4 cents lower at $11.16 1/2. The Dec. wheat futures opened 2 1/4 cents higher at $5.81. The Jan. soymeal futures opened $0.80 per short ton higher at $283.70. The Jan. soyoil futures opened $0.38 lower at $48.92. 


In the outside markets, the NYMEX crude oil is $0.70 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 97 points.

 

Mike

-----------

At 9:10am:

Tom White, FutureRoad.net analyst and corn pit floor trader says, "We are neutral for today.  The market was choppy on Wednesday and did not follow through on the downside in spite of weakness in correlated markets.  We still eventually expect to trade below the October low to complete a fifth wave but do not have an opinion that it can happen today."

 

At the open:

The Dec. corn futures opened 3/4 of a cent higher at $5.88. The Jan. soybean contract opened 6 1/4 cents lower at $11.16 1/2. The Dec. wheat futures opened 2 1/4 cents higher at $5.81. The Jan. soymeal futures opened $0.80 per short ton higher at $283.70. The Jan. soyoil futures opened $0.38 lower at $48.92. 


In the outside markets, the NYMEX crude oil is $0.70 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 97 points.


Mike

--------------

At 8:50am:

USDA Weekly Export Sales Friday were mostly bullish.

 

Corn=350,000 mt vs. the trade's expectations of between 300-600,000 mt.

Soybeans=921,600 mt compared to the trade's expectation of 500-900,000 mt.

Wheat=614,500 mt vs. the trade's expectations of 300-500,000 metric tons.

 

--Argentina is releasing 1.4 million metric tons of wheat for export next week.

--China's November soybean imports are estimated at 5.63 mmt, up 48% on-month.

--China's December soybean imports are seen at 4.2 million metric tons.

 

Mike

-----------------

 

At 8:40am:

Early calls: Corn 3-5 cents lower, soybeans down 12-14 cents, and wheat down 2-4 cents.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.34 lower.
Dollar=Higher. 
Wall Street=Lower on more European debt worries. 

World Markets=Mostly lower.

 

More in a minute,

 

Mike

Advisor
rayjenkins
Posts: 606
Registered: ‎05-13-2010
0

Re: Floor Talk November 25

Pretty quiet out here in the hinterlands today......dumping trucks at both plants so there is a little phone traffic regarding logistics, but that is just about it......expecting 365 trucks in Eddyville and 100 in Cedar Rapids.....just another day to keep the processing area fed and running at 100%...

 

Mike....tell those folks in Chicago to get those futures settled quickly---so we can head for the hills by 1PM !!

Veteran Advisor
Jim Meade / Iowa City
Posts: 2,311
Registered: ‎04-30-2010
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Re: Floor Talk November 25

What to do?  I don't need any cash flow until after the first of the year.  My bins are bolted.  I've seen the carry-out and since I have my own storage I can and likely will store for quite a while.  Yes, that makes me a pure speculator.  Yes, I wish I'd sold more earlier, but that was then and this is now.  Buers want it?  Pay up for it or out last me.

Community Manager
marketeye
Posts: 2,894
Registered: ‎05-03-2010
0

Re: Floor Talk November 25

Jim,

 

I'm hearing U.S. farmer-selling could stay slow until February. I guess at that time the market will have a better handle on South America's crop. We will also know just how much second-crop corn Brazil will plant. I'm hearing you can't find corn seed already in southern Brazil.

 

I call this period the great stand-off at the 'ole K Corral.  Good luck.

 

Mike

Veteran Advisor
Mizzou_Tiger
Posts: 2,183
Registered: ‎11-02-2010
0

Re: Floor Talk November 25

Hi Mike.....fantastic day yesterday, 60's and sunny, felt like October...

Looks like exports continue to be good......see updated post about shipments, they are near target too....

EU has to decide soon how important a game of chicken really is.......do you put out the fire or let it burn for insurance.....not sure insurance will pay too well and the fire is reaching critical mass......

Going into a depression in a socialist society is never good....and when that depression is driven by a game of chicken brought on by socialist ideology....well you get the picture.....

Looks like black friday early reports are good.......not saying the US has room to brag about things......but our economy and consumer is not dead...
Senior Contributor
425Cat
Posts: 1,177
Registered: ‎05-14-2010
0

Re: Floor Talk November 25

Stay strong Jim don't let the bears were ya down. Maybe grain is a good thing to own right now if you don't need the cash. After all is cash money really safe anywhere.??

Community Manager
marketeye
Posts: 2,894
Registered: ‎05-03-2010
0

Re: Floor Talk November 25

Some experts say Europe will need to go into a recession before the swing upward starts. Isn't that the same as hitting rock-bottom?

 

Mike

Senior Contributor
vrbuck
Posts: 583
Registered: ‎05-13-2010
0

Re: Floor Talk November 25

as of 11-17-11 corns year to date export inspection totals 322,958.  Last years compaired inspection was 385,004, totals in 1000 of a bushell. inspections are lagging by 16 percent from last year.

Advisor
time:thetippingpoint
Posts: 469
Registered: ‎05-20-2010
0

Re: Floor Talk November 25

Vince you really should stop trying to question the hype by presenting hard facts. It just isn't much fun to focus on facts. :-)

btw...congrats on a GREAT marketing call on the timing! Plus you actually post about price risk and not just fears. Thanks. All those "risky" hedges we had in place last summer are starting to seem a little less risky.

Senior Contributor
vrbuck
Posts: 583
Registered: ‎05-13-2010
0

Re: Floor Talk November 25

The old saying is "A little bit of knowledge is dangerous" well In my case the small amount of knowledge I have is lethal. 
Some peoples small amount of knowledge is dangerous to themselves.  Ken is the old group still open?