Reply
Community Manager
marketeye
Posts: 3,034
Registered: ‎05-03-2010
0

Floor Talk October 15

[ Edited ]

At the close:

The Dec. futures corn contract closed 15 cents lower at $7.37. Nov. soybean futures contract finished 30 cents lower at $14.92. Dec. wheat futures settled 8 cents lower at $8.48 1/4 per bushel. The Dec. soyoil futures contract finished $0.66 lower at $50.01. The Dec. soymeal futures contract settled $9.10 per short ton lower at $456.10.


In the outside markets, the NYMEX crude oil is $0.01 per barrel lower, the dollar is lower and the Dow Jones Industrials are 107 points higher.

 

Mike

---------

At mid-session:

The Dec. futures corn contract is trading 17 cents lower at $7.35. Nov. soybean futures contract is trading 31 cents lower at $14.91. Dec. wheat futures are trading 12 cents lower at $8.44 per bushel. The Dec. soyoil futures contract is trading $0.92 lower at $49.75. The Dec. soymeal futures contract is trading $9.00 per short ton lower at $456.20.


In the outside markets, the NYMEX crude oil is $0.80 per barrel lower, the dollar is lower and the Dow Jones Industrials are 82 points higher.

 

One analyst says, "The lower trading is mostly follow through spec-selling and not tied to much more than chart patterns.  The Chinese economic data was not so bad over the weekend and there is little on offer in the country now. But, the CFTC weekly reports still show a big spec-long and they are getting pushed out.  Overall, the markets are still looking for the harvest low and also looking for demand," he says.  
He adds, "There is a lot of talk of great bean yields out there, and the ones I get from my farmers are pretty impressive, much better than the corn.".

 

Mike

----------

At the open:

The Dec. futures corn contract is trading 9 cents lower at $7.43. Nov. soybean futures contract is trading 26 1/2 cents lower at $14.96. Dec. wheat futures are trading 6 1/4 cents lower at $8.50 per bushel. The Dec. soyoil futures contract is trading $0.1.02 lower at $49.65. The Dec. soymeal futures contract is trading $8.10 per short ton lower at $457.10.


In the outside markets, the NYMEX crude oil is $1.64 per barrel lower, the dollar is lower and the Dow Jones Industrials are 30 points higher.

 

Mike

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

At 8am:

No fresh export sales reported Monday, as the market eyes demand potential this week.

--There is trade discussion that China bought 3-5 cargoes of U.S. soybeans over the weekend.

--The trade sees this afternoon's Crop Progress Report showing 75%-82% of the corn and soybean crops harvested.

--Rumors of South American corn imported to the U.S. late last week have not been confirmed. But, the market is down, overnight, partially due to the rumor.

--NOPA soybean crush for September announced Monday is 119.732 million bushels, down 5.0 mill. bu. from a month ago.

 

Mike

----------

At 7:00am:

Early calls:  Corn 13-15 cents lower, soybeans 25-27 cents lower, and wheat 10-11 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading sharply lower.
Crude Oil=$0.26 per barrel lower.
Dollar=Lower.
Wall Street=Seen opening higher ahead of retail sales data and Citigroup earnings.

World=Higher.

 


More in a minute,

 

 

Mike

Community Manager
marketeye
Posts: 3,034
Registered: ‎05-03-2010
0

Re: Floor Talk October 15

I wanted to take a moment to thank everyone for attending the Marketing Meet-up on Thursday. We enjoyed the mostly informal meeting. We had a nice gathering of Marketing Talk members, as discussed in other posts. Clear Lake, Iowa seemed like a good site for most. Some new friends were made and old ones reacquainted.

 

I'm biased, but I thought the market-related information was very interesting. From marketing thoughts on the USDA numbers to the Brazilian production and infrastructure update, (and the dinner was good too), there was something for everyone.

 

Let's do it again, sometime. And a special thanks to those in attendance that shared their stories about their farms and their conditions in their neck-of-the-woods. It always helps when people come to share. This meeting went over well, because people stepped up and offered their thoughts for discussion purposes.

 

I will say that it seemed folks were cautiously optimistic on the future of prices. No real big bulls or big bears in the room.

 

Thanks again,

 

Mike

 

 

Contributor
winger667304
Posts: 28
Registered: ‎05-17-2010
0

Re: Floor Talk October 15

Can we get someone to start a rumour that those sales fell through and new sales are on the books with China, Russia and India.

Esteemed Advisor
Hobbyfarmer
Posts: 3,636
Registered: ‎01-10-2012
0

Re: Floor Talk October 15

Mike: I've been to other things promoted as what you did Thurs and you and the crew did a very good job of having a variety and no blatant sale pitches by the speakers.

 

There was a lot more variety of info at that meeting than most have that cost money to attend.

 

It was also nice to get to meet some of the people behind the keyboards.

 

One of them came a day early and spent some time with me here in south Podunk Country. Would not have had that opportunity without your meeting as a draw.

 

The meal afterwards was quite a bonus, I had no idea that was going to happen... Thank you.

 

To the ones that could have but didn't... you missed something.

 

First class all the way. You have another one with in a few hundred miles and you can count me in unless I'm in Iceland or Hawaii or something. :smileyhappy:

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Senior Contributor
p-oed Farmer
Posts: 396
Registered: ‎05-04-2010
0

Re: Floor Talk October 15

[ Edited ]

Mike..... From my perspective I find the thought of corn being imported into the US as a good thing..... It tells me that these end users are NOT going to quite and we are NOT going to "Destroy" demand...... FWIW.......p-oed 

This information is worth what you payed for it...... :~)
Community Manager
marketeye
Posts: 3,034
Registered: ‎05-03-2010
0

Re: Floor Talk October 15

You bet, Hobbyfarmer. Thanks for your input and especially your comment about farming 'marginal marginal' ground. And, yes, it's always neat to see Marketing Talk folks strike up friendships. Great ideas are popping up for the next one. There is growing interest for these types of meet-ups.

 

Mike

Senior Advisor
kraft-t
Posts: 10,703
Registered: ‎05-10-2010
0

Re: Floor Talk October 15

You mean you didn't have any duels to settle differences between marketing gurus?

Esteemed Advisor
Hobbyfarmer
Posts: 3,636
Registered: ‎01-10-2012
0

Re: Floor Talk October 15

We all showed up as students NOT teachers.

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Esteemed Advisor
sw363535
Posts: 4,227
Registered: ‎07-18-2011
0

Re: Floor Talk October 15

Kraft,

Good time management.  No one was allowed time to "mark territory".   :smileyhappy:   

 

humor intended.

sw
Veteran Contributor
sixtysixx
Posts: 66
Registered: ‎01-05-2012
0

Re: Floor Talk October 15

yeah I gotta agree with p-oed, the only thing better is load them up with soybeans and send em back.