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10-18-2016 07:02 AM - last edited on 10-18-2016 01:33 PM by marketeye
At the close:
At the close, the Dec. corn futures settled 1/4¢ lower at $3.53 3/4 while March futures finished 1/2¢ lower at $3.63 1/2 per bushel. Nov. soybean futures ended 5 3/4¢ lower at $9.72 1/2, while Jan. soybean futures closed 4 3/4¢ lower at $9.81 1/4. Dec. wheat futures settled 3 3/4¢ lower at $4.20. Dec. soymeal futures finished $0.10 short ton lower at $303.40. Dec. soyoil futures closed $0.37 lower at 35.07¢ per pound. In the outside markets, the Brent crude oil market is $0.11 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 90 points higher.
At mid-session, the Dec. corn futures are 2 1/2¢ higher at $3.56 while March futures are 2¢ higher at $3.66 per bushel. Nov. soybean futures are 6 1/4¢ higher at $9.84, while Jan. soybean futures are 6 1/2¢ higher at $9.92. Dec. wheat futures are 1/4¢ lower at $4.23. Dec. soymeal futures are $4.40 short ton higher at $307.90. Dec. soyoil futures are $0.24 lower at 35.20¢ per pound. In the outside markets, the Brent crude oil market is unchanged, the U.S. dollar is higher, and the Dow Jones Industrials are 97 points higher.
Also, USDA Tuesday announced huge fresh soybean sales to China.
Private exporters reported to the U.S. Department of Agriculture export sales of 706,500 metric tons (26.0 million bushels) of soybeans for delivery to China during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1.
In early trading:
At 9am, the Dec. corn futures are 1/2¢ higher at $3.54 while March futures are 1/2¢ higher at $3.64 per bushel. Nov. soybean futures are 3/4¢ higher at $9.79, while Jan. soybean futures are 1 1/4¢ higher at $9.87. Dec. wheat futures are 2 3/4¢ lower at $4.21. Dec. soymeal futures are $1.90 short ton higher at $305.40. Dec. soyoil futures are $0.35 lower at 35.09¢ per pound. In the outside markets, the Brent crude oil market is $0.18 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 75 points higher.
Wheat futures were lower overnight as investors took profits after a runup to the highest in almost four months. Fundamentally, nothing has changed -- the USDA last week lowered its outlook for inventories and its apparently pretty dry in winter wheat country even after a lot of rain fell over the summer, so some growers are dusting in their crops. Corn and beans were both up less than a penny in overnight trading.
Here's what happened overnight:
Brent Crude Oil = 0.7% higher.
West Texas Intermediate Crude Oil = 0.8% higher.
Dollar = down 0.1%.
Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks higher on rising oil.