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Community Manager
marketeye
Posts: 3,090
Registered: ‎05-03-2010
0

Floor Talk October 24

[ Edited ]

At the close:

The Dec. corn futures contract closed 2 1/2 cents lower at $4.40. The Nov. soybean futures contract finished  1/4 of a cent lower at $13.09. Dec. wheat futures finished 5 1/4 cents lower at $6.96 per bushel. The Dec. soymeal futures contract ended $4.60per short ton higher at $426.00. The Dec. soyoil futures finished $0.37 lower at $41.13. 


In the outside markets, the NYMEX crude oil is $0.29 per barrel higher, the dollar is lower and the Dow Jones Industrials are 113 points higher.

 

 

Mike

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

At 12-Noon:

Markets remain mixed. One analyst describes the action like this:

"Been a quiet day today as far as I can tell.  Sure has been for me.  The strong export sales, especially for corn got a big yawn from the trade.  I think we had heard so many rumors of big business over the last few weeks with the government closed that we created a buy the rumor and sell the fact situation in corn.  Beans are bull spread and the market needs beans.  Probably getting some, but not quite enough.  Farmers back out on harvesters and going after the last of the beans now.  Not heard of much disappointment in yields so far today, but I know I got a couple of disappointed farmers, so there is some variability.  The failure of Soybeans to take out the highs of yesterday is worth watching into the close.  You want to se the rally extend and so far not happening.  Corn and wheat not acting real strong at all, we might have a down day tomorrow," he says.

 

 

Mike

---------

At mid-session:

The Dec. corn futures contract is trading 3 cents lower at $4.39. The Nov. soybean futures contract is trading 4 1/2 cents higher at $13.14. Dec. wheat futures are 2 cents lower at $6.99 per bushel. The Dec. soymeal futures contract is trading $5.20 per short ton higher at $426.60. The Dec. soyoil futures are trading $0.18 lower at $41.32. 


In the outside markets, the NYMEX crude oil is $0.43 per barrel lower, the dollar is lower and the Dow Jones Industrials are 86 points higher.

 

Mike

----------

At the open:

The Dec. corn futures contract is trading 1 cent lower at $4.41. The Nov. soybean futures contract is trading 3/4 of a cent higher at $13.10. Dec. wheat futures are 4 cents lower at $6.97 per bushel. The Dec. soymeal futures contract is trading $1.80 per short ton higher at $423.20. The Dec. soyoil futures are trading $0.21 lower at $41.59. 


In the outside markets, the NYMEX crude oil is $0.16 per barrel lower, the dollar is lower and the Dow Jones Industrials are 25 points higher.

 

Mike

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

At 8am:

 

USDA announces Thursday that Mexico bought 210,000 tons of U.S. corn for 2014-15 delivery.

 

 

Big Buy

 

Mike

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

At 7:30am:

USDA Weekly Export Sales Report:

 

Corn= 1.34 million tons

 

Soybeans= 947,800 tons

 

Wheat=  653,600 tons.

 

Mike

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

At 7am:

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

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.35 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading higher, with China reporting higher factory data.

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

 


More in a minute,

 

Mike

Community Manager
marketeye
Posts: 3,090
Registered: ‎05-03-2010
0

Re: Floor Talk October 24

Frost on the pumpkin in Iowa, this morning. I'm not sure how hard of a frost and whether there would be any damage to anything. But, she dipped down last night.

 

Mike

Advisor
rayjenkins
Posts: 668
Registered: ‎05-13-2010
0

Re: Floor Talk October 24

frost didn't slow anybody in SE Iowa this morning...

 

102 trucks at 9am, on our way to 300+

 

been a smooth month....6,160 trucks with 6.5 myn bushels so far.....

 

Ray J

 

 

Community Manager
marketeye
Posts: 3,090
Registered: ‎05-03-2010
0

Re: Floor Talk October 24

Ray,

 

Thanks for the info on the truck count. Interesting. What do you think about the pace of harvest? In other words, do you get the sense that the soybean harvest will be over soon and the corn harvest over before Thanksgiving, in your area? I'm curious if the market will be able to put to rest any harvest weather factors in the next few weeks. I'm hearing some farmers say they are a month behind in their harvest schedule.

 

 

Thanks,

 

Mike

Advisor
rayjenkins
Posts: 668
Registered: ‎05-13-2010
0

Re: Floor Talk October 24

While Iowa was projected on Monday's report at 35% corn harvested, the SE crop district was 60%.......reflecting the fact the corn was maturing faster than bulk of the state, AND the fact that a lot of processing assets were "forcing the issue" , ourselves included to keep corn coming to the plant

 

with a lot of front end demand chewing through corn, I question if a logistical issue can really happen this year.....farmers are very reluctant sellers and basis levels are surprisingly strong.....dry mill ethanol plants have excellent margins right now, too and are paying the piper to keep running at full rate

 

 

Advisor
c-x-1
Posts: 3,136
Registered: ‎06-26-2012
0

Re: Floor Talk October 24 -- great stuff!

[ Edited ]

good material:

 

 

Senior Contributor
jennys_mn
Posts: 616
Registered: ‎07-19-2010
 
0
 

Re: Harvest Update

A couple guys stopped combining early because of some light snow flurries - just enough sticking to the corn that the corn head had snow built up on it as they were harvesting. Most of the corn we took in yesterday was in the 25 - 27% area. Test weights mainly around 54 or so. Had one load early this morning, moisture was good at 17%, but test weight was only 48. It looked OK as a sample. One of the other gals had a 12% sample yesterday off the field - didn't say what the test weight was though. Haven't had a chance to chat with anyone about yield. Just been trying to stay caught up :smileywink:

Jen
 
Senior Contributor
Wrestler
Posts: 186
Registered: ‎01-19-2013
 yesterday
Jen

You do understand that test weights increase as corn dries don't you?? I suspect you don't and posting drivel again.
Veteran Advisor
jennys_mn
Posts: 1,266
Registered: ‎07-19-2010
0

Re: Floor Talk October 24

Mad Dog- I'm simply stating what I saw coming across the scale. If this corn all turned into #1 corn when is was dried, there would be no reason to discount this stuff to the producer. And what - the 48# stuff at 17% is going to come out at 56? Right - Keep swatting the flies and ESABATM - that's what I suspect your really good at.

Jen
Senior Contributor
Wrestler
Posts: 208
Registered: ‎01-19-2013
0

Re: Floor Talk October 24

C-x-1

Post something worthwhile. Trying to stir the pot is childish. You have been owned. Go back to school kid. Or better yet copy and paste something worthwhile.
Veteran Advisor
jennys_mn
Posts: 1,266
Registered: ‎07-19-2010
0

Re: Floor Talk October 24

Here's a Paste for ya - Mad Dog Wrestler - now we just need to hear the flies...

 

Jen

Senior Contributor
Wrestler
Posts: 208
Registered: ‎01-19-2013
0

Re: Floor Talk October 24

You mean post. Sold the farm and posting on an Ag site. Zero credibility.




















worthwhile.