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marketeye
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Floor Talk October 28

[ Edited ]

VIDEO: See Why Farmers Like the Marketing Academy

 

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At the close:

The Dec. corn futures contract closed 9 cents lower at $4.30. The Nov. soybean futures contract settled 28 cents lower at $12.71. Dec. wheat futures ended 9 cents lower at $6.81 per bushel. The Dec. soymeal futures contract closed $8.80 per short ton lower at $414.70. The Dec. soyoil futures closed $0.37 lower at $40.36. 


In the outside markets, the NYMEX crude oil is $0.76 per barrel higher, the dollar is higher and the Dow Jones Industrials are 24 points higher.

 

Mike

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At mid-session:

The Dec. corn futures contract is trading 9 cents lower at $4.30. The Nov. soybean futures contract is trading 22 cents lower at $12.78. Dec. wheat futures are 6 3/4 cents lower at $6.84 per bushel. The Dec. soymeal futures contract is trading $8.20 per short ton lower at $415.30. The Dec. soyoil futures are trading $0.21 lower at $40.52. 


In the outside markets, the NYMEX crude oil is $0.54 per barrel higher, the dollar is higher and the Dow Jones Industrials are 8 points higher.

 

Mike

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At 10:25am;

Soybeans are still down double-digits, Monday. One analyst is scratching his head, after fresh demand showed up this morning.

He says, "It's interesting that we are so low even with the good demand.  Maybe some farmers delivered or something.  I have heard that planting progress is about normal in Brazil.  Plus the weather there is good.  And, I am longer term bearish, but not really expecting a dive like this today."

 

Meanwhile, Jim Bowers, Bowers Trading Inc. says 'big' money leaving and active farmer bean sales hurt today's trade. "Grains are steady to lower as I write and as with most other commodities are trading on very low volume, as the "HOT" monies continue to flow towards equities.
 
This flow will likely continue as long as the returns on stocks outperforms, at least until the door slams shut and escape routes are blocked, but it will happen eventually," Bower says in a morning newsletter to customers.

 

Mike

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At the open:

The Dec. corn futures contract is trading 3 cents lower at $4.37. The Nov. soybean futures contract is trading 15 cents lower at $12.85. Dec. wheat futures are 4 cents lower at $6.86 per bushel. The Dec. soymeal futures contract is trading $6.10 per short ton lower at $417.40. The Dec. soyoil futures are trading $0.05 higher at $40.78. 


In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher and the Dow Jones Industrials are 12 points lower.

 

Mike

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At 8:20am:

 

USDA announces that an unknown buyer purchased 115,000 tons of U.S. soybeans and 103,600 tons of U.S. corn for 2013-14 delivery Monday.

 

Mike

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At 8:15 am:

Early calls: Corn is seen 1-2 cents lower, soybeans 7-9 cents lower, and wheat 2-4 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.36 per barrel lower.
Dollar=Higher.
Wall Street=Seen trading flat.

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

 


More in a minute,

 

Mike