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Veteran Contributor
Posts: 510
Registered: ‎09-09-2014
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Floor Talk October 3

[ Edited ]

FC Stone released updated 2017 yield estimates Tuesday.

 

Corn= 169.2 bushels per acre, higher than its 166.9 bpa in previous estimate in August.

 

Soybeans= 49.9 bpa, up from 49.8 bpa in its last report.

 

What say you? Are these numbers too high?

 

 

Mike

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At the close:

At the close, the Dec. corn futures finished 2¢ lower at $3.49 3/4, while March futures finished 2¢ lower at $3.62 1/4. Nov. soybean futures closed 2¢ lower at $9.55 1/4, Jan. soybean futures ended 1 3/4¢ lower $9.66. September wheat futures closed 3 1/2¢ higher at $4.48. Dec. soy meal futures settled $2.10 per short ton lower at $311.50. Dec. soy oil futures closed $0.20 higher at 32.75¢ per pound.  In the outside markets, the Brent crude oil market is $0.16 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 78 points higher.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 1 3/4¢ lower at $3.49 3/4, while March futures are 1 1/2¢ lower at $3.62. Nov. soybean futures are 1/4¢ higher at $9.57, Jan. soybean futures are 1/4¢ higher $9.68. September wheat futures are 2 3/4¢ higher at $4.47. Dec. soy meal futures are $0.30 per short ton higher at $313.90. Dec. soy oil futures are unchanged at 32.55¢ per pound.  In the outside markets, the Brent crude oil market is $0.24 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 64 points higher.

 

Mike

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At the open:

In early trading , the Dec. corn futures are 1¢ lower at $3.50 1/2, while March futures are 1¢ lower at $3.63. Nov. soybean futures are 1/2¢ lower at $9.56, Jan. soybean futures are 1/4¢ lower $9.67. September wheat futures are 3 1/4¢ higher at $4.48. Dec. soy meal futures are $0.20 per short ton higher at $313.80. Dec. soy oil futures are $0.05 lower at 32.50¢ per pound.  In the outside markets, the Brent crude oil market is $0.12 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 48 points higher.

 

Mike

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Corn and beans were slightly lower overnight on weak export inspections and harvest pressure. Corn was down a penny, beans lost about 2 cents and wheat was little changed. As everybody has pointed out since my wake up call yesterday, it's raining in the Midwest and likely will continue to do so throughout the week, which will mean further harvest delays. Corn export inspections totaled 782,346 metric tons, down from almost 1.5 million at the same time a year ago while soybean inspections were reported at 894,250 tons, below the 1.11 million the same week in 2016. 

 

Here's what happened overnight:

 

Brent Crude Oil = down 0.3%

West Texas Intermediate = down 0.3%

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks mixed overnight.

Advisor
Posts: 494
Registered: ‎08-31-2012
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Re: Floor Talk October 3

Tony - Mike:  a little perspective may be helpful when writing about export sales & inspections.

Before people get excited about large sales keep in mind that we are behind last year.

At least according to this source:

https://apps.fas.usda.gov/export-sales/soybeans.htm

https://apps.fas.usda.gov/export-sales/corn.htm

 

I'll bet somebody has a 3 or 5 year rolling average chart they could post as well.

 

 

 

 

Veteran Contributor
Posts: 510
Registered: ‎09-09-2014
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Re: Floor Talk October 3

Hey thanks LSC ... I put in the year-ago levels and in 3 Big Things noted the marketing-year-to-date inspections today. Appreciate the links!

Frequent Contributor
Posts: 44
Registered: ‎09-29-2016
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Re: Floor Talk October 3

Hold up a minute........It's raining in the Midwest?????? harvest delays??? Since when?  Yesterday no harvest delays planned for the week, now a sudden change.  Smiley Happy

 

Corn

ND-2% vs 11% average

SD-3% vs 19% average

MN-2% vs 15% average

 

Soybeans

ND-18% vs 43% average

SD-10% vs 37% average

MN-13% vs 40% average

 

These states are going to fall even further behind next week.

Veteran Contributor
Posts: 510
Registered: ‎09-09-2014
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Re: Floor Talk October 3

Hey now gimme some credit I admitted I shouldn't have put that in there! Smiley Happy

Advisor
Posts: 494
Registered: ‎08-31-2012
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Re: Floor Talk October 3

[ Edited ]

Tony = One other thing from yesterday that I was curious about:

"Dry weather is dominating the headlines as producers look to accelerate planting."

 

I'll be close to TX in a couple weeks so curious what to look out for??

Maybe the wife will spot another zebra in a stock trailer!!

Now that was funny.

 

 

Veteran Contributor
Posts: 510
Registered: ‎09-09-2014
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Re: Floor Talk October 3

Yeah just outside of Austin where we used to live there's a park where they raise all sorts of emus and zebras and ... other animals whose names I dont know. If you're going to be in Austin I can tell you all the hot spots. I do know Texas has great BBQ and amazing Tex Mex. Not much in the way of crop sightings here this time of year, but lots of livestock to see. Big longhorn farm right by the airport, too. 

Senior Contributor
Posts: 358
Registered: ‎05-16-2010

Re: Floor Talk October 3

Tony, I apologize for jumping you yesterday.  I should not take my frustration with the press out on you.  Sorry.

Veteran Contributor
Posts: 510
Registered: ‎09-09-2014

Re: Floor Talk October 3

No worries, don't apologize -- you were right and I was wrong. It's always good to be reminded that people are reading and I need to be on point every day. 

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Honored Advisor
Posts: 7,490
Registered: ‎07-18-2011
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Re: Floor Talk October 3

[ Edited ]

Tony you asked the question......... Yes those numbers are too high..... but the fantasy will go on like a bad soap opera, because no one will count it up....... The fringe will be ignored the drought in the north will be ignored.... The expansion in cotton over corn will be ignored..... the numbers will be the same....

 

I am not sure how the events will unfold but at some point we will finally stop ordering seed for 40 million acres....  and those that do social engineering will celebrate...

 

Then the producer will have a say in the market...