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Community Manager
marketeye
Posts: 2,893
Registered: ‎05-03-2010
0

Floor Talk September 13

[ Edited ]

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At the close:

The Dec. corn futures contract closed 7 cents lower at $4.59. The Nov. soybean futures contract settled 14 cents lower at $13.81. Dec. wheat futures finished 11 cents lower at $6.41 per bushel. The Dec. soymeal futures finished $4.40 per short ton lower at $442.80. The Dec. soyoil futures settled $0.47 lower at $42.56. 


In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is unchanged and the Dow Jones Industrials are 65 points higher.

 

Mike

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At mid-session:

The Dec. corn futures contract is trading 2 cents lower at $4.64. The Nov. soybean futures contract is trading 1 cent lower at $13.94. Dec. wheat futures are trading 6 cents lower at $6.47 per bushel. The Dec. soymeal futures are trading $0.90 per short ton higher at $426.10. The Dec. soyoil futures are trading $0.05 higher at $43.12. 


In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher and the Dow Jones Industrials are 37 points higher.

 

Mike

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At 8:45am:

I've been hearing from some Iowa farmers that are still scratching their heads over the USDA corn estimate released yesterday. One hog farmer even said, "Why was I paying so much for corn this past spring and summer if this corn crop is so good?" He's furious. He says the numbers don't add up.

 

A report like this sparks a lot of backyarditis. But, we have to move forward. What are the questions out there now?

 

--How long will the funds keep that long position?

--Is the pod count that high? And will it be reflected in the October Report.

--Do we not have or care about the prevent plant acres?

--Will local corn prices dip below $4 per bushel? I've been told it can't be produced for $5.00?

--If and when the soybean yield drops, can it go below 40 bu./acre?

--Will the South American farmers contact their seed dealer, today, and say, "Uh, it looks like I will need more soybean seed"?

 

 

What am I missing? Where am I going wrong?

 

Mike

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At the open:

The Dec. corn futures contract is trading 2 cents lower at $4.64. The Nov. soybean futures contract is trading 1 cent lower at $13.94. Dec. wheat futures are trading 6 cents lower at $6.47 per bushel. The Dec. soymeal futures are trading $0.90 per short ton higher at $426.10. The Dec. soyoil futures are trading $0.05 higher at $43.12. 


In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher and the Dow Jones Industrials are 37 points higher.

 

Mike

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At 7:10am:
Early calls: Corn is seen 1-2 cents lower, soybeans 1-2 cents lower, and wheat 3-5 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.08 per barrel lower.
Dollar=Higher.
Wall Street=Seen trading lower.

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

 


More in a minute,

 

Mike

Senior Contributor
giolucas
Posts: 1,053
Registered: ‎06-25-2010
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Re: Floor Talk September 13

Who said to trade your backyard?

Community Manager
marketeye
Posts: 2,893
Registered: ‎05-03-2010
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Re: Floor Talk September 13

You might not trade it, but isn't it curious that folks think the market should reflect what is going on outside of their kitchen window?

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,426
Registered: ‎04-29-2011

Re: Floor Talk September 13

If that's the case, the CBOT needs bigger kitchen windows.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Senior Contributor
tree fmr
Posts: 315
Registered: ‎06-04-2010
0

Re: Floor Talk September 13

Maybe the backyards are all planted to corn. Fringe acres!
Veteran Advisor
Shaggy98
Posts: 3,401
Registered: ‎06-19-2011
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Re: Floor Talk September 13

Does sweet corn in the back yard garden count?