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Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Floor Talk September 20

[ Edited ]

At the close:

The Dec. futures corn contract settled 10 1/2 cents lower at $7.46. Nov. soybean futures contract finished 50 3/4 cents lower at $16.18. Dec. wheat futures finished 2 cents lower at $8.79 1/2 per bushel. The Dec. soyoil futures contract closed $1.20 lower at $54.05. The Dec. soymeal futures contract finished $17.20 per short ton lower at $483.10.


In the outside markets, the NYMEX crude oil is $0.16 per barrel higher, the dollar is higher and the Dow Jones Industrials are 17 points higher.

 

Mike

---------

At mid-session:

The Dec. futures corn contract is trading 10 3/4 cents lower at $7.45. Nov. soybean futures contract is trading 43 3/4 cents lower at $16.25. Dec. wheat futures are trading 5 cents lower at $8.76 per bushel. The Dec. soyoil futures contract is trading $1.48 lower at $54.77. The Dec. soymeal futures contract is trading $12.30 per short ton lower at $488.00.


In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher and the Dow Jones Industrials are 26 points lower.

 

Mike

--------

At the open:

The Dec. futures corn contract is trading 9 cents lower at $7.46. Nov. soybean futures contract is trading 21 cents lower at $16.48. Dec. wheat futures are trading 5 cents lower at $8.76 per bushel. The Dec. soyoil futures contract is trading $0.77 lower at $55.48. The Dec. soymeal futures contract is trading $5.50 per short ton lower at $494.80.


In the outside markets, the NYMEX crude oil is $0.44 per barrel lower, the dollar is higher and the Dow Jones Industrials are 27 points lower.

 

Mike

-----------

At 7:30am:

USDA announces weak Weekly Export Sales for corn, neutral bean data, and friendly wheat sales:

 

Corn=69,000 mt vs. the trade's expectations of between  corn 300,000-400,000 metric tons,

Soybeans=717,700 mt vs. the trade's expectations of between 600,000-800,000 mt.

Wheat=488,900 mt vs. the trade's expectations of between  300,000-400,000 mt.

Soybean meal=174,300 mt vs. the expected 125,000-200,000 mt.At 6:35am:

 

 

Mike

---------

USDA announces the Weekly Export Sales at 7:30, this morning. Here are the expectations from the trade:

 

Wheat= 300,000-400,000 metric tons

Corn=300,000-400,000 metric tons

Soybeans= 600,000-800,000 metric tons

Soybean meal= 125,000-200,000 metric tons.

 

 

Mike

----------

At 6:30am:

Early calls:  Corn 5-7 cents lower, soybeans 10-12 cents lower, and wheat 3-5 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.68 per barrel lower.
Dollar=Higher.
Wall Street=Seen opening lower with weaker Chinese manufacturing data and weaker European service sector data.

World=Lower.

 

More in a minute,

 

 

Mike

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
0

Re: Floor Talk September 20

I don't think we'll see that much corn exported.     

 

I was thinking this morning that September is the last month of the 3rd quarter, correct?  The funds are getting out this month probably for some quarterly profit reports are something.  

Remember my theory on 3 legged price discovery for commodities: supply/demand, value of currency, Fund trader activity.  

 

Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Re: Floor Talk September 20

highyields,

 

I don't know if the USDA had a typo in their corn sales number, or what? But, man it is very low.

 

Mike

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
0

Re: Floor Talk September 20

[ Edited ]

I really can't figure it out.   I still stand behind the fact that if you don't have any you can't sell it.   Is that even pipeline?

 

Is asia feeding wheat?  Or did they buy all that corn this summer?  and Mexico.  They where shipping corn out of Omaha all summer going to Mexico.  Now all the sudden all stopped.   Unreal.  

 

I did hear that China was selling out of their reserve to their domestic market both corn and beans maybe they'll have to buy some to place back. 

 

 

Veteran Advisor
Mizzou_Tiger
Posts: 2,341
Registered: ‎11-02-2010
0

Re: Floor Talk September 20

[ Edited ]

when the final corn yield number hits............we may not need any corn exports.........

 

ethanol is grinding hard, and I bet hits close to 5B when its all said and done..........lotta talk about livestock and liquidation, not sure I buy that.........seems a lot of people are still making money on cattle, hogs are a mixed bunch but thats likely bottomed already, poultry well a bird is a bird...........point is I am not sure we have rationed much past exports..........which is probably the sweet spot for now..........we take corn below $7 and get a late spring and late harvest and it could get interesting........

 

EDIT:  o yeah, and soya exports are still HOT...........and wheat not too bad either.........

 

EDIT2:  didnt realize this, but soya sales are at 75% of projected target for the year already..............HOLY MOLY.........

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
0

Re: Floor Talk September 20

if you have time check with some of your trader friends to see if they have heard of  Continuous Commodity Index

 


Just read where that was saying major bull run in the commidities.   

Contributor
hihowRya
Posts: 11
Registered: ‎02-24-2011
0

Re: Floor Talk September 20

Good morning Mike,  I'm open to second opinions if you see my questions

posed to Option-eye.

Advisor
giolucas
Posts: 1,160
Registered: ‎06-25-2010
0

Re: Floor Talk September 20

THERE is my 1625...now we need it to hold.

Veteran Advisor
c-x-1
Posts: 3,263
Registered: ‎06-26-2012
0

Re: Floor Talk September 20

wouldn't be too suprised to see a test of 1600 level

Advisor
giolucas
Posts: 1,160
Registered: ‎06-25-2010
0

Re: Floor Talk September 20

Im with you Cx1.  But I think I have a good chance at this level to get a profit out hopefully in the next couple of days if not today.