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Community Manager
marketeye
Posts: 3,186
Registered: ‎05-03-2010
0

Floor Talk September 20

[ Edited ]

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At the close:

The Dec. corn futures contract finished 8 cents lower at $4.51. The Nov. soybean futures contract settled 24 cents lower at $13.15. Dec. wheat futures ended 10 3/4 cents lower at $6.46 per bushel. The Dec. soymeal futures finished $8.80 per short ton lower at $411.60. The Dec. soyoil futures closed $0.62 lower at $42.34. 


In the outside markets, the NYMEX crude oil is $1.01 per barrel lower, the dollar is higher and the Dow Jones Industrials are 149 points lower.

 

Mike North, First Capital Ag senior risk advisor says soybeans lead the pack lower.  
"Specifically, soybean meal prices are breaking down domestically as new crop supplies and replenishing crusher needs.  Additionally, the forecasted rain is seen as stabilizing and potentially increasing soybean yields in the northern production areasm" North says.  
All of this helped take November soybeans through the gap that has been closely followed since it was made in August, he says.  
"Once penetrating that $13.31 ½ level, weak holders of long positions began exiting.  That has been the story today."

 

Mike

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At 11:15am:

I know. This is just market 'noise'. But, maybe this is something to chew on today.

 

Informa Economics, a private analyst firm, released updated U.S. Acreage and Production estimates Friday:

 

Corn=95.8 million acres and a harvested production at 13.889 billion bushels.

Soybeans= 76.8 million acres and harvested production at 3.22 billion bushels.

 

 

What do you think about the estmates?

 

A) Do you care

B) Too high on the corn acreage

C) Too low on the soybean harvested production

D) Other

 

 

What would be your "other", by the way?

 

Mike

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At mid-session:

The Dec. corn futures contract is trading 7 cents lower at $4.52. The Nov. soybean futures contract is trading 20 cents lower at $13.19. Dec. wheat futures are 11cents lower at $6.45 per bushel. The Dec. soymeal futures are trading $6.60 per short ton lower at $413.80. The Dec. soyoil futures are trading $0.41 lower at $42.55. 


In the outside markets, the NYMEX crude oil is $0.50 per barrel lower, the dollar is higher and the Dow Jones Industrials are 63 points lower.

 

Mike

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

At the open:

The Dec. corn futures contract opened 6 cents lower at $4.53. The Nov. soybean futures contract opened 22 cents lower at $13.17. Dec. wheat futures started 5 cents lower at $6.51 per bushel. The Dec. soymeal futures settled $8.30 per short ton lower at $412.10. The Dec. soyoil futures opened $0.43 lower at $42.53. 


In the outside markets, the NYMEX crude oil is $0.30 per barrel lower, the dollar is higher and the Dow Jones Industrials are 9 points lower.

 

Mike

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

At 8:15am:

 

--FYI: No new export sales on Friday.

--Indonesia's Trade Minister says his country has removed any need for soybean import permits.

 

Mike

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At 7:20am:
GOOD MORNING! It rained a lot late yesterday afternoon in central Iowa. What a soaking!

 

Early calls: Corn is seen 1-2 cents lower, soybeans 10-12 cents lower, and wheat 3-5 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.39 per barrel lower.
Dollar=Higher.
Wall Street=Seen trading little changed, as the Fed Reserve 'non tapering'-driven rally has faded.

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

 


More in a minute,

 

Mike

Senior Contributor
Canuck_2
Posts: 4,224
Registered: ‎05-10-2010
0

Re: Floor Talk September 20

So is rain at harvest good or BAD for quality and yields?

 

Will Chicago think 'rain makes grain'?

 

Harvest is shut down here because of that rain too.

Knowledge is knowing a tomato is a fruit.
Wisdom is knowing not to put it in a fruit salad.
Esteemed Advisor
sw363535
Posts: 4,676
Registered: ‎07-18-2011
0

Re: Floor Talk September 20

Like the log at Silver Dollar. ------------ Today I am a bug on the windshield------ inside.  Riding with the bulls has it's sudden stops to go along with sudden acceloration.  Age may put me back on the bear bus as we hit hybernation season.

sw
Senior Contributor
luisvieira
Posts: 243
Registered: ‎04-24-2012
0

Re: Floor Talk September 20

I was just reading at some Brazilian news websites that Brazil has contributed a lot with demand for North American wheat. According to the USDA, Brazil imported 186,400 tons of hard red wheat from the United States just last week. This sets a record since 1980. The reason is that the Argentinean government has controlled exports for Brazil and bad wheat at the supplier. Paraguay and the Brazilian state of Paraná had severe frosts this year. The southern state of Rio Grande do Sul will harvest its wheat in the next few weeks.

 

China imported 406,700 tons of soft red wheat in the last week from the US. In China, the wheat has had poor quality. Last week, US exporters shipped a record of the grain for a week since 1990 (1.2 million tons).

Esteemed Advisor
sw363535
Posts: 4,676
Registered: ‎07-18-2011
0

Re: Floor Talk September 20

Mike,  Is Luis scooping you on this wheat trade issue.  Palouser wasn't saying much about it either.  Luis thanks for caring about us wheat guys.

sw
Community Manager
marketeye
Posts: 3,186
Registered: ‎05-03-2010

Re: Floor Talk September 20

sw,

 

I say, Luis scoop away. My shovel is only so big. But thanks for the comments. I agree, Luis brings a new dynamic to Marketing Talk. It's something we have needed here for a long time.

 

Mike

Esteemed Advisor
Hobbyfarmer
Posts: 4,041
Registered: ‎01-10-2012
0

Re: Floor Talk September 20

Did Luis get on the payroll?

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Senior Advisor
ECIN
Posts: 2,071
Registered: ‎10-17-2012
0

Re: Floor Talk September 20

Thats what I like about this site - Can learn something dang near every day ! For me today it was we exported wheat ! Heck i didn't knew we even raised it - Anybody now what part of the country it comes from ? :smileyhappy:

Community Manager
marketeye
Posts: 3,186
Registered: ‎05-03-2010
0

Re: Floor Talk September 20

Luis is a freelance writer from Rio Grande do Sol, Brazil. He is visiting the the U.S. for awhile.Freelancers get paid the going rate.

 

Mike

Senior Advisor
ECIN
Posts: 2,071
Registered: ‎10-17-2012
0

Re: Floor Talk September 20

So what your saying --- is that your paying this hard working young man the same as me for my freelance writing !

Not a DANG Nickel ! :smileysad:

 

Hey Luis I a writer too ! From East Central Indiana