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marketeye
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Floor Talk September 25

[ Edited ]

At the close:

The Dec. corn futures contract settled 6cents higher at $4.54. The Nov. soybean futures contract settled 9 cents higher at $13.21. Dec. wheat futures finished 12 cents higher at $6.70 per bushel. The Dec. soymeal futures finished $4.80 per short ton higher at $417.10. The Dec. soyoil futures closed unchanged at $42.09. 


In the outside markets, the NYMEX crude oil is $0.57 per barrel lower, the dollar is lower and the Dow Jones Industrials are 46 points lower.

 

Mike

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At 1pm:

One analyst is sizing up today's market action like this:

 

"It's all about wheat pulling everything up. After Dec. wheat held chart support for the last 7 weeks, traders began to buy back some of the near record short position of 87 thousand contracts. Today, they broke thru a major upside resistance chart line that goes back to January. Traders remember that last year's 2 dollar move started with the same technicals, example, were both at the 6.50 area and both years have funds short 87 thousand contracts. Last year we rallied 2 dollars."

 

Mike

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Mike

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At mid-session:

The Dec. corn futures contract is trading 7 1/4 cents higher at $4.56. The Nov. soybean futures contract is trading 8 1/2 cents higher at $13.21. Dec. wheat futures are trading 15 1/4 cents higher at $6.73 per bushel. The Dec. soymeal futures are trading $3.40 per short ton higher at $415.70. The Dec. soyoil futures are trading $0.25 higher at $42.34. 


In the outside markets, the NYMEX crude oil is $0.04 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points lower.

 

Mike

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At the open:

The Dec. corn futures contract opened 1 1/2 cents higher at $4.50. The Nov. soybean futures contract opened 3/4 of a cent higher at $13.13. Dec. wheat futures started 5 1/4 cents higher at $6.63 per bushel. The Dec. soymeal futures opened$0.80 per short ton higher at $413.10. The Dec. soyoil futures opened $0.06 lower at $42.03. 


In the outside markets, the NYMEX crude oil is $0.58 per barrel higher, the dollar is lower and the Dow Jones Industrials are 45 points lower.

 

Mike

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At 8:25am:

 

--USDA announces that an 'unknown' bought 140,000 tons of U.S. soybeans for 2013-14 delivery.

 

Mike

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At 7:10am:

Early calls: Corn is seen 1-2 cents lower, soybeans 6-8 cents higher, and wheat 1-2 cents higher.

Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.50 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading lower.

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

 


More in a minute,

 

Mike