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Community Manager
marketeye
Posts: 3,154
Registered: ‎05-03-2010
0

Floor Talk September 27

[ Edited ]

Announcement:  Marketing Meet-up is on. See details here.

 

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At the close:

The Dec. futures corn contract settled 8 1/2 cents lower at $7.16 1/4. Nov. soybean futures contract ended 2 1/4 cents lower at $15.70. Dec. wheat futures ended 13 cents lower at $8.55 per bushel. The Dec. soyoil futures contract finished $0.47 higher at $52.58. The Dec. soymeal futures contract settled $3.00 per short ton lower at $473.90.


In the outside markets, the NYMEX crude oil is $2.12 per barrel higher, the dollar is lower and the Dow Jones Industrials are 84 points higher.

 

Mike

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At mid-session:

The Dec. futures corn contract is trading 9 cents lower at $7.15. Nov. soybean futures contract is trading 5 cents higher at $15.78. Dec. wheat futures are trading 8 cents lower at $8.60 1/2 per bushel. The Dec. soyoil futures contract is trading $0.43 higher at $52.54. The Dec. soymeal futures contract is trading $0.10 per short ton higher at $477.00.


In the outside markets, the NYMEX crude oil is $1.21 per barrel higher, the dollar is lower and the Dow Jones Industrials are 59 points higher.

 

One analyst says, "The bearish corn and wheat market factors are harvest activity and the lack of demand. For soybeans,  strong export sales have supported the price action today. I am starting to line up my buy-side guys to be ready, if the market keeps working lower," he says. I think mostly spec selling today, hearing very little farm movement.  I also think that price and time are starting to converge on the harvest pressure and that we might see this thing form a low and move a bit higher in a week or two."

 

Mike

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At 10:00am:

The soybean market has turned higher, up 6 cents. The market sees this commodity as oversold and the fresh demand today is helping.

 

Mike

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At the open:

The Dec. futures corn contract is trading 6 cents lower at $7.19. Nov. soybean futures contract is trading 4 cents lower at $15.69. March wheat futures are trading 1 cent lower at $8.81 per bushel. The Dec. soyoil futures contract is trading $0.32 higher at $52.46. The Dec. soymeal futures contract is trading $4.00 per short ton lower at $472.80.


In the outside markets, the NYMEX crude oil is $1.22 per barrel higher, the dollar is higher and the Dow Jones Industrials are 16 points higher.

 

Mike

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At 8:15am;

USDA announces Thursday that China has purchased 110,000 mt of U.S. soybeans for 2012-13 delivery.

 

Mike

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At 7:52am:

South Korea feedmillers bought 266,500 mt of South American and optional origin corn Thursday. U.S. corn exports are seeing increased competition on the world stage.

 

Mike

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At 7:40am:

 

USDA released very weak corn weekly export sales Thursday:

 

Corn=400 metric tons vs. the trade's expectations of between 125,000-300,000 mt.

Soybeans=799,500 mt vs. the trade's expectation of between 600,000-800,000 mt.

Wheat=426,000 mt vs. the trade's expectation of between 300,000-600,000 mt.

Soybean meal=436,400 mt vs. the expectations of 175,000-300,000 mt.

Soyoil=16,100 mt.

 

Mike

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At 6:00am:

Early calls:  Corn 4-6 cents lower, soybeans 4-6 cents lower, and wheat 3-5 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.26 per barrel higher.
Dollar=Higher.
Wall Street=Seen opening higher, after losses yesterday.

World=Higher.

 

More in a minute,

 

 

Mike

Senior Contributor
highyields
Posts: 790
Registered: ‎06-04-2010
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Re: Floor Talk September 27

That was just a ridiculous corn export number.    

Veteran Advisor
Palouser
Posts: 2,188
Registered: ‎05-13-2010
0

Re: Floor Talk September 27

That was not listed as 'exports'. It was 'sales'. 'Sales' are not very indicative of ultimate exports when the market is changing direction. Buyers will hold off if they think it's going their direction and pile in when it goes the other way.

Veteran Advisor
Palouser
Posts: 2,188
Registered: ‎05-13-2010
0

Re: Floor Talk September 27

Be prepared for a BIG bounce if the USDA shrinks stocks significantly from previous forecasts.

Community Manager
marketeye
Posts: 3,154
Registered: ‎05-03-2010
0

Re: Floor Talk September 27

highyields,

 

Maybe the lowest in many many years. And it happened the same week that Brazil ships corn to the U.S.

 

Mike

Senior Contributor
too close for comfort
Posts: 223
Registered: ‎05-11-2010
0

Good call Pal

nt

Veteran Advisor
Palouser
Posts: 2,188
Registered: ‎05-13-2010
0

Re: Good call Pal

There are times I wish I were a spec but, I only play one game at a time. :smileywink: