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Community Manager
marketeye
Posts: 3,218
Registered: ‎05-03-2010
0

Floor Talk September 28

[ Edited ]

Post-USDA:

 

Marketeye thoughts on video.

 

Mike

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At 12-Noon:

The Bulls are running the place Friday!

 

Off the wire.......International Grains Council cuts the world's 2012-13 grain output by 9.0 million metric tons.

 

Mike

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At the close:

The Dec. futures corn contract closed 'limit up' 40 cents higher at $7.56. Nov. soybean futures contract settled 27 cents higher at $15.98. Dec. wheat futures ended 44 cents higher at $8.99 per bushel. The Dec. soyoil futures contract closed $0.03 lower at $52.55. The Dec. soymeal futures contract closed $13.60 per short ton higher at $487.50.


In the outside markets, the NYMEX crude oil is $0.24 per barrel higher, the dollar is higher and the Dow Jones Industrials are 49 points lower.

 

Mike

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At mid-session:

The Dec. futures corn contract is trading 40 cents higher at $7.56. Nov. soybean futures contract is trading 25 cents higher at $15.95. Dec. wheat futures are trading 44 cents higher at $9.00 per bushel. The Dec. soyoil futures contract is trading $0.31 higher at $52.89. The Dec. soymeal futures contract is trading $9.20 per short ton higher at $483.10.


In the outside markets, the NYMEX crude oil is $0.10 per barrel higher, the dollar is higher and the Dow Jones Industrials are 51 points lower.

 

Mike

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At 10:25am;

Corn is up 40 cents! What a rally!!!!

 

Mike

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At the open:

The Dec. futures corn contract is trading 27 cents higher at $7.43. Nov. soybean futures contract is trading 2 1/4 cents higher at $15.73. Dec. wheat futures are trading 23 cents higher at $8.78 per bushel. The Dec. soyoil futures contract is trading $0.22 lower at $52.36. The Dec. soymeal futures contract is trading $1.20 per short ton higher at $475.10.


In the outside markets, the NYMEX crude oil is $0.19 per barrel lower, the dollar is higher and the Dow Jones Industrials are 117 points lower.

 

 

Mike

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At 8am:

USDA announces fresh exports Friday. China bought 180,000 mt of U.S. soybeans for 2012-13 delivery.

 

Mike

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At 7:45am:

 

The corn market has jumped 21 cents, followin the bullish USDA Report. Wheat is up 18 cents and soybeans are up 2 cents.

 

Mike

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At 7:30am:

 

USDA Says:

 

Corn Stocks=988 million bushels  vs. 1.126 billion bu. expected

Soybean Stocks=169 million 132 million bu. expected

Wheat Stocks=2.10 billion bu.  vs. 2.28 bill. bu. expected

 

Whoa! A bullish corn number, don't you think?  Wow!!!

 

REPORT REACTION:

One analyst says, "Surprisingly bearish to the soybeans at 169 million bushels. Corn was bullish and may stop the bleeding to the downside. Wheat also friendly. Thankfully, they found more soybeans because China is buying more than we have to sell, so this is just some more that we can sell. Should put in some sort of bottom on the corn with this report."

 

Sal Gilbertie, Teucrium Trading, INC. says demand for crops seems to be the highlight of today’s report. "The soybean numbers are most significant, disappearance last quarter indicates healthy demand at the end of the 2012 crop year, even with historically record high prices. Soybean stocks at September 1 were slightly higher than the trade expected, but demand is clearly unabated and the soybean balance sheet is very tight. Corn shows less September 1 stocks than expected, which seems to indicate strong demand because the enormous amount of bushels harvested early seem to have gone into the supply chain rather than into storage. This would indicate continued healthy demand for corn as prices decline from their highs. Clearly the negative effects of the drought on supplies are going to remain with us for the foreseeable future."

 

Mike

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At 6:45am:

Early calls:  Subject to the USDA's Quarterly Stocks Report Friday to be released at 7:30am CT. Overnight, corn is trading 7 cents lower, soybeans up 1, and wheat down 2 cents. 

 

Trackers:
Overnight grain, soybean markets=Trading mostly ower.
Crude Oil=$0.14 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening lower, as investors 'window dress' taking profit-taking at the end of the quarter.

World=Asia/Pacific stocks higher and Europe's stocks are lower.

 


More in a minute,

 

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,602
Registered: ‎04-29-2011
0

Re: Floor Talk September 28

Are they now counting new beans just harvested with the old beans as well?     :smileywink:

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Advisor
giolucas
Posts: 1,149
Registered: ‎06-25-2010
0

Re: Floor Talk September 28

Bearish Soybeans! Here comes $15.00 beans or will corn help it?
Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
0

Re: Floor Talk September 28

[ Edited ]

Corn trade hasn't really reacted yet.  

 

 

 

I just hope this turns the market around

Community Manager
marketeye
Posts: 3,218
Registered: ‎05-03-2010
0

Re: Floor Talk September 28

giolucas,

 

This morning's corn number is expected to help the bean market. Corn is the leader today!

 

Mike

Veteran Advisor
Mizzou_Tiger
Posts: 2,337
Registered: ‎11-02-2010
0

Re: Floor Talk September 28

[ Edited ]

soya........bearish..........hardly.........

 

thats like saying better than expected..................COMPARED TO WHAT................some days I dont know how people blow their own nose, considering they can't see past it...........

 

i thought course grain demand was dead............interesting to think..........how many 2012 acres of harvested grain are in that number...........I am betting between the batwing and August start dates...........A BUNCH.........

 

take away.........if you are in a deficient area with a short crop............BASIS will EXPLODE.........course when end users are calling during harvest to source corn its pretty obvious............

 

well everyone have a good weekend.......going to be nice out again..........might put some wheat in the ground...........hard to remember without pulling out some records, but its been at least 20 years, maybe more............

Community Manager
Jeff_a_Caldwell
Posts: 1,001
Registered: ‎04-29-2010
0

Re: Floor Talk September 28

Roaring, I just talked to one broker who said that's a big question mark, whether this number counts residual stocks as well. Possibly accounts for a less dramatic effect on the soybean futures? 

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Jeff Caldwell
Agriculture.com Multimedia Editor
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Veteran Contributor
sixtysixx
Posts: 66
Registered: ‎01-05-2012
0

Re: Floor Talk September 28

forgot what it was like to take an easy breath lol. 

Veteran Advisor
Mizzou_Tiger
Posts: 2,337
Registered: ‎11-02-2010
0

Re: Floor Talk September 28

Imagine that

China bought soya

Somebody sneeze. Sounds like a runny nose
Senior Contributor
teaspoon73
Posts: 210
Registered: ‎05-17-2010
0

Re: Floor Talk September 28

  Its a stocks report they count whats ever in the bins Sept 1.  It used to be nobody gave a $H.t about it. Still have a small crop and it has given the grain buyers a chance to buy corn 1.4o off highs. Beans over 2dollars off high.