Floor Talk December 1

[marketeye]

At the close:

At the close, the March corn futures settled 1 1/2 cents higher at $3.73 3/4. January soybean futures finished 8 1/4 cents higher at $8.89. 
March wheat futures closed 4 cents lower at $4.71 1/2. 
Jan. soymeal futures closed $1.10 per short ton higher at $286.40. Jan. soyoil futures closed $0.66 higher at $30.08.  
In the outside markets, the Brent Crude oil market is $0.23 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 123 points higher.

Mike

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At mid-session:

At mid-session, the March corn futures are trading 1 3/4 cents higher at $3.74. January soybean futures are trading 7 3/4 cents higher at $8.91. 
March wheat futures are trading 1 3/4 cents lower at $4.73. 
Jan. soymeal futures are $4.60 per short ton higher at $289.90. Jan. soyoil futures are trading $0.10 higher at $29.52.  
In the outside markets, the Brent Crude oil market is $0.15 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 100 points higher.

Scott Shellady, TJM Investments, says that the bean strength is a result of technical factors. “Market is very quiet. Dollar has been a player as of late but eased a bit today. Clearly, no headline affecting corn. More people are talking about ISM Factory Index coming in very weak and sending the stock market higher on its weakness.”
Matt Pierce, Futures Internationall LLC, and CME Group floor trader, says that soyeans are supported by talk of dryness in northern Brazil coupled to fund buying.
“The RFS has had no impact as most of it was priced into the market. Bean oil has already popped so do not look for much more. Oilshare is over 34% which shows a serious rally in recent days,” Pierce says.
Pierce adds, “Corn is a dog because of weak basis to start the month. I do not expect much pressure over there due to the already sizable 100K estimated fund short.”

Mike

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In early trading:

At 9am, the March corn futures are trading 1 1/4 cents higher at $3.73. January soybean futures are trading 3 3/4 cents higher at $8.84. 
March wheat futures are trading 1/2 of a cent higher at $4.76. 
Jan. soymeal futures are $3.00 per short ton higher at $288.30. Jan. soyoil futures are trading $0.05 lower at $29.37.  
In the outside markets, the Brent Crude oil market is $0.23 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 144 points higher.

Mike

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At 8:15am:

Early calls: Corn 1-2 cents higher, soybeans 4-5 cents higher and wheat 4-6 cents higher.

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.34 lower.
Dollar =Lower.  
Wall Street = Seen higher, following Asia markets higher.

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

More in a minute,

Mike