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Veteran Advisor

Floor Talk December 1

At the close:

At the close, the December corn futures finished 5¢ lower at $3.31 3/4, while March futures closed 6¢ lower at $3.42 1/2 per bushel. January soybean futures finished 2 1/2¢ lower at $10.29 3/4, while March soybean futures ended 2 1/4¢ lower at $10.39. March wheat futures closed 7 1/4¢ lower at $3.95 1/2. January soy meal futures settled $5.60 short ton lower at $312.70. January soy oil futures closed $0.86 higher at 37.85¢ per pound.  In the outside markets, the Brent crude oil market is $1.68 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 66 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that it has been a sell the grains and soybeans kind of day. 
“The export sales report was good but not great and I think people are worried about soybean demand moving south (Brazil), and probably with good reason, as its crop-weather situation has been improved,” Scoville says. 
The U.S. Dollar is a little weaker but still very strong overall, he says. 
“I think this is mostly just spec selling with a lot of talk that the highs are in for the beans.  I am generally a sell rallies kind of guy in the beans and have been for a while.  The corn and wheat I kind of want to buy, as I think the ethanol news is positive for corn demand and I think our export demand for corn will hold better now than beans.  Plus, we are cheap enough for wheat prices to find a low soon,” Scoville says.

 

Mike

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At mid-session:

At mid-session, the December corn futures are 4 1/2¢ lower at $3.32, while March futures are 5 1/2¢ lower at $3.43 per bushel. January soybean futures are 9 1/2¢ lower at $10.22, while March soybean futures are 9 1/4¢ lower at $10.32. March wheat futures are 6 3/4¢ lower at $3.96. January soy meal futures are $6.10 short ton lower at $312.20. January soy oil futures are $0.43 higher at 37.42¢ per pound.  In the outside markets, the Brent crude oil market is $2.24 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 68 points higher.

 

Mike

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At 9:45am:

If you missed the USDA Weekly Export Sales Report Thursday, here are the result:

 

Wheat= 490,500 metric tons vs. the trade’s expectations of 350,000-800,000 metric tons.

Corn= 761,600 mt. vs. the trade’s expectations of 650,000-1,800,000 metric tons.

Soybeans= 1.465 million mt. vs. the trade’s expectations of 800,000-1,900,000 mmt.

Soybean meal= 150,400 mt. vs. the trade’s expectations of 125,000-300,000 metric tons.  

Soy oil= 54,500 mt., a marketing year high.

 

 

Mike

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At 9am:

In early trading, the December corn futures are 1¢ lower at $3.35, while March futures are 31 3/4¢ lower at $3.46 per bushel. January soybean futures are 1 1/4¢ higher at $10.33, while March soybean futures are 1 1/2¢ higher at $10.42. March wheat futures are 3 1/2¢ lower at $3.99. January soy meal futures are $0.40 short ton higher at $318.70. January soy oil futures are $0.02 higher at 37.01¢ per pound.  In the outside markets, the Brent crude oil market is $1.35 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 56 points higher.

 

Mike

 
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