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Veteran Contributor

Floor Talk December 1

Soybeans and grains higher in overnight trading on concerns about dry weather in Argentina and a wheat tender from Saudi Arabia. Dry weather is expected in the next six to 10 days in the South American country, and Saudi Arabia is seeking almost a half-million tons of milling wheat. Beans rose about 3 cents, corn was up a penny and wheat gained 2-3 cents overnight. The EPA released its mandate for biofuel blending yesterday, raising the total to 19.29 billion gallons from 19.28 billion gallons -- 15 billion of which will be conventional biofuel including ethanol -- but the agency's dovish move left few happy. Iowa's Chuck Grassley said it should've been raised, which would help increase corn demand, while Rep. Bob Goodlatte from Virginia said it should've been lowered. In weather news, it's going to get colder in parts of the southern Plains starting Monday, but it's not yet determined if the cold weather will affect hard-red winter wheat. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-december-1.

 

Brent Crude Oil = up 1%

West Texas Intermediate = up 0.8%

Dollar = down 0.1%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks lower overnight.

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5 Replies
Senior Contributor

Re: Floor Talk December 1

Still combining here corn and beans all over quit worrying about other countries grain we have plenty of our own isssues right in your back yard.
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Veteran Advisor

Re: Floor Talk December 1

Those looking at next years markets might be trying to get a feeling for world wide supply, since demand is worldwide.  If there is bad weather in SA, maybe our prices will improve.  I think I'll keep an eye on it.

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Veteran Advisor

Re: Floor Talk December 1

You might wait untill we plant this spring, to
Tell us about how big the crop is
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Honored Advisor

Re: Floor Talk December 1

The weather could be horrendous in South America thru the entire growing season........but the market won't care until the USDA says that it is bad.   

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Veteran Advisor

Re: Floor Talk December 1

elcheapo, I thought the comment was about SA crop?

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