Floor Talk December 10

[marketeye]

If you missed it earlier, the USDA did announce fresh soybean sales Thursday.

Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

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At the close:

At the close, the March corn futures settled 5 1/2 cents higher at $3.79 1/4. January soybean futures ended 1 1/2 cents higher at $8.78 1/4. 
March wheat futures closed 5 3/4 cents higher at $4.95 1/2. 
Jan. soymeal futures closed $3.20 per short ton lower at $273.80. Jan. soyoil futures settled $0.68 higher at $31.79.  
In the outside markets, the NYMEX Crude oil market is $0.46 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 105 points higher.

Mike

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At mid-session:

At mid-session, the March corn futures are trading 4 3/4 cents higher at $3.78. January soybean futures are trading 2 1/2 cents higher at $8.79. 
March wheat futures are trading 7 cents higher at $4.96. 
Jan. soymeal futures are $1.50 per short ton lower at $275.50. Jan. soyoil futures are trading $0.43 higher at $31.54.  
In the outside markets, the NYMEX Crude oil market is $0.27 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 44 points higher.

Roy Huckaby, Executive VP at The Linn Group, sees short-covering supporting today’s markets.
“We have 130,000 short positions in corn and over 100,000 short position contracts in wheat. So, investors are moving out of those positions and this helps the markets move a little. Overall, the volume is low.”
The soybean complex is showing signs of life, due to the interest in soy oil, Huckaby says.
“For three years, the U.S. biodiesel producers have needed more amounts of all vegetable oils than is being produced. And the soybean oil market is more of a commercial play vs. a speculative trade. So, we’re going to see a lot of buying soy oil and selling soymeal, for awhile,” Huckaby says.

Mike

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At the open:

At the open, the March corn futures are trading 2 cents higher at $3.73. January soybean futures are trading 2 cents lower at $8.75. 
March wheat futures are trading 1 cent lower at $4.76. 
Jan. soymeal futures are $0.40 per short ton lower at $276.60. Jan. soyoil futures are trading $0.09 lower at $31.02.  
In the outside markets, the Brent Crude oil market is $0.02 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points higher.

Mike

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USDA released its Weekly Export Sales Thursday.

Wheat= 225,100 mmt vs. the trade's expectations of between 250,000-500,000 metric tons.

Corn= 1.10 million metric tons vs. the trade's expectations of between 450,000-700,000 metric tons.

Soybeans= 1.46 mmt vs. the trade's expectations of between 600,000-1,200,000 metric tons.

Soybean meal= 231,000 mt vs. the trade's expectations of between 100,000-200,000 metric tons.

Mike

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At 7:30am:

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

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.24 higher.
Dollar =Higher.  
Wall Street = Seen higher, with oil in focus.

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

More in a minute,

Mike