Floor Talk December 18

[marketeye]

At the close:

At the close, the March corn futures settled 1/4 of a cent higher at $3.74 1/2. January soybean futures closed 15 1/4 cents higher at $8.92 1/4. 
March wheat futures finished 2 3/4 cents higher at $4.86 3/4. January soymeal futures closed $5.10 per short ton higher at $281.00. Jan. soyoil futures closed $0.46 higher at $30.53.  
In the outside markets, the Brent Crude oil market is $0.07 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 283 points lower.

Mike

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At mid-day:

At mid-day, the March corn futures are trading unchanged at $3.74. January soybean futures are trading 9 3/4 cents higher at $8.86. 
March wheat futures are trading 1 cent higher at $4.85. January soymeal futures are $4.90 per short ton higher at $282.50. Jan. soyoil futures are trading $0.29 higher at $30.36.  
In the outside markets, the Brent Crude oil market is $0.07 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 270 points lower.

Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that a few things are going on with today's markets.
"First, the US Dollar is a little lower and might be posting a failed breakout higher.  That would be a start.  Second, increasing talk of the dry weather in northern Brazil, something I have been talking about for the last couple of weeks but is getting more and more press and play now as we get to the end of the year."
Brazil's crop-weather is supposed to get better next week, but those forecasts have been around for a while and when next week comes the rains do not, Scoville says.  "Thirdly, it is the end of the year and funds and big specs are short and covering.  Funds are fixing profits and losses for the customers now and that will provide some support through the holidays," he says.

Mike

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At the open:

In early trading, the March corn futures are trading 1/2 of a cent lower at $3.73. January soybean futures are trading 4 cents higher at $8.81. 
March wheat futures are trading 1 cent lower at $4.82. January soymeal futures are $2.50 per short ton higher at $278.40. Jan. soyoil futures are trading $0.15 higher at $30.22.  
In the outside markets, the Brent Crude oil market is $0.07 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 102 points lower.

Mike

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At 8am:

Private exporters reported to the U.S. Department of Agriculture export sales of 220,046 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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