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Veteran Contributor

Floor Talk December 29

After the close:

 

According to EIA data, ethanol production for the week ending Dec. 23rd, averaged 1.028 million barrels per day (b/d)—or 43.18 million gallons daily. That is down 8,000 b/d from the week before. The four-week average for ethanol production stood at an all-time high of 1.032 million b/d for an annualized rate of 15.82 billion gallons.

Stocks of ethanol stood at 18.7 million barrels. That is a 2.0% decrease from last week.

 

Mike

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At the close:

At the close, the March corn futures settled 1 1/2¢ higher at $3.49 3/4, and new crop December 2017 futures finished 1¢ higher at $3.79 1/4 per bushel. March soybean futures closed 3 3/4¢ lower at $10.12 3/4, while November 2017 soybean futures finished 2 1/2¢ lower at $9.93 1/2. March wheat futures finished 3 1/4¢ higher at $4.04 3/4. March soy meal futures closed $1.30 short ton lower at $319.00. March soy oil futures serttled $0.33 lower at 34.79¢ per pound.  In the outside markets, the Brent crude oil market is $0.43 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points lower at 19,806 points.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 1 1/2¢ higher at $3.49, and new crop December 2017 futures are 3/4¢ higher at $3.79 per bushel. March soybean futures are 1 3/4¢ lower at $10.14 3/4, while November 2017 soybean futures are 1/2¢ lower at $9.95. March wheat futures are 4 3/4¢ higher at $4.06. March soy meal futures are $0.80 short ton lower at $319.50. March soy oil futures are $0.27 lower at 34.85¢ per pound.  In the outside markets, the Brent crude oil market is $0.02 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points lower at 19,857 points.

 

 

Mike

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At 9am:

At 9:05am, the March corn futures are 1/4¢ higher at $3.48, and new crop December 2017 futures are 1/4¢ lower at $3.78 per bushel. March soybean futures are 1/4¢ higher at $10.16, while November 2017 soybean futures are 3/4¢ higher at $9.96. March wheat futures are 2 1/2¢ higher at $4.04. March soy meal futures are $0.70 short ton higher at $321.00. March soy oil futures are $0.13 lower at 34.99¢ per pound.  In the outside markets, the Brent crude oil market is $0.11 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points higher at 19,857 points.

 

 

Mike

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Soybeans and corn were higher in overnight trading amid strong demand, increased risk of dry weather in South America and as short-sellers buy back contracts and liquidate their positions. Beans were up a nickel, corn rose 2 cents and wheat was up about 3 cents. The dollar, however, last week jumped to the highest value in more than a decade, and retested those levels earlier this week. Such a strong greenback isn't good news for exporters of U.S. goods as it reduces purchasing power for overseas buyers who may soon turn to South America for supplies. Still, the dollar is down 0.5% today, a fairly large move to the downside. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.4% higher.

West Texas Intermediate Crude Oil = 0.1% lower.

Dollar = down 0.5%.

Wall Street = U.S. stock futures little changed in overnight trading.
World Markets = Global stocks little changed on light volume. 

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