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Veteran Contributor

Floor Talk December 5

At the close:

At the close, the December corn futures settled 12¢ higher at $3.59 1/4, while May futures finished 12¢ higher at $3.66 1/4 per bushel. January soybean futures finished 16¢ higher at $10.43 1/2, while March soybean futures are 16¢ higher at $10.53 1/4. March wheat futures finished 4¢ higher at $4.08 1/4. January soy meal futures closed $7.00 short ton higher at $319.50. January soy oil futures are $0.05 lower at 37.67¢ per pound.  In the outside markets, the Brent crude oil market is $0.24 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 35 points higher.

Mike

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At mid-session:

At mid-session, the December corn futures are 8 1/4¢ higher at $3.45, while March futures are 9 3/4¢ higher at $3.57 per bushel. January soybean futures are 15 3/4¢ higher at $10.43, while March soybean futures are 15 3/4¢ higher at $10.53. March wheat futures are 2 1/2¢ higher at $4.06. January soy meal futures are $7.90 short ton higher at $320.40. January soy oil futures are $0.02 higher at 37.74¢ per pound.  In the outside markets, the Brent crude oil market is $0.33 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 69 points higher.

 

Mike

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At 11am:

China buys 15.7 million bushels of U.S. soybeans Monday. No wonder the market is rallying. Here is the official announcement that was released at 8am:

 

Private exporters reported to the U.S. Department of Agriculture export sales of 426,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1.

 

What do you think?

 

Mike

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At 9am:

In early trading, the December corn futures are 7 1/2¢ higher at $3.45, while March futures are 7¢ higher at $3.54 per bushel. January soybean futures are 16 3/4¢ higher at $10.44, while March soybean futures are 16 1/4¢ higher at $10.53. March wheat futures are 5 1/4¢ higher at $4.09 1/2. January soy meal futures are $7.50 short ton higher at $320.00. January soy oil futures are $0.19 higher at 37.91¢ per pound.  In the outside markets, the Brent crude oil market is $0.27 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 92 points higher.

 

Mike

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Soybeans rose in the overnight session, heading for the first increase since last Monday. Beans were up about 9 cents and corn gained a penny amid speculation that the recent price declines will bolster demand. The thought is that overseas buyers will see the low prices and move to meet their needs. Demand has been strong so far this season, which is thankfully underpinning prices. The weather in the southern Plains bears watching as extremely cold weather is expected in parts of the region this week. That could hurt any uncovered wheat, which from what I've heard is most if not all of the crop in western Kansas and the Oklahoma and Texas panhandles. 
 

Here's what happened overnight:

 

Brent Crude Oil = 0.5% higher 
West Texas Intermediate Crude Oil = 0.4% higher.

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks higher as investors shrug off Italy vote.  

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4 Replies
Advisor

Re: Everything is marching Higher, no

doubt bout it.

 

this IS an established Trend now.

 

nother record high dow again this morning.

 

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Honored Advisor

Re: Everything is marching Higher, no

Well it does appear that the fall crops have been "acquired" and gathered in.  Time to build some margin for the middle man.

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Veteran Advisor

Re: Everything is marching Higher, no

Is the bear crawling back into the room. Luis Vieira, AgroSouth News purveyor and Agriculture.com freelancer from Brazil offers this up today:

 

 

The Brazilian Association of Vegetable Oil Industries (Abiove) has raised its forecast for soybean production in the country to 101.4 million metric tons during the 2016/2017 season. The previous projection was at 101.3 milllion metric tons.

Considering this total output, Abiove projects a total crushing of 41 million metric tons, while the exports would reach 57.5 million metric tons. The soybeal meal production would be at 31.1 million metric tons, while soybean oil would remain at 8.1 million metric tons.

For 2016, the association readjusted its forecast of processing, exports and final stocks in Brazil. Abiove reduced the processing from 39.9 to 38.4 million metric tons. The exports estimate fell from 52.5 million metric tons to 39.4 million metric tons, while the imports were kept at 400,000 tons. If those numbers are confirmed, the Brazilian final stocks would reach 4.2 million metric tons.

 

The soybean planting in Brazil has reached on Friday 90 percent of the projected surface, according to Curitiba consultancy AgRural. The progress is slightly above the historic average, which is 88 percent by this time of the year. Scarcity of rains have been seen in the south of Mato Grosso do Sul and north of Paraná. The total output estimate for the country is 100.4 million metric tons – 0.6 percent higher than last year. “Now, the focus of many farmers in Mato Grosso is to focus on harvest. By planting in the fastest pace in history, the state can harvest a record volume in January. AgRural calculates that the state would end the first month of January with 20 to 25 percent of the crop harvested,” the AgRural report reads. This would mean a volume of 7.3 million metric tons.

In the meantime, the summer corn crop in the country reaches 92 percent of the estimated area. Now the planting works are focused in the states of São Paulo, Minas Gerais and Goiás. In the meantime, there is need for more rain in the state of Rio Grande do Sul.

 

What say you?

 

Mike

 

 

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Advisor

Re: Generally kill bear in Spring

that way the fat is off em, and they're eating fresh feed then.

 

maybe buy ya some google type blinders and hibernate till then LOL.

 

ya gotta remember agri Missed the real economy for 2 years now....sooooo there's a pent up time margin UP that has not been realized yet re agri product markets.

 

See ya come late spring. with higher markets then too.

 

if anyone is even dreaming SA weather is crop conducive this winter.....well just put your blinders on and hibernate.  MO.

 

Exports are up, no such thing as agri product imports Now re most usa agri stuff.

 

 

 

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