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Veteran Contributor

Floor Talk January 11

At the close:

At the close, the March corn futures settled 1¢ lower at $3.57 1/4, and new crop December 2017 futures finished 3/4¢ lower at $3.85 3/4 per bushel. March soybean futures ended 2 1/4¢ lower at $10.11 1/2, while November 2017 soybean futures closed 2¢ lower at $9.98. March wheat futures finished 8¢ lower at $4.18 3/4. March soy meal futures settled $2.60 short ton lower at $314.90. March soy oil futures closed $0.36 higher at 36.00¢ per pound.  In the outside markets, the Brent crude oil market is $1.35 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 71 points higher at 19,926 points.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 5 3/4¢ lower at $3.57, and new crop December 2017 futures are 4 3/4¢ lower at $3.81 per bushel. March soybean futures are 11 1/4¢ lower at $10.02, while November 2017 soybean futures are 11 1/4¢ lower at $9.88. March wheat futures are 13¢ lower at $4.13. March soy meal futures are $4.90 short ton lower at $312.60. March soy oil futures are $0.07 lower at 35.57¢ per pound.  In the outside markets, the Brent crude oil market is $1.21 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 76 points higher at 19,931 points.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that ideas of improving weather forecasts are the reason for the selling. 

“There are showers in the forecast for northern Brazil and some are talking drier for northern Argentina as well. But, this rain will be a quick hitter and not super beneficial and then it turns warmer and drier again,” Scoville says. 

Winter Wheat areas of the US likely to see more rain into the weekend, as these storms from the west coast power on through, Scoville says. 
“A good reason to take some risk off before the reports tomorrow, although I do in fact think you can buy this break.  Not expecting any newly bearish things tomorrow,” Scoville says.

 

Mike

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At 10am:

The tally is in and it's another record!!! Weekly U.S. ethanol production has hit a new all-time record, according to the Renewable Fuels Association Wednesday.

 

According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged an unprecedented 1.049 million barrels per day (b/d)—or 44.06 million gallons daily. That is an increase of 6,000 b/d from last week’s now-broken record. The four-week average for ethanol production stood at 1.039 million b/d for an annualized rate of 15.93 billion gallons.

Stocks of ethanol stood at 20.0 million barrels. That is a significant 7.1% increase from last week.

 

Mike

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At 9am:

In early trading, the March corn futures are 3¢ lower at $3.55, and new crop December 2017 futures are 2 1/4¢ lower at $3.84 per bushel. March soybean futures are 3 1/4¢ lower at $10.10, while November 2017 soybean futures are 4 3/4¢ lower at $9.95. March wheat futures are 9 1/4¢ lower at $4.17. March soy meal futures are $1.50 short ton lower at $316.00. March soy oil futures are $0.01 lower at 35.63¢ per pound.  In the outside markets, the Brent crude oil market is $0.51 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points higher at 19,900 points.

 

Mike

 

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Corn, beans and wheat were lower in overnight trading ahead of tomorrow's WASDE report. Corn and beans lost about 2 cents while wheat was down around 3 or 4 cents overnight. A winter storm is bearing down on southern Missouri. The National Weather Service office in St. Louis said an ice storm is headed that way, and could make travel extremely dangerous. Today likely will be light ahead of the report, and people will be focusing on the Trump press conference in New York and confirmation hearings taking place.  
 

Here's what happened overnight:

 

Brent Crude Oil = 0.4% higher.

West Texas Intermediate Crude Oil = 0.3% higher.

Dollar = up 0.4%.

Wall Street = U.S. stock futures mixed ahead of Trump speech.
World Markets = Global stocks slightly higher, following oil. 

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