cancel
Showing results for 
Search instead for 
Did you mean: 
Veteran Contributor

Floor Talk November 1

At the close:

At the close, the December corn futures are 5 3/4¢ lower at $3.49, while March futures are 5¢ lower at $3.57 3/4 per bushel. November soybean futures are 18¢ lower at $9.84 1/4, while January soybean futures are 18 1/2¢ lower at $9.93. December wheat futures are 2¢ lower at $4.14. December soy meal futures are $6.60 short ton lower at $309.50. December soy oil futures are $0.32 lower at 34.85¢ per pound.  In the outside markets, the Brent crude oil market is $0.18 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 147 points lower.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says the market has gone up quite a bit and the specs have been very long. 
“The only sales announcement was a corn sale to Mexico.  It is a market entering the last part of harvest and this is the part of the harvest that comes to market. So, people are getting out of the way. 
Scoville adds, “Plus, FC Stone and Informa, two private analyst firms, are going to be out soon with what should be some pretty big estimates, especially soybeans.  So a short term move lower should have been expected.  The market will most likely rebound once the liquidation selling is completed.”

 

Mike

-------------

At mid-day:

At mid-day, the December corn futures are 6 3/4¢ lower at $3.48, while March futures are 6 1/2¢ lower at $3.56 per bushel. November soybean futures are 15¢ lower at $9.87, while January soybean futures are 16¢ lower at $9.95. December wheat futures are 3 3/4¢ lower at $4.12. December soy meal futures are $5.20 short ton lower at $310.90. December soy oil futures are $0.41 lower at 34.76¢ per pound.  In the outside markets, the Brent crude oil market is $0.31 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 89 points lower.

 

Mike

---------

At 9am:

In early trading, the December corn futures are 1 1/2¢ lower at $3.53, while March futures are 1 1/4¢ lower at $3.61 per bushel. November soybean futures are 1¢ lower at $10.01, while January soybean futures are 1¢ lower at $10.10. December wheat futures are 1 1/4¢ higher at $4.17 1/2. December soy meal futures are $1.20 short ton lower at $314.90. December soy oil futures are $0.17 lower at 35.00¢ per pound.  In the outside markets, the Brent crude oil market is $0.23 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points higher.

 

 

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 212,344 metric tons of corn for delivery to Mexico during the 2016/2017 marketing year.
The marketing year for corn began Sept. 1.

 

Mike

----------

Corn and beans were little changed to slightly lower in overnight trading as investors seem to be waiting to find out how yields look now that the harvest is almost over. The USDA had initially announced that Barbados bought 100,973 metric tons of corn, but changed the buyer to `unknown destinations.' China jumped in for 264,000 tons of beans and more unknown buyers purchased 111,000 tons of grain sorghum. Rain is expected in much of the central and eastern Midwest today and tomorrow, which could slow the harvest, but it'll dry later this week. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.4% higher.
West Texas Intermediate Crude Oil = 0.1% lower. 

Dollar = down 0.3%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks mostly lower. 

0 Kudos
1 Reply
Advisor

Re: Floor Talk November 1

So more exports and the dollar is lower? Are these traders not doing their job or what? Corn down soybeans down and yes more rain in the forecast. So what's everyone's exscuse today?
0 Kudos