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Veteran Contributor

Floor Talk November 17

At the close:

At the close, the December corn futures finished 3 1/2¢ higher at $3.42, while March futures ended 3 1/4¢ higher at $3.49 3/4 per bushel. January soybean futures finished 3 3/4¢ higher at $9.89 1/2, while March soybean futures closed 4¢ higher at $9.98. December wheat futures closed 6¢ higher at $4.03. December soy meal futures clolsed $3.10 short ton higher at $311.50. December soy oil futures ended $0.40 lower at 33.70¢ per pound.  In the outside markets, the Brent crude oil market is $0.30 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 6 points higher.

 

Mike

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At mid-session:

At mid-session, the December corn futures are 2 1/2¢ higher at $3.41, while March futures are 1 3/4¢ higher at $3.48 per bushel. January soybean futures are 1 1/2¢ lower at $9.84, while March soybean futures are 1 1/2¢ lower at $9.93. December wheat futures are 3 3/4¢ higher at $4.00 3/4. December soy meal futures are $0.60 short ton higher at $309.00. December soy oil futures are $0.34 lower at 33.76¢ per pound.  In the outside markets, the Brent crude oil market is $0.32 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points higher.

 

Mike

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At 10:55am:

Informa, the private analyst firm, released updated 2017 U.S. Acreage Estimates Thursday.

 

Corn=90.84 million vs. 91.0 mill. in October

 

Soybeans= 88.61 mill. vs. 88.5 mil. in October

 

All Wheat=  47.265 mill. vs. 48.9 mill. in October

 

What say you? Too big, too small corn acres? Soybean acres keep growing, huh?

 

THanks,

 

MIke

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At 9:10am:

If you missed the 8am report from the USDA, here is yet another fresh sale Thursday:

 

Private exporters reported to the U.S. Department of Agriculture export sales of 106,200 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

 

The marketing year for corn began Sept. 1.

 

And, the USDA Weekly Export Sales Report Thursday showed corn sales beating the street's expectations. Here are the numbers:

 

Wheat= 598,400 metric tons vs. the trade’s expectations of between 350,000-650,000 mt.

Corn= 1.66 million metric tons vs. the trade’s expectations of between 900,000-1,400,000 mt.

Soybeans= 1.41 million mt. vs. the trade’s expectations of between 1,000,000-2,000,000 mill. mmt.

 

Mike

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At 9am:

In early trading, the December corn futures are 1/4¢ higher at $3.38 3/4, while March futures are unchanged at $3.46 1/2 per bushel. January soybean futures are 2 1/2¢ lower at $9.83 1/4, while March soybean futures are 2 1/4¢ lower at $9.92. December wheat futures are 1 1/4¢ higher at $3.98 1/4. December soy meal futures are $0.60 short ton lower at $307.80. December soy oil futures are $0.10 lower at 34.00¢ per pound.  In the outside markets, the Brent crude oil market is $0.85 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 22 points higher.

 

Mike

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Soybeans were higher overnight on strong demand from China as the Asian country bought another 165,000 tons from U.S. supplies. Corn rose amid increased ethanol output week-over-week. Wheat was also higher. Ethanol production has been strong recently as output has topped an average of a million barrels a day for three straight weeks. The demand side of the equation is excellent for both beans and corn recently, so let's hope that continues. 
 

Here's what happened overnight:

 

Brent Crude Oil = 1.7% higher. 
West Texas Intermediate Crude Oil = 1.3% higher.

Dollar = down 0.3%.

Wall Street = U.S. stock futures modestly lower in overnight trading.
World Markets = Global stocks mixed as oil prices head higher.

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3 Replies
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ROV
Senior Reader

Re: Floor Talk November 17

In the last 10 days soybean planting in Argentina and Brazil accelerated, reaching planting levels close to historical averages for this time of the season, as weather conditions improved in most regions. Next week we should see these updated figures.

 

Moreover, there is some shift from corn to soybean in Argentina, due to the wet conditions and difficulties to plant corn.

 

I'm wondering whether the market will take notice of this or will continue to trade the strong export figures in the U.S. Anybody see a weaker market into the end of November and December or do you expect continued strenght in the soybean market?

 

Thank you!

 

 

Veteran Contributor

Re: Floor Talk November 17

The latest weather report from Commodity Weather Group this morning says rain will pick up again in 10-15 day period but ease again for the rest of the 30-day timeframe. 

The Buenos Aires Grain Exchange said earlier this week that the Argentina crop is 11% planted, still behind the average, due to cold, wet weather. Corn planting is 40% finished, up a little from last year. The exchange also said last week that soy planting in Arg will be the lowest in five years and fall 2.5% YOY.

 

Here's the latest report from the USDA's office in Buenos Aires:

http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Oilseeds%20and%20Products%20Update_Buenos%20Ai...

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Veteran Advisor

Re: Floor Talk November 17

I don't personally have an opinion but my local grain buyer expressed lack of confidence in the continued level of soybean prices, at least as compared to corn.

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