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Veteran Advisor

Floor Talk November 17

At the close:

The December corn futures settled 4 1/4 cents lower at $3.77 1/2 per bushel.

 

January soybean futures finished 13 3/4 cents higher at $10.36 1/4.

December wheat futures closed 8 3/4 cents lower at $5.51 3/4.

For Dec. soybean meal futures, the contract finished $7.20 per short ton higher at $387.10; Dec. soybean oil futures closed $0.25 higher at $32.45.

 

In the outside markets, the crude oil is $0.46 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 17 points higher.

 

Mike

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At mid-session:

The December corn futures are trading 4 1/2 cents lower at $3.77 per bushel.

 

January soybean futures are trading 2 1/4 cents higher at $10.24 3/4.

December wheat futures are trading 8 cents lower at $5.52.

For Dec. soybean meal futures, the contract is $0.60 per short ton higher at $380.50; Dec. soybean oil futures are trading $0.17 higher at $32.37.

 

In the outside markets, the crude oil is $0.63 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 1 points lower.

 

One market analyst sizes up the rally for soybeans like this: "You notice with futures, we saw a rally after inspections which were 114.394 million bushels and then again after the Crush was released. Usage continues to be RECORD in both export and crush category, and the other thing to keep an eye on is how much the CRUSH margins are. We show crush margins at $1.38/bushel for January and then $1.72/bushel for February, so if you can get soybeans, you are crushing and making a KILLING!!!"

 

Mike

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At 9:50am:

Farm markets remain weaker Monday. If you missed it Friday, the CFTC Report showed:

 

  • --Managed money funds added over 25,000 net corn on the week ending last Tuesday (Nov. 11), over 8,000 longer than the trade expectations. Soybeans had 17,000 net longs added on, 5,000 fewer than daily numbers.
    --Producers and merchants cut nearly 24,000 net corn on the week and 19,000 beans.

What do you think about the shifting of contract positions?

 

Mike

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At the open:

The December corn futures are trading 3 3/4 cents lower at $3.78 per bushel.

 

January soybean futures are trading 1 cent lower at $10.21.

December wheat futures are trading 2 1/4 cents lower at $5.58.

For Dec. soybean meal futures, the contract is $2.20 per short ton lower at $377.70; Dec. soybean oil futures are trading $0.10 lower at $32.10.

 

In the outside markets, the crude oil is $0.96 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 19 points lower.

 

Mike

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At 8am:

 

Private exporters reported to the U.S. Department of Agriculture export sales of 111,095 metric tons of soybeans for delivery to China during the 2014/2015 marketing year. Of the total, 50,641 metric tons were previously reported as unknown destinations.

 

The marketing year for soybeans began Sept. 1.

 

Mike

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At 6:55am:

Early calls: Corn is 2-4 cents lower, soybeans 2-4 cents lower and wheat 2-4 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.74 lower per barrel.
Dollar = Higher
Wall Street = Seen lower, as Japan suffers 3rd Quarter shrink and enters a recession.
World Markets = Europe stocks were lower, Asia/Pacific stocks were lower.

 

 

More in a minute,

 

Mike

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3 Replies
Honored Advisor

Re: Floor Talk November 17

Mike take a look at the crush volume and the export inspections.

 

 

big numbers

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Veteran Advisor

Re: Floor Talk November 17

sw,

 

You are right. The soybean market rallied off of both numbers:

 

--October NOPA soybean crush came in at 157.96 million bushels, above the expected 150.8 mil- lion bushels, up from just under 100 mbu in September and above157.1 mbu last October.

 

--USDA Soybean Export Inspections came in at 114.394 million bushels, above expectations. No help from corn inspections, though.

 

Mike

 

 

 

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Honored Advisor

Re: Floor Talk November 17

Bunge, West...

 

  • Cash Bids
Soybeans
Quote Basis
Nov '14
10.0975 -0.2000
Soybean Meal
Quote Basis
Nov '14
402.80 20.00
Soybean Hulls
Quote Basis
Nov '14
125.00
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