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Veteran Contributor

Floor Talk November 17

Corn Selling. Somebody is selling that yellow stuff. I witnessed this railcar lineup, Friday, in downtown Des Moines, Iowa. The cars were heading east, presumably to the Mississippi River. 

 

WebsizedCornOn Rail2017.jpg

 

Mike

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At the close:

At the close, the Dec. corn futures finished 6 1/2¢ higher at $3.43. March futures finished 6¢ higher at $3.55. Jan. soybean futures settled 18 1/2¢ higher at $9.90.  March soybean futures closed 18 1/4¢ higher at $10.01. December wheat futures finished 5 3/4¢ higher at $4.27. Dec. soy meal futures closed $7.70 per short ton higher at $318.20. Dec. soy oil futures close 0.01¢ higher at 34.44¢ per pound.  In the outside markets, the Brent crude oil market is $1.38 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 94 points lower.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 3 3/4¢ higher at $3.40. March futures are 3 1/4¢ higher at $3.52. Jan. soybean futures are 11 1/4¢ higher at $9.83.  March soybean futures are 11 1/4¢ higher at $9.94. December wheat futures are 4 1/4¢ higher at $4.25. Dec. soy meal futures are $5.10 per short ton higher at $315.60. Dec. soy oil futures are 0.04¢ lower at 34.39¢ per pound.  In the outside markets, the Brent crude oil market is $1.31 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 86 points lower.

 

Mike North, President Commodity Risk Management Group, says that this afternoon's Commitment of Traders report will likely reveal a new record short position held by funds in the corn market. 
 
"Some of those positions are likely being lifted today as dry weather concerns in South America are beginning to add a touch of weather premium.  Traders are likely taking some profit to capture the "large" downward move that took place this week.  As we head towards the Thanksgiving holiday, more of that may continue."
 
 
 

Mike

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In early trading:

At 9am, the Dec. corn futures are 2 1/2¢ higher at $3.39. March futures are 2¢ higher at $3.51. Jan. soybean futures are 5 1/4¢ higher at $9.77.  March soybean futures are 5¢ higher at $9.88. December wheat futures are 4 3/4¢ higher at $4.26. Dec. soy meal futures are $3.40 per short ton higher at $313.90. Dec. soy oil futures are 0.24¢ lower at 34.19¢ per pound.  In the outside markets, the Brent crude oil market is $0.74 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 70 points lower.

 

Mike

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Corn, wheat and beans were higher overnight, taking back some of Thursday's losses, as investors await today's CFTC report to see if speculators push net-long positions in corn to a record. The talk for weeks now has been that corn is oversold and it'll snap back when specs start liquidating but so far money managers have increased their bets against the grain. Corn was up about a penny, soybeans gained 3 cents and wheat was up 1-2 cents. Oil prices are higher this morning while the dollar is lower, both positives for agriculture futures. Export sales for corn missed expectations while wheat and beans were within projected ranges. In weather news, it's dry and windy in the southern Plains, which makes for fire risk, and those in Wisconsin will likely see a wintry mix of snow and sleet today. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-november-17

 

Brent Crude Oil = up 1.5%

West Texas Intermediate = up 1.2%

Dollar = down 0.2%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks lower overnight.

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2 Replies
Veteran Advisor

Re: Floor Talk November 17

Patience my friends.   

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Veteran Advisor

Re: Floor Talk November 17

I wonder what the funds are doing?

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