Floor Talk November 19
At the close:
The Dec. corn futures contract closed 5 3/4 cents higher at $4.17. The Jan. soybean futures contract finished 11 cents lower at $12.76. Dec. wheat futures finished 8 cents higher at $6.50 per bushel. The Dec. soymeal futures contract ended $6.90 per short ton lower at $408.90. The Jan. soyoil futures finished $0.12lower at $39.99.
In the outside markets, the NYMEX crude oil is $0.35 per barrel higher, the dollar is lower and the Dow Jones Industrials are 2 points lower.
One analyst says, "I am trying to buy corn and wheat and sell beans these days. Wheat seems to have a bid and world prices are moving a bit higher, so worth a shot. Corn is oversold in my opinion and I am not sure we can trade below 400 in the short term so buying a bit there, too. Beans can’t rally because we think we are near the end of China buying here. They might keep buying for a little while longer, but we have sold most of what we are going to sell, or at least that is what the trade thinks. Plus, great weather in South America impacting beans prices much more than corn due to relative size ideas. Mostly a spec trade for me, although some end user buying showing as well, mostly corn for me."
The Dec. corn futures contract is trading 3/4 of a cent higher at $4.12. The Jan. soybean futures contract is trading 17 cents lower at $12.70. Dec. wheat futures are 1 1/4 cents higher at $6.43 per bushel. The Dec. soymeal futures contract is trading $9.90 per short ton lower at $405.90. The Jan. soyoil futures are trading $0.25 lower at $39.86.
In the outside markets, the NYMEX crude oil is $0.30 per barrel higher, the dollar is lower and the Dow Jones Industrials are 3 points higher.
Though it's down 6¢, the soybean market is getting good demand news this morning. USDA announced that China bought 240,000 tons of U.S. soybeans for 2014-15 delivery.
At the open:
The Dec. corn futures contract is trading 2 cents higher at $4.14. The Jan. soybean futures contract is trading 1 cent lower at $12.86. Dec. wheat futures are 4 cents higher at $6.46 per bushel. The Dec. soymeal futures contract is trading $0.20 per short ton higher at $416.00. The Jan. soyoil futures are trading $0.12 lower at $40.25.
In the outside markets, the NYMEX crude oil is $0.17 per barrel higher, the dollar is lower and the Dow Jones Industrials are 18 points higher.
--Japan seeks 133,480 tons of milling wheat Tuesday.
--Egypt is in the market looking for wheat Tuesday.
--China has confirmed that they denied a U.S. corn shipment due to an unapproved GMO trait.
--The soybean/corn spread is reaching a record set back in 2008. Currently the spread is 3.12:1. Oh my!
--South America's soybean production estimates keep going up. One private firm now has the 2014 crop at 163 mmt, up 4.5% from the USDA's latest estimate.
Early calls: Corn is seen 2-4 cents higher, soybeans 1-2 cents lower, and wheat 2-4 cents higher.
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.17 per barrel lower.
Wall Street=Seen cautious after yesterday's record high of over 16,000.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,