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Veteran Contributor

Floor Talk November 2

At the close:

At the close, the Dec. corn futures finished 2 1/4¢ higher at $3.50. March futures finished 2 1/4¢ higher at $3.64. Jan. soybean futures closed 8¢ higher at $9.99.  March soybean futures finished 8¢ higher at $10.09. December wheat futures settled 8 1/2¢ higher at $4.26. Dec. soy meal futures ended $3.80 per short ton higher at $317.40. Dec. soy oil futures closed 0.04¢ lower at 34.86¢ per pound.  In the outside markets, the Brent crude oil market is $0.12 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 29 points higher.

 

Mike

 

ession:

At mid-session, the Dec. corn futures are 2 3/4¢ higher at $3.51. March futures are 2 3/4¢ higher at $3.64. Jan. soybean futures are 6 3/4¢ higher at $9.98.  March soybean futures are 6 3/4¢ higher at $10.08. December wheat futures are 3 3/4¢ higher at $4.21. Dec. soy meal futures are $3.20 per short ton higher at $316.80. Dec. soy oil futures are 0.04¢ higher at 34.94¢ per pound.  In the outside markets, the Brent crude oil market is $0.04 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points lower.

 

Mike

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At 9am:

HUGE Corn Sale to Mexico!

 

On Thursday, private exporters reported to the U.S. Department of Agriculture export sales of 1,356,360 metric tons of corn for delivery to Mexico. Of the total 845,820 metric tons is for delivery during the 2017/2018 marketing year and 510,540 metric tons is for delivery during the 2018/2019 marketing year.

 

The marketing year for corn began Sept. 1.

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Separately, the USDA Weekly Export Sales Report Thursday pegged soybeans above the trade's expectations, wheat within and corn sales at the high-end of expectations.

  • Wheat= 347,800 metric tons vs. the trade’s expectations of between 300,000-500,000 mt.
  • Corn= 901,400 mt. vs. the trade’s expectations of between 750,000-1,300,000 mt.
  • Soybeans= 1.97 million mt. vs. the trade’s expectations of between 800,000-1,400,000 mt.
  • Soybean meal= 225,000 mt. vs. the trade’s expectations of between 125,000-250,000 mt.

 

Mike

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In early trading:

At the open, the Dec. corn futures are 1/2¢ higher at $3.48. March futures are 1/2¢ higher at $3.62. Jan. soybean futures are 2 3/4¢ higher at $9.94.  March soybean futures are 2 3/4¢ higher at $10.04. December wheat futures are 2 3/4¢ higher at $4.20. Dec. soy meal futures are $1.80 per short ton higher at $315.40. Dec. soy oil futures are 0.05¢ lower at 34.85¢ per pound.  In the outside markets, the Brent crude oil market is even, the U.S. dollar is lower, and the Dow Jones Industrials are 5 points higher.

 

Mike

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It was good to see the soybean markets jump yesterday, rising as much as a dime before closing more than 6 cents higher. The upward trend slowed but is still intact overnight amid drier weather in Brazil and continued wet weather in the eastern U.S. Corn Belt. Beans were up about 2 cents, corn gained 2 cents and wheat was up 3-4 cents overnight. Soybean crush for September just topped expectations, and ethanol production was up week-to-week to the highest level since Sept. 1, good news for corn farmers. In weather news today, it's expected to be rainy and cool in the eastern Midwest through the weekend, which may further delay the harvest, and in the Dakotas it's expected to be snowy, as it is in the Dakotas this time of year. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-november-2

 

Brent Crude Oil = down 0.5%

West Texas Intermediate = down 0.1%

Dollar = down 0.2%.

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

World Markets = Global stocks higher overnight.

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3 Replies
Veteran Advisor

Re: Floor Talk November 2

Does the huge sale mean the Mexicans think the low is in?

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Honored Advisor

Re: Floor Talk November 2

Nice to see the reality of trade to mexico without the political side bars.  

 

Jim They may not be trying to pick a bottom.  But obviously they think it is cheap enough to buy volume.

 

 

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Veteran Contributor

Re: Floor Talk November 2

NAFTA is dead

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