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marketeye
Veteran Advisor

Floor Talk November 20

After the close:

I keep hearing that Congress is making very little progress on writing a Farm Bill. Specifically, of the 12 titles included in the Farm Bill, there is disagreement on all of them. With the idea that some folks could actually be getting payments this year, are we headed for another "Dairy Cliff"? And, if so, will a delayed Farm Bill play into anybody's expected revenue? And if expected revenue is not received, might we see stored grain put on the market sooner than expected to generate needed revenue for operation loans, and more? 

 

What are you all hearing from your representative or state commodity group leaders?

 

Mike

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At the close:

The Dec. corn futures contract closed 3/4 of a cent lower at $4.17. The Jan. soybean futures contract ended 2 1/2 cents lower at $12.73. Dec. wheat futures ended 3 cents lower at $6.47 per bushel. The Dec. soymeal futures contract finished  $1.90per short ton lower at $407.00. The Jan. soyoil futures settled $0.33 higher at $40.32.
In the outside markets, the NYMEX crude oil is $0.15 per barrel lower, the dollar is higher and the Dow Jones Industrials are 60 points lower.

 

One analyst sizes up today's trade action like this:   "After new corn lows this week for the year and weekly for beans were seeing short covering on breaks as funds see only 7 days left in the month to take short profits and pay bonuses. Additionaly,  short covering on breaks looks to continue as a shortened holiday week looms next week."

 

 

Mike

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At mid-session:

The Dec. corn futures contract is trading 3/4 of a cent lower at $4.17. The Jan. soybean futures contract is trading 3 cents lower at $12.73. Dec. wheat futures are 1 3/4 cents lower at $6.48 per bushel. The Dec. soymeal futures contract is trading $2.10 per short ton lower at $406.80. The Jan. soyoil futures are trading $0.20 higher at $40.19.
In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher and the Dow Jones Industrials are 18 points higher.

 

Mike

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At 10:20am;

Everything is down a little, this morning. Even ethanol's weekly production is down. Here's the latest report from the Energy Information Agency, according to the Renewable Fuel Association:

 

According to EIA data, ethanol production averaged 904,000 barrels per day (b/d) — or 37.97 million gallons daily. That is down 23,000 b/d from the week before. The four-week average for ethanol production stood at 911,000 b/d for an annualized rate of 13.97 billion gallons.

Stocks of ethanol stood at 15.1 million barrels. That is a 0.5% decrease from last week, according to the RFA news release.

 

Mike

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At the open:

The Dec. corn futures contract is trading 1 1/2 cents lower at $4.16. The Jan. soybean futures contract is trading 2 1/4 cents higher at $12.78. Dec. wheat futures are 1 1/2 cents higher at $6.51 per bushel. The Dec. soymeal futures contract is trading $0.30 per short ton lower at $408.60. The Jan. soyoil futures are trading $0.23 higher at $40.22.
In the outside markets, the NYMEX crude oil is $0.31 per barrel lower, the dollar is lower and the Dow Jones Industrials are 8 points higher.

 

Mike

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At 8am:

USDA announced Wednesday that Egypt bought 110,000 tons of U.S. SRW Wheat for 2013-14.

 

Mike

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At 7:15am:

Early calls: Corn is seen 2-4 cents lower, soybeans 1-2 cents higher, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.05 per barrel higher.
Dollar=Higher.

Wall Street=Seen flat, ahead of company earnings and Fed data.

World Markets=Asia/Pacific stocks were higher, Europe stocks lower.

 


More in a minute,

 

Mike

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1 Reply
Hobbyfarmer
Honored Advisor

Re: Floor Talk November 20

Egypt bought OUR wheat?

 

You know we are the store of last resort?

 

Is the world supply of bread quality wheat that short? None available out of the Black Sea area?

 

Is only Canada and the USA the last men standing?

 

Did Obummer/Kerry promise to give it to them?

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