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marketeye
Veteran Advisor

Floor Talk November 20

At the close:

At the close, the Dec. corn futures settled 1 cent lower at $3.63 1/4.  January soybean futures finished 2 1/2 cents lower at $8.57 1/2. 
March wheat futures closed 2 1/4 cents lower at $4.90. 
Jan. soymeal futures settled $3.70 per short ton lower at $283.00. Jan. soyoil futures ended $0.34 higher at $28.18.  
In the outside markets, the Brent Crude oil market is $0.79 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 90 points higher.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are trading 1 3/4 cents lower at $3.62 1/2.  January soybean futures are trading 3 1/4 cents lower at $8.56. 
March wheat futures are trading 2 1/2 cents lower at $4.89. 
Jan. soymeal futures are $0.80 per short ton lower at $285.90. Jan. soyoil futures are trading $0.02 higher at $27.86.  
In the outside markets, the Brent Crude oil market is $0.42 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 105 points higher.

 

Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that tight fisted farmers and short speculators are keeping a cap on losses.
“Farmers not selling, industry needs a little bit, and specs are short. So, the markets are performing a little better, despite being slightly lower.”
With a big snow headed for the Midwest, farmer-marketing will not get any better.  Not much world news today, but just talked to a guy in France and he was commenting on how warm and dry it is there even at this late date.  I expect a pretty quiet finish to the day today,” Scoville says.

 

Mike

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At 8:45am:

Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year. 

The marketing year for soybeans began Sept. 1.

 

Mike

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At the open:

At the open, the Dec. corn futures are trading 3/4 of a cent lower at $3.63.  January soybean futures are trading 4 cents lower at $8.55. 
March wheat futures are trading 1/2 of a cent higher at $4.92. 
Jan. soymeal futures are $1.90 per short ton lower at $284.80. Dec. soyoil futures are trading $0.05 higher at $27.60.  
In the outside markets, the Crude oil market is $0.01 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 91 points higher.

 

Mike

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At 8:25am:

--International Grains Council says that there is less world corn being produced. The IGC Thursday cut their 2015/16 world corn pro- 
duction estimate by 3 million tonnes, to 967 mmt.  World wheat output was left unchanged at 726 MMT. Global 2016/17 wheat acreage is seen dropping by around 1%, due to dryness concerns in Ukraine.

 

--Argentina's Ag Minister Thursday estimated a record 2015/16 soybean crop for his country at 50.9 million acres.

 

Mike-

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At 8:15am:

Early calls: Corn 1-2 cents lower, soybeans 4-6 cents lower and wheat 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.07 higher.
Dollar =Higher.  
Wall Street = Seen higher, amid oil market and St. Louis and New York Fed president's speeches.

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

 

 

 

More in a minute,

 

Mike

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1 Reply
sw363535
Honored Advisor

Re: Floor Talk November 20

I think about argentina whenever I see a proJECTion of carry over bushels.  

The unknown is always what is available to the market..

And in this case what will actually get raised

 

"Countin' they chickns befair they hatch'd"

 

Question often is how much supply does it take to have grain where it is needed when it is needed.  Has a whole new meaning in Argentina.

 

 

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