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Veteran Contributor

Floor Talk November 21

At the close:

At the close, the December corn futures finished 4 1/4¢ higher at $3.49 3/4, while March futures finished 4 1/4¢ higher at $3.57 3/4 per bushel. January soybean futures finished 26 1/2¢ higher at $10.20 1/4, while March soybean futures finished 26 1/4¢ higher at $10.28 1/2. March wheat futures closed 1 3/4¢ higher at $4.27. December soy meal futures finished $9.30 short ton higher at $319.70. December soy oil futures closed $0.59 higher at 34.64¢ per pound.  In the outside markets, the Brent crude oil market is $1.79 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 71 points higher.

 

Mike

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At mid-session:

At mid-session, the December corn futures are 1/2¢ higher at $3.46, while March futures are 1/2¢ higher at $3.53 per bushel. January soybean futures are 22 1/2¢ higher at $10.16, while March soybean futures are 22 1/4¢ higher at $10.24. December wheat futures are 1/2¢ higher at $4.08 1/2. December soy meal futures are $7.60 short ton higher at $318.00. December soy oil futures are $0.59 higher at 34.64¢ per pound.  In the outside markets, the Brent crude oil market is $1.71 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 52 points higher.

 

Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that soybeans are the news in the grain room, as exports continue strong.
“It seems that the Chinese are loading up ahead of continued dollar strength. Something is up. Also feeling like beans wanting to buy more corn acres in 2017. Wheat and corn are dead money until the New Year, and perhaps beyond. Copper and dry freight continue their move up ahead of a Trump Administration. That is the big news,” says Hawthornw-Lahre.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, agrees that China is moving this market.
“I understand the Chinese are buying, and I know specs are.  We are up against the monthly highs in the beans and really there should be no real reason to go higher.  Producers are showing some interest in selling this rally as well.  We normally rally the beans and grains this week, then sell off into the end of the year,” Scoville says.  
He adds, “it looks like the rally is a little early this year.  My guys are selling.  Away from the Chinese news there does not seem to be a real good reason to own ag commodities, and we can fade from here on ideas that the Thanksgiving Day rally came early this year.  The weather in SA appears good, nothing down there to support things.  US Dollar is a little lower so that is helping the rally.”

 

Mike

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At the open:

At the open, the December corn futures are 1/2¢ higher at $3.46, while March futures are 1/2¢ higher at $3.54 per bushel. January soybean futures are 13 1/4¢ higher at $10.07, while March soybean futures are 13¢ higher at $10.15. December wheat futures are 2 1/2¢ higher at $4.10 1/2. December soy meal futures are $4.10 short ton higher at $314.50. December soy oil futures are $0.35 higher at 34.40¢ per pound.  In the outside markets, the Brent crude oil market is $1.24 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 52 points higher.

 

Mike

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Soybeans rose overnight amid more demand for US supplies and as the dollar weakened overnight, giving some relief to the seemingly precipitous rise of the greenback. Money managers last week were less bullish on beans and more bearish on corn as the harvest wraps up and after the dollar hit a 13-year high. Demand has been buoying these markets and if the dollar continues to be strong, we could see some cuts in purchases. Hopefully the overnight decline in the dollar is a sign of things to come.  
 

Here's what happened overnight:

 

Brent Crude Oil = 1.7% higher. 
West Texas Intermediate Crude Oil = 1.7% higher.

Dollar = down 0.3%.

Wall Street = U.S. stock futures modestly higher in overnight trading.
World Markets = Global stocks higher on oil's strength.

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Re: Get ready for some $15 cash beans,

this weather just is not cooperating for a decent SA crop.  MO.

 

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