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Veteran Contributor

Floor Talk November 22

At the close:

At the close, the December corn futures finished 1 1/4¢ higher at $3.51, while March futures closed 1 1/4¢ higher at $3.59 per bushel. January soybean futures finished 9 3/4¢ higher at $10.30, while March soybean futures ended 10 1/4¢ higher at $10.38 3/4. March wheat futures closed 1/4¢ higher at $4.27 1/4. December soy meal futures settled $5.50 short ton higher at $327.40. December soy oil futures ended $0.16 lower at 34.77¢ per pound.  In the outside markets, the Brent crude oil market is $0.18 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 58 points higher.

 

Mike

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At mid-session:

At mid-session, the December corn futures are steady at $3.49, while March futures are 1/4¢ lower at $3.57 per bushel. January soybean futures are 4 1/4¢ higher at $10.24 1/2, while March soybean futures are 4 3/4¢ higher at $10.33. March wheat futures are 1/2¢ higher at $4.27 1/2. December soy meal futures are $2.60 short ton higher at $322.30. December soy oil futures are $0.10 lower at 34.54¢ per pound.  In the outside markets, the Brent crude oil market is $0.72 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points higher.

 

Jason Roose, U.S. Commodities grain analyst, says the traders are preparing for a holiday break.
“In this holiday trade week, the grains continue to be dictated by the world currencies, and a close watch on South America weather. Soybeans are giving the grain markets support again with impressive exports and crush numbers, tight producer holding giving the corn short term support,” Roose says.

Mike

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At the open:

At the open, the December corn futures are 1 1/2¢ lower at $3.48, while March futures are 1 3/4¢ lower at $3.56 per bushel. January soybean futures are 1 3/4¢ higher at $10.22, while March soybean futures are 2¢ higher at $10.30. December wheat futures are 3/4¢ lower at $4.26. December soy meal futures are $0.80 short ton higher at $320.50. December soy oil futures are $0.02 lower at 34.62¢ per pound.  In the outside markets, the Brent crude oil market is $0.04 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 44 points higher.

 

Mike

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Corn and beans were mixed in overnight trading as investors weigh strong demand against what's expected to be record production of both crops. Sales of corn, beans and wheat are all up year-over-year, but some traders may be scared to get too long as the harvest wraps up and we get a better understanding of the actual size of the crops. Corn was up a penny while beans were down about the same. President elect Trump said on Monday that cutting the Trans-Pacific Partnership is on his list of things to do on his first day in office. The US will exit the TPP, a trade agreement between 12 Pacific Rim nations, and negotiate its own trade agreements. Several ag groups including the National Corn Growers Association, the American Soybean Association and US Wheat supported the TPP. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.3% higher. 
West Texas Intermediate Crude Oil = 0.1% higher.

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks rise along with crude futures. 

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