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marketeye
Veteran Advisor

Floor Talk November 27

CME Group Holiday Trading Hours: 

The grain markets close at 1:15 PM today and reopen at 8:30 AM on Friday and then close at noon on Friday. 

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At the close:

The Dec. corn futures contract closed 1 1/4 cents lower at $4.17. The Jan. soybean futures contract finished 9 1/4 cents lower at $13.20. Dec. wheat futures ended 4 3/4 cents higher at $6.51 per bushel. The Jan. soymeal futures contract ended $4.30 per short ton lower at $445.90. The Dec. soyoil futures finished $0.35 lower at $40.00.
In the outside markets, the NYMEX crude oil is $1.60 per barrel lower, the dollar is lower and the Dow Jones Industrials are 20 points higher.

 

Mike

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At mid-session:

The Dec. corn futures contract is trading 3/4 of a cent higher at $4.19. The Jan. soybean futures contract is trading 1/2 of a cent lower at $13.28. Dec. wheat futures are 8 1/4 cents higher at $6.54 per bushel. The Jan. soymeal futures contract is trading $1.80 per short ton lower at $448.40. The Dec. soyoil futures are trading $0.23 lower at $40.12.
In the outside markets, the NYMEX crude oil is $1.47 per barrel lower, the dollar is higher and the Dow Jones Industrials are 19 points higher.

 

One analyst says, "A short squeeze in December meal helped bring beans up to a new high for the move.  When meal finally broke today, beans had to follow.  Also $13.40 was a large technical target reached in the January bean contract and that helped fuel the reversal.
I don't think we will see a post Thanksgiving day market rally this year.  Soybeans have already had a significant rally and at the same time we are starting to see cargo cancellations from China.  Corn is having a hard time rallying because of crop size.  Unless we start to see weather problems in South America I would say beans are overcooked and corn wont break out of their long term bearish trend just yet."


Mike

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At 10:35am:

Weekly ethanol production numbers are the highest they have been all year, according to today's Energy Information Agency's Weekly Report:

According to EIA data, ethanol production averaged 927,000 barrels per day (b/d) — or 38.93 million gallons daily. That is up 23,000 b/d from the week before and tied for the highest output rate of the year. The four-week average for ethanol production stood at 915,000 b/d for an annualized rate of 14.03 billion gallons.

Stocks of ethanol stood at 15.0 million barrels. That is a 0.4% decrease from last week and the lowest since EIA began reporting weekly data.

 

Mike

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At the open:

The Dec. corn futures contract is trading 1 1/4 cents higher at $4.19. The Jan. soybean futures contract is trading 10 cents higher at $13.39. Dec. wheat futures are 4 1/4 cents higher at $6.51 per bushel. The Jan. soymeal futures contract is trading $7.20 per short ton higher at $437.40. The Dec. soyoil futures are trading $0.40 higher at $40.39.
In the outside markets, the NYMEX Brent crude oil is $1.35 per barrel lower, the dollar is lower and the Dow Jones Industrials are 16 points higher.

 

Mike

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At 8am:

USDA announces Wednesday that an 'unknown' bought 235,000 tons of U.S. soybeans. WoW! The beans keep flying off of the U.S. bean store!!!!!!!

 

Mike

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At 7:45am:

Folks, if you check your soybean seasonal patterns, today is known to be the most bullish day of the year. Let's see if that plays out this year. What do you think?

 

Mike

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At 7:41am:

Early calls: Corn is seen 1-2 cents higher, soybeans 4-6 cents higher, and wheat 2-4 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Brent Crude Oil=$0.09 per barrel lower.
Dollar=Lower.

Wall Street=Seen higher.

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

 


More in a minute,

 

Mike

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14 Replies
teaspoon73
Senior Contributor

Re: Floor Talk November 27

   With a breakeven crush margin on the board of 15.47 per bushel of soybeans, it could be very bullish.

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roarintiger1
Honored Advisor

Re: Floor Talk November 27

Soybeans have been underpriced for a while now.......It's just time to catch up.   Most of the soybean crop in my area is long gone.......the bins are full of corn.  I'm not quite sure that the national soybean yield and supply is really as big as the USDA says it is.  They most likely however, will adjust the numbers in their next prediction and find more.

 

BTW, does anyone want to take a guess what will happen to corn acres if the soybean/corn spread continues to get wider?

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marketeye
Veteran Advisor

Re: Floor Talk November 27

teaspoon73,

 

Boy, what a market right now. We could rally into Friday's market. Are you a seller here?

 

Mike

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sw363535
Honored Advisor

Re: Floor Talk November 27

I sold out last of 2013 this week.  The bean market is free to go up.

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c-x-1
Veteran Advisor

Re: Floor Talk November 27

seems like beans are a sell today. yest meal upmove was liquidation.

 

todays high SF 1341 is exactly = last up leg = 73 cents

 

we'll see.

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c-x-1
Veteran Advisor

Re: Floor Talk November 27

1326 so far.......i agree RT, think they might be cookin' bean books a bit -- very nice genetics for yield to increase 2 bpa from sep - nov, when 8/1-9/15 rainfall was less than 1 inch over 2/3 bean belt -- least precip in that timeframe last 10 yrs or more.

 

time: -imagine also has some thoughts on this - i remember in Sep, discussing how we couldn't see over 35 bpa.

 

trying to keep 'em from popping to 25-30 too quicklySmiley Wink 

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Shaggy98
Senior Advisor

Re: Floor Talk November 27

Your preaching to the choir SW. Liquidated all wheat and milo myself. So indeed, this market most likely will turn around.
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c-x-1
Veteran Advisor

Re: Floor Talk November 27

what kinda choir you in, Shaggy?

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c-x-1
Veteran Advisor

Re: Floor Talk November 27

1323^4 - could see 1311-1309 today?

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