Floor Talk November 9

[marketeye]

Brazil's Trucker Strike Update:

Truckers begin strike in Brazil
 
This Monday, November 9, truckers protested in several highways in 12 Brazilian states. The strike was organized through social networks by the National Transportation Command (CNT), an organization led by truck Ivar Luiz Schmidt. The group of truck drivers is independent and has no relation with professional associations. The CNT said the strike will continue indefinitely. Among the claims, protesters ask for the impeachment of the President Dilma Rousseff.
 
Unions representing truckers are not supporting the strike. In a statement, the president of the National Confederation of Autonomous Transport (CNTA), Diumar Bueno was against the protest. "It's incalculable economic, social and personal damage that this kind of attitude brings. At this time, we consulted the category, that expresses the need to work instead of to paralyze", he said.
 
During a news conference in Brasilia (DF), Brazil's federal capital, the minister of Social Communication of the Presidency, Edinho Silva, said the strike has political purpose and is not seeking improvements for truck drivers. "It's a strike that occasionally affects some regions of the country and, unfortunately, for the sole purpose of generating wear to the government," he said. "If we have a clear claim, the government is always open to dialogue."
 

Written by: Darlene Santiago, Successful Farming-Brasil Editor

Mike

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At the close:

At the close, the Dec. corn futures settled 6 1/4 cents lower at $3.66 3/4.  Nov. soybean futures finished 2 1/4 cents higher at $8.73 1/2.
Dec. wheat futures closed 21 1/2 cents lower at $5.01 3/4.
Dec. soymeal futures settled $0.70 per short ton lower at $295.00. Dec. soyoil futures closed $0.27 lower at $27.77. 
In the outside markets, the Brent Crude oil market is $0.41 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 213 points lower.

Mike

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At 12:45pm:

If you missed it, China is back in for more U.S. soybeans Monday.

Private exporters reported to the U.S. Department of Agriculture the following activity:

--Changes in destination of 256,740 tons of soybeans from unknown destinations to China for delivery during the 2015/2016 marketing year; and.

--Export sales of 126,000 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 mid-day:

At mid-day, the Dec. corn futures are trading 4 1/2 cents lower at $3.68.  Nov. soybean futures are trading 2 3/4 cents higher at $8.74.
Dec. wheat futures are trading 19 1/2 cents lower at $5.03.
Dec. soymeal futures are $0.40 per short ton lower at $295.30. Dec. soyoil futures are trading $0.17 lower at $27.87. 
In the outside markets, the Brent Crude oil market is $0.60 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 225 points lower.

Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that there is a lot of attention on the rice that has fallen out of bed today. 
“Other than that, I think we are most interested in the reports tomorrow and we are seeing a lot of position-squaring before the numbers come out,” he says.
“Some worries of more production than expected, but I think most are fine with the average trade estimates.  We expect demand cuts in wheat and corn, too, but not soybeans due to the recent surge in export demand from China.” Scoville says.
The stronger US Dollar not really a factor today, he says. 
“I think the overall tone is that we got plenty to meet any demand ideas for now, and that is keeping would be buyers on the sidelines and letting bears push on it a bit.”

Mike

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At 9am:

Brazil's organized truck driver's strike starts today. We'll watch to see if it gains traction.

Mike

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At the open:

At the open, the Dec. corn futures are trading 1 1/2 cents lower at $3.71.  Nov. soybean futures are trading 4 1/2 cents higher at $8.75.
Dec. wheat futures are trading 10 1/4 cents lower at $5.13.
Dec. soymeal futures are $0.10 per short ton higher at $295.80. Dec. soyoil futures are trading $0.18 higher at $28.22. 
In the outside markets, the Brent Crude oil market is $0.17 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 124 points lower.

Mike

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At 7:45am:

If you missed it Friday, the Committment of Traders Report showed:

--Managed money funds cut a little over 9,000 net contracts on the week ending last Tuesday, Nov. 3, similar to what the trade expected.  Friday’s trade leaves corn at under a 5k net estimated long. Funds dropped 23,500 net soybean contracts, twice as much as the trade expected. Soymeal and oil contracts were dropped by 6,000-7,000 net on the week. Chicago wheat gained 14,400 net, slightly more than the trade had expected, with KC wheat down 4,000 net. Producers and merchants subsequently lost near 3,000 net corn, 9,500 net Chicago wheat, and added 22,500 net beans, 14,200 meal, and 5,500 bean oil.

Do you even watch the CFTC Report on Friday's?

Mike

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At 7:30am:

Early calls: Corn 1-2 cents higher, soybeans 4-6 cents higher and wheat 6-8 cents lower.

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.56 higher.
Dollar =Lower.  
Wall Street = Seen lower, with a world growth outlook lowered. 

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

More in a minute,

Mike