Floor Talk October 10

[marketeye]

At the close:

The Dec. corn futures settled 5 cents higher at $6.05. The Nov. soybean contract closed 19 1/4 cents higher at $11.77 1/2. The Dec. wheat futures closed 4 cents higher at $6.11 1/2. The Dec. soymeal futures settled $4.20 higher per short ton and soyoil futures closed $0.79 higher at $50.11.

In the outside markets, the NYMEX crude oil is $2.44 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 283 points.

Broad-based commodity buying and a weakening dollar helped the U.S. farm markets push higher Monday, analysts say.

Mike

---------

At mid-session:

The Dec. corn futures are trading 9 1/4 cents higher at $6.09 1/4. The Nov. soybean contract is 23 3/4 cents higher at $11.82. The Dec. wheat futures opened 8 1/2 cents higher at $6.16. The Dec. soymeal and soyoil futures are higher.

In the outside markets, the NYMEX crude oil is $2.82 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 268 points.

The German and French pledge to help bailout the Eurozone is underpinning this grain market.

Mike

---------

At the open:

The Dec. corn futures opened 16 cents higher at $6.16 1/4. The Nov. soybean contract opened 31 1/2 cents higher at $11.89 1/4. The Dec. wheat futures opened 17 cents higher at $6.24 1/2. The Dec. soymeal and soyoil futures have opened higher.

In the outside markets, the NYMEX crude oil is $2.40 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 230 points.

Mike

----------

At 8:15am:

Though it won't be released until tomorrow, the trade sees the USDA Crop Progress Report showing corn harvesting at 33-37% complete, equally with soybeans. Winter wheat plantings are seen between 50-55% complete.

Some folks, in the trade, see China's demand infuencing the soybean or corn markets this week.

Mike

---------

At 6:15am:

Early calls: Corn 12-14 cents higher, soybeans 22-25 cents higher, and wheat 12-14 cents higher.

Trackers:
Overnight grain, soybean markets=Trading sharply higher.
Crude Oil=$1.43 higher.
Dollar=Lower.
Wall Street=Seen trading higher as government offices are closed as is the bond market.

World Markets=Higher. The big news this morning, driving up all markets, is the announcement that France and Germany agree to a bailout for the Eurozone by the end of the month.

China's off its holiday. The USDA Report Wednesday and a rain event this week all promise to keep the farm markets hopping this week. What say you?

Going Mobile:  Now you can see all of this Marketeye information, weather, market prices and more on our mobile site. Take a look.

More in a minute,

Mike

[tree fmr]

Marketeye, By "hopping this week" do you mean hopping up or hopping right off a cliff?

I am reading your great work from out in the Pacific Ocean and enjoy the news you provide from near home (east central Iowa).  Also my brother finished my beans this weekend, looks like around 50 BPA.  Not started the corn yet.

Thanks again.

[marketeye]

tree fmr,

Hopping up today, it looks like. The outsides are favorable, with the European news this morning. That is supporting a risk-on mentatility.

What's the weather like in the Pacific Ocean this morning? Are you catching any fish? 🙂

Hey, great to hear from you. There has been some great Iowa harvest weather, that's for sure. Is 50 bpa the on-farm average or better?

Thanks for following the info. Keep doing what you do for us.

Mike

[Canuck_2]

Not Iowa but here in Ontario lots of reports of excellent yields.

We will finish soys today. Unless there is another field to do custom harvest on maybe tomorrow to help out another group.

Most seem to be talking yields that would put them in the 15-25% above average area.

Although some of us expected good yields most are still surprised just how good.

Rain forecast for Wednesday but that will see most beans off and wheat planted I would think in this area.

[tree fmr]

Marketeye,

No fishing lately, just keeping the steam running thru the pipes!  Although I did some bass fishing in the farm ponds around Sasebo, Japan this summer.  That was a great time, best day was 18 fish in 2 hours!  Many ponds around used for watering the rice fields, the Japanese are very friendly and don't mind anyone fishing.

The weather here is good, calm winds and seas.

The yield is just a little low but good considering the weather.  Was told the early frost/late planting took a little off the top also.

I am looking forward to your comments on this weeks USDA report,

[marketeye]

tree fmr,

With you and Canuck checking in, it really feels like an international report this morning. Anybody else from around the world want to chime in? I hope the South American contingent that I traveled with last week made it home safely. On my return from the eastern Corn Belt, it was like a harvest hotbed, with a combine in nearly every field.

Mike

[llakmf]

I remember Sasebo Japan. Was in the Navy, 1967. What does it look like now? I remember it looking like a picture of the old Japan, Had a big naval base. That is where I bought a Noritake china set.

[eurofarmer1755642]

Enjoy the German/French pledge as long as it works....

Yes they are saving a Belgian bank from bankruptzy but the main dept problem is not on trac for solving yet.

There must be a discuss on creating United States of Eu first.And that is a hot potatoe because the German feeling for hard work must be implemented first....in all countries

But yes I am doing some money in oil right now to cover my sold canola...

Fallwheat in pretty normal conditiones in Western EU

have a good day.....

[tree fmr]

There is 256K people now but still has a small town feel. The schrines are still there, some have trees/brush grown up around them so you have to look but they are there. I do a lot of hiking/fishing when there and always find new and interesting things to see. Still the same Naval base too. Arita still has there big china factory, I don't think it has changed much either. All and all a nice place to live with great people.

[floydboy]

Euro...was wondering if there was any concern about winter grain planting conditions in France. It has been very dry there over the past 30-plus days. Thanks!