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Tony_Dreibus
Veteran Contributor

Floor Talk October 10

At the close:

At the close, the Dec. corn futures settled 3 1/2¢ higher at $3.43 1/4 while March futures finished 3 3/4¢ higher at $3.53 1/4 per bushel. Nov. soybean futures finished 2 1/4¢ lower at $9.54 1/2, while Jan. soybean futures closed 1 1/2¢ lower at $9.61 3/4. Dec. wheat futures ended 9¢ higher at $4.03 1/4. Dec. soymeal futures closed $2.10 short ton lower at $298.10. Dec. soyoil futures are $0.51 higher at 33.82¢ per pound.  In the outside markets, the Brent crude oil market is $0.95 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 110 points higher.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 3 1/4¢ higher at $3.43 while March futures are 3 1/4¢ higher at $3.52 per bushel. Nov. soybean futures are 3/4¢ lower at $9.56, while Jan. soybean futures are 1/2¢ lower at $9.62. Dec. wheat futures are 9 1/2¢ higher at $4.04 1/4. Dec. soymeal futures are $1.00 short ton lower at $299.20. Dec. soyoil futures are $0.44 higher at 33.75¢ per pound.  In the outside markets, the Brent crude oil market is $0.86 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 112 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the trading session is slow.
“Most of the attention is on the weekly updates that will be out tomorrow and the crop reports on Wednesday.  I see very few new positions being taken today, mostly it is liquidation on one side of the other” Scoville says. 
In tomorrow’s USDA Crop Progress Report (delayed due to Columbus Day), soybean harvest is expected to be 50% done 35% for corn, Scoville says.
He adds, “That seems like a lot, given the rains last week.  Most producers very happy with beans, corn being ignored for the bean harvest right now. For the markets, it looks like a choppy affair, today and tomorrow.”

 

Mike

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At the open:

At the open, the Dec. corn futures are 2 3/4¢ higher at $3.242 while March futures are 2 3/4¢ higher at $3.52 per bushel. Nov. soybean futures are 1/2¢ lower at $9.56, while Jan. soybean futures are 1/4¢ lower at $9.62. Dec. wheat futures are 7 1/4¢ higher at $4.02. Dec. soymeal futures are $0.80 short ton higher at $301.00. Dec. soyoil futures are $0.21 higher at 33.52¢ per pound.  In the outside markets, the Brent crude oil market is $0.50 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 149 points higher.

 

Mike

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Corn and soybeans were mixed in overnight trading on the Chicago Board of Trade as investors weigh harvest pressure vs. strong demand. Corn was down about 3/4 cent while beans rose about 2 cents. Chicago wheat was up 4 cents and Kansas City futures gained 2 3/4 cents in overnight trading. The weather looks mostly calm today with only a few isolated rains in Missouri and Iowa, but flooding continues to move south along the Mississippi River toward St. Louis.  
 

Here's what happened overnight:

 

Brent Crude Oil = 0.8% higher.
West Texas Intermediate Crude Oil = 0.6% higher.

Dollar = up 0.1%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks mixed. 

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3 Replies
jec22
Veteran Advisor

Re: Floor Talk October 10

Tony, have a question that maybe you know 'people' that know, heck Shellady probably does.

 

Why does lumber trade so erratic?  Big swings are the norm. Just wondering.

 

The good news of the day, the media is shocked and upset at what  Trump has said. So it will be refreshing to turn on the T.V., go to a movie, and log on to their websites and see women(and  men) portrayed in a respectful way from now on.

 

Corn is drying down fast, helps lower expenses.  A series of columns from Hobby on grain management with bins would be a great additon on this site.

 

Sunday was about as perfect fall day as you get in Iowa.  No problems with guys that combine on Sunday, but it was great to have that day to take a break and recharge.

 

 

 

elcheapo
Veteran Advisor

Re: Floor Talk October 10

I was told to buy lumber futures before hurricane season.  almost did once......would have done well.

don't know if they have split it out from dimensional and osb

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Tony_Dreibus
Veteran Contributor

Re: Floor Talk October 10

That's actually a good question Jec. I covered the lumber markets for many years, which, being married to a Canadian from the PNW, makes sense.

 

 

Lumber is very erratic on a daily basis because of the low volume. It's like rice in that sense -- one company, investor or hedger can come in and change the price by $5 to $10 and nobody thinks twice. Watch the lumber markets on days when a big housing report comes out and, well, it's much like corn and bean futures on days when WASDE's released. 

 

As with everything, the price shifts don't look so erratic when drawn out over the a period of weeks or months and actually form trendlines like any other commodity. I tried to post some screenshots of charts I looked at this morning but am not tech-savvy enough, apparently, to do so. Instead, here's a link to Bloomberg's lumber chart, and you can toggle between 1 Day, 1 Week, 1 Month, 1 Year and 5 Years. http://www.bloomberg.com/quote/LB1:COM

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