Floor Talk October 12

[marketeye]

At the close:

At the close, the Dec. corn futures settled 2 cents lower at $3.80 3/4.  Nov. soybean futures finished 1 3/4 cents higher at $8.87.

Dec. wheat futures settled 2 1/2 cents lower at $5.06.

Dec. soymeal futures finished $1.70 per short ton higher at $309.50. Dec. soyoil futures closed $0.16 lower at $28.18. 

In the outside markets, the Brent Crude oil market is $2.22 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points higher.

Mike

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At 12:45pm:

At late-day, the Dec. corn futures are trading 1 1/4 cents lower at $3.81.  Nov. soybean futures are trading 4 cents higher at $8.89.

Dec. wheat futures are trading unchanged at $5.09.

Dec. soymeal futures are $1.60 per short ton higher at $309.40. Dec. soyoil futures are trading $0.08 lower at $28.26. 

In the outside markets, the Brent Crude oil market is $1.88 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 30 points higher.

Mike

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At 9am:

If you missed it Friday, here is where the big money is flowing in the ag markets, according to the Committment of Traders Report:

Managed money funds added a huge 54,000 net corn contracts on the week ending last Tuesday (10/6), against trade expectations for just a 15,000 net gain. The rest of the action was more in-line with expectations. For instance, soybean contracts added by 8,900 and oil & Chi wheat up just over 16,000 net each. Producers and merchants dumped net positions across the board with corn down over 42,000 there, beans –11,700, oil –20,800, meal –2,500, Chi wheat –10,300, and KC –2,900 on the week.

What do you think?

Mike

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In early trading:

At 9am, the Dec. corn futures are trading 3/4 of a cent lower at $3.82.  Nov. soybean futures are trading 6 1/2 cents higher at $8.92.

Dec. wheat futures are trading 4 1/4 cents lower at $5.05.

Dec. soymeal futures are $1.40 per short ton higher at $309.20. Dec. soyoil futures are trading $0.38 higher at $28.72. 

In the outside markets, the Brent Crude oil market is $0.02 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points higher.

 Mike