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Veteran Advisor

Floor Talk October 13

At 3pm:

If you missed the big soybean sale to China, today, here is the announcement:

 

Private exporters reported to the U.S. Department of Agriculture export sales of 240,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year. 

The marketing year for soybeans began Sept. 1.

Mike

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At the close:

At the close, the Dec. corn futures finished 3 3/4 cents higher at $3.84 1/2.  Nov. soybean futures ended 26 1/2 cents higher at $9.14.

Dec. wheat futures closed 13 1/4 cents higher at $5.11.

Dec. soymeal futures closed $8.20 per short ton higher at $317.70. Dec. soyoil futures closed $0.61 higher at $28.79. 

In the outside markets, the Brent Crude oil market is $0.21 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 20 points lower.

Jack Scoville, The PRICE Futures Group, Senior Market Analyst, says the rally was all in the bean market. "The china demand created buying that pushed futures into stops, lots of fund buying.  Real impressive," Scoville says. 
Corn was the laggard, he says. "Not much happening there." 
Wheat prices were up on the news of dry conditions in the Black Sea area.  "Big volume day, although farmers quiet due to harvest progress and maybe price.  Tomorrow, the FSA is in fact coming out with new acreage estimates, but I amount sure that this affected the action today."

 Mike

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At the open:

At the open, the Dec. corn futures are trading 1 cent lower at $3.79.  Nov. soybean futures are trading 5 cents higher at $8.92.

Dec. wheat futures are trading 1 cent higher at $5.08.

Dec. soymeal futures are $2.20 per short ton higher at $311.60. Dec. soyoil futures are trading $0.38 higher at $28.37. 

In the outside markets, the Brent Crude oil market is $0.25 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 81 points lower.

 Mike

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9 Replies
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Honored Advisor

Re: Floor Talk October 13

Mike, Are soybeans headed back to double digits?

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Veteran Contributor

Re: Floor Talk October 13

You have my interest.   Lets say beans are going to $10.  I would assume you think that the 425M bushel carryout is very wrong.  How are we going to lose 200M from the carryout to give $10 a chance?

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Honored Advisor

Re: Floor Talk October 13

Kstater85,   Perhaps more demand shows up.  Perhaps USDA adjusts numbers of acres  and yields lower.   Perhaps buyers get off of their complacent rears realizing that soybeans are a bargain.  Who knows?  Perhaps I'm wrong.  Smiley Wink

 

 

BTW, The last time we had a fall this dry around here was 1987.   The drought of '88 followed.     Not saying it's gonna happen.  It's just an observance.

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Honored Advisor

Re: Floor Talk October 13

Oct 1 was the end of the marketing year in which we ended with 1,829.52mb export inspections yet the october SD report shows 1675.   usda's guess for a price range at 1675(which was reduced from the previous week) is $8.40-$9.90...... So it is not a big leap and that might be a place to start.

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Honored Advisor

Re: Floor Talk October 13

today's market is a help although I find it harder and harder to find what is pushing it....

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Veteran Advisor

Re: Floor Talk October 13

roarintiger1,

 

I can safely say, yes. The soybeans are headed for a double-digit finish.

 

Jack Scoville, The PRICE Futures Group, Senior Market Analyst, says the rally was all in the bean market. "The china demand created buying that pushed futures into stops, lots of fund buying.  Real impressive," Scoville says. 
Corn was the laggard, he says. "Not much happening there." 
Wheat prices were up on the news of dry conditions in the Black Sea area.  "Big volume day, although farmers quiet due to harvest progress and maybe price.  Tomorrow, the FSA is in fact coming out with new acreage estimates, but I amount sure that this affected the action today."

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Honored Advisor

Re: Floor Talk October 13

Thanks mike ---- just in time.

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Honored Advisor

Re: Floor Talk October 13

Nice Mike.   Thanks!   Way to be safe there!  But I was talking about the lead number in the soybean price.....going from $9 to $10.     Smiley Wink

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Veteran Advisor

Re: Floor Talk October 13

Did China buy wheat too ?

Oh we are worried about dry wx in the black Sea ?

Care to know what rain hrw has got. ????
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