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Veteran Advisor

Floor Talk October 13

Harvest Slideshow: Nebraska Harvest is Soggy

 

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At the close:

The December corn futures settled 12 cents higher at $3.46 per bushel.

 

November soybean futures closed 22 3/4 cents higher at $9.45.

December wheat futures finished 6 3/4 cents higher at $5.05.

For Dec. soybean meal futures, the contract ended $6.90 per short ton higher at $317.90; Dec. soybean oil futures finished $0.60 higher at $33.04.

 

In the outside markets, the crude oil is $0.07 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 47 points lower.

 

Mike

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At mid-session:

 

The December corn futures are trading 6 3/4 cents higher at $3.40 per bushel.


November soybean futures are trading 11 1/4 cents higher at $9.33.

December wheat futures are trading 4 cents higher at $5.02.

For Dec. soybean meal futures, the contract is $3.60 per short ton higher at $314.60; Dec. soybean oil futures are trading $0.33 higher at $32.77.

In the outside markets, the crude oil is $1.12 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 32 points lower.

 

Jack Scoville, PRICE Futures Group vice-president, says that harvest delays with all the rain moving across, plus the US Dollar is weaker again, mis supportive.  

"Volumes are light today, due to the holiday here and in Canada.  That is making the gains even more.  Harvest should be slow again in the data tomorrow. This should be a short term rally, as once the system moves out on Wednesday we are supposed to turn clear so the fields should dry down well and the harvest progress should really ramp up maybe by this weekend," he says.  

Scoville adds, "Not sure of the upside potential, but I am looking to sell the rally somewhere along the line.  Yields remain very high east of the Mississippi, but are more variable in Iowa, Minn, and western WI.  Overall crops still look big."

 

The farm markets are stronger today. Why? Harvest delays. Also, USDA Export Inspections and Crop Progress Reports are delayed until tomorrow, due to Columbus Day Holiday. On Tuesday, the trade sees harvest progress for beans expected to be 27-31% complete, corn harvest at 20-24% complete, and winter wheat planting at 70% complete.

 

Mike

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In early trading:

At 9am, the December corn futures are trading 4 1/4 cents higher at $3.38 per bushel.

November soybean futures are trading 4 1/4 cents higher at $9.26.

December wheat futures are trading 2 1/4 cents higher at $5.00.

For Dec. soybean meal futures, the contract is $1.40 per short ton higher at $312.40; Dec. soybean oil futures are trading $0.19 higher at $32.63.

 

 

 

In the outside markets, the crude oil is $1.65 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 23 points lower.

 

 

Mike

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At 8:05am:

If you missed it Friday, the COT Report showed managed money traders got rid of 12,000 net corn on the week ending Tuesday, October  7, 2014. They also dropped 15,000 net beans, and corn resulted in a net 58,000 overall long was 40,000 shorter than trade expectation.  The net bean long of under 25,000 is less than half of daily estimates

 

Mike

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At 7:40am:

Early calls: Corn is 1-2 cents lower, soybeans 1-2 cents higher, and wheat 3-5 cents lower.

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $1.88 per barrel lower.
Dollar = Lower
Wall Street = Seen higher, as major earnings reports will be released this week.
World Markets = Europe stocks were higher, Asia/Pacific stocks were lower.

 

More in a minute,

 

Mike

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1 Reply
luisvieira
Senior Contributor

Re: Floor Talk October 13

Mike,

 

I have another important thing to share about the Brazilian election. The Rural Caucus in the Brazilian Congress will increase 33% in the next legislature. The group now will have an absolute majority: 257 representatives in the lower house will be considered part of the rural caucus, while 256 are not. In the senate, there is a not majority. There will be just 16 "rural seats" against 65 other senators. This means there will be more protection of rural property rights and less possibility for environmental regulation that could curn grain production in Brazil.

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