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Veteran Advisor

Floor Talk October 15

 

At the close:

 

The December corn futures settled 9 1/2 cents lower at $3.47 per bushel.

 

 

 

November soybean futures closed 12 1/4 cents lower at $9.52.

December wheat futures closed 3 1/4 cents lower at $5.06.

For Dec. soybean meal futures, the contract settled $3.30 per short ton higher at $327.30; Dec. soybean oil futures settled $0.89 lower at $31.98.

 

 

 

In the outside markets, the crude oil is $0.84 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 305 points lower.

 

Jack Scoville, PRICE Futures Group vice-president, says that the bad economic news and the real bad weekly crush from NOPA pushed the markets lower.
“ I am being told that funds are buying grains and oilseeds because they are the cheapest thing on the board right now and they want value.  Maybe so, but it is true that grains have fallen hard,” Scovile says.
The lower dollar might mean more demand is checking into these U.S. ag commodities, he says. 
“The beans held up better than I thought they should, after more harvest progress than expected and a bad crush.  Corn finding some selling on better weather, I think.  I am thinking this is more money going out of stocks and into grains as I see little with the fundamentals to run this thing higher.”
.

 

 

At mid-session:

The December corn futures are trading 3 3/4 cents lower at $3.53 per bushel.

 

November soybean futures are trading 3 1/4 cents lower at $9.61.

December wheat futures are trading 3 1/2 cents higher at $5.12.

For Dec. soybean meal futures, the contract is $0.30 per short ton higher at $324.30; Dec. soybean oil futures are trading $0.45 lower at $32.42.

 

In the outside markets, the crude oil is $0.46 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 254 points lower.

 

Mike

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At the open:

 

The December corn futures are trading 2 1/2 cents lower at $3.54 per bushel.

 

 

November soybean futures are trading 2 1/2 cents lower at $9.62.

December wheat futures are trading 3 cents lower at $5.06.

For Dec. soybean meal futures, the contract is $0.10 per short ton lower at $323.90; Dec. soybean oil futures are trading $0.38 lower at $32.49.

 

 

 

In the outside markets, the crude oil is $1.16 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 281 points lower.

 

FSA Acreage Estimates Released Wednesday:

The October FSA acreage update this morning showed 2014 U.S. corn plant-ings at 85.2 million acres, up from 84.8 mln in Sept, with soybeans at 81.0 mln ac, up from 80.8 mln last month. Prevented plantings were basically steady this month at 1.58 million acres for corn (compared to 3.6 mln last year) and 0.835 mln for soybeans (down from 1.7 mln last year).

 

Mike

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At 7:40am:

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

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.65 per barrel lower.
Dollar = Lower
Wall Street = Seen higher, as a mixed bag of major earnings reports are released.
World Markets = Europe stocks were lower, Asia/Pacific stocks were higher.

 

More in a minute,

 

Mike

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