Floor Talk October 15

[marketeye]

After the close:

NOPA Soybean Crush Report
 
                                     ACTUAL                   Sept Ave                 Range                   August
Bean crush (mln bu.) 126.7                          129.2              125.0 – 136.8               135.3
 
Bean oil stocks (bln Lbs.) 1.355                     1.452               1.250 – 1.555              1.480
 

Mike

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At the close:

At the close, the Dec. corn futures settled 3 1/2 cents lower at $3.75 1/2.  Nov. soybean futures finished 5 1/4 cents lower at $9.05 1/4.

Dec. wheat futures closed 5 3/4 cents lower at $5.02 1/4.

Dec. soymeal futures ended $1.80 per short ton lower at $314.00. Dec. soyoil futures finished $0.25 lower at $28.58. 

In the outside markets, the Brent Crude oil market is $0.12 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 184 points higher.

Mike

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At 11:25am:

Here's the latest on ethanol production, according to the Renewable Fuels Asslociation:

According to EIA data, ethanol production averaged 949,000 barrels per day (b/d)—or 39.86 million gallons daily. That is down 1,000 b/d from the week before. The four-week average for ethanol production stood at 945,000 b/d for an annualized rate of 14.49 billion gallons.

Stocks of ethanol stood at 19.0 million barrels. That is a 0.8% increase from last week.

What do you think?

Mike

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At mid-session:

At mid-session, the Dec. corn futures are trading 3 cents lower at $3.76.  Nov. soybean futures are trading 1 1/2 cents higher at $9.12.

Dec. wheat futures are trading 4 cents lower at $5.04.

Dec. soymeal futures are $1.30 per short ton higher at $317.10. Dec. soyoil futures are trading $0.32 lower at $28.51. 

In the outside markets, the Brent Crude oil market is $1.15 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 55 points higher.

 Mike

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At the open:

At the open, the Dec. corn futures are trading 1 1/4 cents lower at $3.77.  Nov. soybean futures are trading 1 1/2 cents higher at $9.11.

Dec. wheat futures are trading 1 cent higher at $5.09.

Dec. soymeal futures are $1.00 per short ton higher at $316.80. Dec. soyoil futures are trading $0.36 lower at $28.47. 

In the outside markets, the Brent Crude oil market is $0.24 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points higher.

 Mike

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At 8:05am:

Market tip: "The trend since the report is to buy beans and sell corn.  In hindsight it looks like there was a large long corn, short soybean bias going into the report, and the latest action has been an unwinding of this spread," one analyst says Thursday.

Mike

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At 8:00am:

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

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.15 lower.
Dollar =Higher.  
Wall Street = Seen higher, with more big earnings reports coming.

World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.

More in a minute,

Mike