Floor Talk October 15
At the close, the December corn futures finished 3 1/2¢ higher at $3.77. March futures closed 3 1/4¢ higher at $3.89.
November soybean futures settled 24¢ higher at $8.91. January soybean futures finished 24¢ higher at $9.05.
December wheat futures closed 7 3/4¢ higher at $5.25.
December soymeal futures finished 10.10¢ per short ton higher at $327.00.
December soy oil futures closed $0.37 higher at 29.76¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.42 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 37 points higher.
Al Kluis, Kluis Advisors, says that fundamental and technical factors will control the markets.
“The USDA Crop Progress report today will show corn harvest at about 42% complete and soybeans about 40% complete. Not much got done in the last week in the western Corn Belt, but the forecast looks better for this week,” Kluis stated in a daily note to customers.
He added, “Will last week's lows hold in the Chinese and US stock markets?”
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the weather is leading the charge higher.
“There is little harvest activity going on right now. Western Corn Belt areas will be shut this week to dry down, maybe some eastern areas too. Another week before winter wheat can start being planted again,” Scoville says.
Scoville adds, “The NOPA crush was very strong and a record for the month to give beans that extra push. World and Russian wheat prices firm and helping support winter wheat. A weaker US dollar is supporting all markets. Gulf beans and corn and SRW higher today. So, there are a lot of supportive things going on.”
At midsession, the December corn futures are 4 1/2¢ higher at $3.78. March futures are 3 3/4¢ higher at $3.89 1/2.
November soybean futures are 14¢ higher at $8.81. January soybean futures are 13 3/4¢ higher at $8.95 1/2.
December wheat futures are 1 3/4¢ higher at $5.19.
December soymeal futures are 7.10¢ per short ton higher at $324.00.
December soy oil futures are $0.21 higher at 29.60¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.15 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points lower.
In early trading, the December corn futures are 3/4¢ higher at $3.74. March futures are 1/2¢ higher at $3.86.
November soybean futures are 7 1/2¢ higher at $8.75. January soybean futures are 7 1/2¢ higher at $8.89.
December wheat futures are 2¢ higher at $5.19.
December soymeal futures are 4.10¢ per short ton higher at $321.00.
December soy oil futures are $0.02 higher at 29.41¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.35 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points lower.
What say you?
Soybeans and corn were slightly lower overnight overnight on drier weather in some areas, though now farmers in Nebraska have to contend with snow. Beans and corn were down 1-2 cents overnight. Wheat futures were up 1-2 cents. Money managers were less bearish on corn and beans last week, pushing net-short positions to multi-month lows, but were still bullish on hard-red winter wheat. In weather news, eastern Nebraska got a few inches of snow yesterday, knocking out power to thousands of people and further delaying harvest in the area, while freezing weather is dominating maps from southwestern Kansas to northern Illinois. Check out all the details in today's 3 Big Things.
West Texas Intermediate = up 0.7%.
Brent Crude = up 0.9%.
Dollar = down 0.3%.
Wall Street = U.S. stock higher pre-market.
World Markets = Global stocks mixed overnight