Floor Talk October 17
NOTICE: USDA Cancels October WASDE Report!
The U.S. Department of Agriculture today announced that the National Agricultural Statistics Service (NASS) and World Agricultural Outlook Board (WAOB) have cancelled or postponed publication of selected USDA statistical reports impacted by the lapse in federal funding, according to a USDA press release.
NASS's Crop Production and Cotton Ginnings reports and the WAOB's World Agricultural Supply and Demand Estimates (WASDE) scheduled for October 11th are canceled. The next scheduled release for these reports is November 8, 2013. Additionally, NASS's Crop Progress reports scheduled for October 7th and 15th are cancelled. NASS's Cattle on Feed and Peanut Prices reports scheduled for October 18th are postponed.
While the lapse in federal funding has ended, NASS has not been able to engage in the necessary data collection and analysis over the past few weeks. NASS is assessing its data collection plans and evaluating the timing of upcoming reports.
At the close:
The Dec. corn futures contract settled 1/4 of a cent higher at $4.43. The Nov. soybean futures contract settled 16 cents higher at $12.93. Dec. wheat futures ended 11 cents lower at $7.44 per bushel. The Dec. soymeal futures contract finished $9.20 per short ton higher at $413.00. The Dec. soyoil futures ended $0.25 lower at $41.12.
In the outside markets, the NYMEX crude oil is $1.53 per barrel lower, the dollar is lower and the Dow Jones Industrials are 44 points lower.
Dustin Johnson, eHedger grain analyst, says that the debt ceiling increase has resulted in a sharp decline of the US Dollar Index, and that is the most important fundamental providing support right now.
"The overall commodity and equity markets are back to a "risk-on" mentality and the funds have been buying beans selling corn for quite some time, I think this is just a continuation of that spread. Other headlines might point out that the soy export inspections were strong but that information should have already been built into the market," Johnson says.
The Dec. corn futures contract is trading 1cents higher at $4.43. The Nov. soybean futures contract is trading 16 cents higher at $12.93. Dec. wheat futures are 9 cents higher at $6.90 per bushel. The Dec. soymeal futures contract is trading $9.20 per short ton higher at $413.00. The Dec. soyoil futures are trading $0.20 lower at $41.17.
In the outside markets, the NYMEX crude oil is $1.52 per barrel lower, the dollar is lower and the Dow Jones Industrials are 48points lower.
At the open:
The Dec. corn futures contract is trading 3 3/4 cents higher at $4.46. The Nov. soybean futures contract is trading 9 3/4 cents higher at $12.85. Dec. wheat futures are 9 cents higher at $6.90 per bushel. The Dec. soymeal futures contract is trading $3.70 per short ton higher at $407.50. The Dec. soyoil futures are trading $0.17 higher at $41.54.
In the outside markets, the NYMEX crude oil is $1.36 per barrel lower, the dollar is lower and the Dow Jones Industrials are 99 points lower.
At 7:35 am:
Early calls: Corn is seen 2-4 cents higher, soybeans 3-5 cents higher, and wheat 5-7 cents higher.
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.57 per barrel lower.
Wall Street=Seen trading lower, despite the U.S. Government set to reopen January 15th.
World Markets=Asia/Pacific stocks were higher, Europe stocks lower.
More in a minute,
Re: Floor Talk October 17
Marketeye, I think you mean the government is set to reopen UNTIL Jan 15!
Keep up the great work, going to get interesting with the government open.
The pics I promised:
Drying rice like this I am told gives it a better taste, thus the farmer gets a premium. Of course this is all done by hand so is labor intensive. Dries for 1 week in perfect weather, of course longer if it rains, humid, etc.
Re: Floor Talk October 17
A few will rotate with vegetables.