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Veteran Advisor

Floor Talk October 17

At the close:

The December corn futures settled 4 1/4 cents lower at $3.48 per bushel.

 

November soybean futures finished 14 3/4 cents lower at $9.51.

December wheat futures closed 1 cent lower at $5.16.

For Dec. soybean meal futures, the contract closed $4.10 per short ton lower at $330.50; Dec. soybean oil futures settled $0.34 lower at $32.02.

 

In the outside markets, the crude oil is $0.24 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 267 points higher.

 

The markets were lower today due to the weather that has turned much better and the harvesters are rolling, says Jack Scoville, PRICE Futures Group. 

"We saw some renewed spec type selling early and maybe the commercials putting some pre hedges on now.  We look ready to close on a weak note.  The weather will promote beans getting harvest but corn will have3 to dry down a bit.  The export sales were real good, but the corn to Mex was kind of known I think.   Overall, we had the specs push the markets to the lows in anticipation of a big harvest, then we had them cover a bit and now maybe we start to go down s the harvest starts to impact cash more and more."

 

 

Mike

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 At the mid-session:

 

The December corn futures are trading 3 1/4 cents lower at $3.49 per bushel.

 

November soybean futures are trading 10 cents lower at $9.56.

December wheat futures are trading 3 1/4 cents higher at $5.20.

For Dec. soybean meal futures, the contract is $2.00 per short ton lower at $334.80; Dec. soybean oil futures are trading $0.28 lower.

In the outside markets, the crude oil is $0.31 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 310 points higher.

 

Mike

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At the open:

The December corn futures are trading 3 cents lower at $3.49 per bushel.

 

November soybean futures are trading 9 cents lower at $9.57.

December wheat futures are trading 1/4 of a cent higher at $5.17.

For Dec. soybean meal futures, the contract is $3.10 per short ton lower at $331.50; Dec. soybean oil futures are trading $0.10 lower.

 

In the outside markets, the crude oil is $0.66 per barrel, the dollar is higher, and the Dow Jones Industrials are 159 points higher.

 

USDA Weekly Export Sales Report

Corn= 2.43 million metric tons vs. the trade’s expectations of 700, 000 to 2.5 million metric tons
Soybeans= 939,000 metric tons vs. the trade’s expectations of 600,000 to 1.3 million metric tons
Wheat= 494,000 metric tons vs. the trade’s expectations of 350, 000 to 800,000 metric tons.

 

Mike

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At 7:50am:

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

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $1.13 per barrel higher.
Dollar = Lower
Wall Street = Seen higher.
World Markets = Europe stocks were higher, Asia/Pacific stocks were mixed.

 

More in a minute,

 

Mike

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Senior Contributor

Re: Floor Talk October 17

As I reported yesterday, a drought in Mato Grosso have forced farmers to delay the soybean planting. But I can already tell that A MAJOR delay of the summer crops will also happen in southern Brazil. In Rio Grande do Sul, torrential rains started yesterday and did not stop until now. That will damage significantly wheat crops and I will post the photos as soon as I have it. Here is a photo from the state's capital, Porto Alegre, where I live. The photo was taken by Carlos Macedo.

 

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