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Veteran Contributor

Floor Talk October 17

At the close:

At the close, the Dec. corn futures settled 1/4¢ lower at $3.54 while March futures ended 1/4¢ higher at $3.64 per bushel. Nov. soybean futures settled 15 3/4¢ higher at $9.78 1/4, while Jan. soybean futures closed 15 3/4¢ higher at $9.86. Dec. wheat futures ended 2 3/4¢ higher at $4.23 3/4. Dec. soymeal futures closed $2.90 short ton higher at $303.50. Dec. soyoil futures closed $1.06 higher at 35.44¢ per pound.  In the outside markets, the Brent crude oil market is $0.40 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 51 points lower.

 

Mike

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At 11:15am:

NOPA Soybean Crush for September comes in 2.1% above a year ago and best Sept. since 2009. The total for the month came in at 129.4 million bushels. it was announced Monday.

 

Mike

 

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At mid-session:

At mid-session, the Dec. corn futures are 2 1/4¢ lower at $3.52 while March futures are 1 3/4¢ higher at $3.62 per bushel. Nov. soybean futures are 11 1/2¢ higher at $9.74, while Jan. soybean futures are 11¢ higher at $9.81. Dec. wheat futures are 1 3/4¢ higher at $4.22. Dec. soymeal futures are $1.20 short ton higher at $301.80. Dec. soyoil futures are $0.88 higher at 35.26¢ per pound.  In the outside markets, the Brent crude oil market is $0.55 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.

 

Jason Roose, U.S. Commodities grain analyst, says that soybean prices remain underpinned by demand.
“Soybeans continue to rally early today on renewed buying interest from China, despite record yields continuing to get reported,” Roose says.
“India’s strong soy oil imports adding to the bean price premium, as open harvest in the Midwest continues,” Roose says.

 

Mike

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At the open:

At the open, the Dec. corn futures are 1 1/4¢ higher at $3.55 while March futures are 1 3/4¢ higher at $3.65 per bushel. Nov. soybean futures are 8 1/4¢ higher at $9.70, while Jan. soybean futures are 8¢ higher at $9.78. Dec. wheat futures are 1 3/4¢ higher at $4.22. Dec. soymeal futures are $1.20 short ton higher at $301.80. Dec. soyoil futures are $0.67 higher at 35.05¢ per pound.  In the outside markets, the Brent crude oil market is $0.19 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 12 points lower.

 

Mike

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Bean futures rose about 9 cents and corn futures were up about 3 cents overnight on continued demand for U.S. supplies. After months of non-stop rainfall, the Midwest is apparently now too dry. Red-flag warnings -- issued when it's so dry that wildfires are a risk -- have been issued for much of the western Midwest and southern Plains, stretching from western Nebraska to the Texas Panhandle. The warnings haven't yet been issued in Iowa and Illinois, but those states too are extremely dry, especially in fields that are yet to be harvested, the National Weather Service said. 
 

Here's what happened overnight:

 

Brent Crude Oil = 0.4% higher. 
West Texas Intermediate Crude Oil = 0.2% higher. 

Dollar = down 0.1%.

Wall Street = U.S. stock futures modestly lower in overnight trading.
World Markets = Global stocks decline on inflation concerns.

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19 Replies
Honored Advisor

Re: Floor Talk October 17

Come visit my fields, south central Iowa. 

 

Where did you get that we are too dry crap?

Veteran Advisor

Re: Floor Talk October 17

Hobby, they are so dry in northern iowa they put a bunch of ponds in most fields to have water to fight the fires. 

Honored Advisor

Re: Floor Talk October 17

Must not read this site much?

He didn't read Red's post?

Fog just moved in here.

Hoping to have the beans dry enough to start on them tomorrow. Didn't want to use the combine as my primary tillage tool.
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Veteran Advisor

Re: Floor Talk October 17

SCMN:  Left several acres of beans we can't get into.  At least bean ground gets some sun.

Only way to get the hillsides done was to combine downhill.

Edited to add:  We'll average about 49 bpa = nearly 10 less than last year.

Corn ground will be worse.  Alot of hillsides bleeding water yet.

Little more problematic changing directions in a corn field. Smiley Wink

 

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Veteran Advisor

Re: Floor Talk October 17

Tony, I farm in the eastern belt and its a wet one. Plenty of fields of both corn and beans left to harvest here. 

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Honored Advisor

Re: Floor Talk October 17

He may have corrected it for the west to southwest plains....  That is what it reads now and for that area ............ the statement is a month late.... We could have lit up a corn field like wheat straw any time after Sept. tenth.

 

By the way the yield reductions of 20+ bushel per acre I reported on corn and continue to see..... are now confirmed for the state of Ks....

 

 

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Honored Advisor

Re: Floor Talk October 17

A dead dry corn field will burn even though it is standing in mud, just needs a spark and a wind.
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Senior Contributor

Re: Floor Talk October 17

Nobody combining here for last three days far to wet yet. More rain in forecast for Wednesday and Thursday. Wonder if I trade in for one with tracks if it floats lol. 🤔⛈⛈⛈
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Honored Advisor

Re: Floor Talk October 17

If China really needs the beans, there are three reasons for them to buying as much as possible.....

 

1.   Soybeans are "on sale" .     Soybeans are VERY undervalued.

 

2.   Perhaps Brazil's crop wasn't as big as they thought......plus the dryness down there now may get their new crop off to a rough start.

 

3. They are scared to death of a Donald Trump presidential win and are buying knowing that in one way or another, the soybeans are gonna cost them much more in the near future.

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