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Veteran Contributor

Floor Talk October 19

At the close:

At the close, the Dec. corn futures finished 1/2¢ higher at $3.49. March futures finished 1/2¢ higher at $3.62 3/4. Nov. soybean futures closed 2 1/4¢ higher at $9.86 1/2.  Jan. soybean futures finished 2¢ higher at $9.97. December wheat futures closed 2 3/4¢ higher at $4.32 3/4. Dec. soy meal futures settled $0.40 per short ton lower at $321.40. Dec. soy oil futures are 0.42 higher at 33.83¢ per pound.  In the outside markets, the Brent crude oil market is $0.63 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 16 points lower.

 

Mike

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At 11:10am:

Informa, the private analyst firm, released its updated 2018 U.S. Acreage estimates.

 

Corn=   90.5 million acres

 

Soybeans=  90.3 million

 

All Wheat=  45.9 million

 

What say you? Too many acres overall? Too large of corn? Too small soybean acres?

 

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 1 1/4¢ higher at $3.49. March futures are 1 1/4¢ higher at $3.63. Nov. soybean futures are 2 3/4¢ higher at $9.87.  Jan. soybean futures are 2 3/4¢ higher at $9.97. December wheat futures are 5¢ higher at $4.35. Dec. soy meal futures are $0.20 per short ton lower at $321.60. Dec. soy oil futures are $0.41 higher at 33.82¢ per pound.  In the outside markets, the Brent crude oil market is $0.50 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points lower.

 

Mike

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At 9:15am:

If you missed it, the USDA released its Weekly Export Sales Report Thursday. Corn and soybean sales came in at the high end of expectations.

 

Corn= 1.25 million metric tons vs. the trade’s expectations of between 700,000-1,400,000 mt.

Soybeans= 1.275 mmt. vs. the trade’s expectations of between 1,000,000-1,800,000 mt.

Soybean meal=  296,000 mt. vs. the trade’s expectations of between 100,000-200,000 mt.

Wheat= 615,400 mt. vs. the trade’s expectations of between 200,000-400,000 mt.

 

Mike

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In early trading:
The Dec. corn futures are 2 1/2¢ higher at $3.51. March futures are 2¢ higher at $3.64. Nov. soybean futures are 1 1/2¢ higher at $9.85.  Jan. soybean futures are 1 1/2¢ higher at $9.96. December wheat futures are 4¢ higher at $4.34. Dec. soy meal futures are $0.70 per short ton higher at $322.50. Dec. soy oil futures are $0.09 higher at 33.50¢ per pound.  In the outside markets, the Brent crude oil market is $0.74 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 93 points lower.

 

 

Mike

 

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Howdy y'all, as they like to say in my neck of the woods. Soybeans and corn were a bit higher overnight on concerns about the US harvest and some excessive rainfall in Argentina that likely will curb planting in the country. Really, though, prices have been rangebound for a while and that trend likely will continue, analysts said. Soybeans were up about 2 cents, corn was up just over a penny and wheat gained less than a cent overnight. Ethanol production, meanwhile, rebounded nicely from a 52-week low, which is always good for corn demand. In weather news, there's a flood warning AND a red-flag warning in Minnesota today, in the same area. Though the flood warning is contained to a small strip of the Minnesota River, it's unusual to see the two types of warnings simultaneously. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-october-19.

 

Brent Crude Oil = down 1.2%

West Texas Intermediate = down 1.2%

Dollar = down 0.2%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks lower overnight on Catalonia concerns.  

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3 Replies
Honored Advisor

Re: Floor Talk October 19

Planting Delayed in Brazil

By Lin Tan


DTN China Correspondent


MATO GROSSO, Brazil (DTN) -- Though many areas still lack rain, Brazilian farmers are rolling their planters after they received scattered rainfall. They are now waiting for more rain to come.

 

 

"I had finished half of my soybean planting and (am) waiting for more rain," said  Arioli Silva, who farms at Campo Novo in Brazil's largest soybean-producing state of Mato Grosso.

 

Farmers were planting the irrigated land around Sept. 15; whenever rain comes and improves soil moisture, they will plant more. Some farmers will risk planting even if they hear of rain in the forecast. "My neighbor was planting some of his beans in the dry land, and hoping to catch the rain next week, but there is a risk of replanting if the rain does not come," said Silva.

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Honored Advisor

Re: Floor Talk October 19

 

More Soy Needed for China

By Lin Tan
DTN China Correspondent


BEIJING, China (DTN) -- China will import 95 million metric tons of soybeans in 2017/18 crop year, (3.49 billion bushels) then keep increasing imports an average 3.5 million tons per year for the following five years.

 

In total, the country plans to import 110 mmt of soybeans (4.4 billion bushels) in 2022, said Liwei Zhang, director of market information at China Grain and Oil Information Center (CGOIC).

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Highlighted
Frequent Contributor

Re: Floor Talk October 19

Doesn't the adage work down there? ' Plant in the dust your bins will bust. Plant in the mud your crop's a dud.'
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