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Veteran Advisor

Floor Talk October 20

Harvest Slideshow: McLean County, Illinois. Muddy Messy Corn Harvest

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USDA Crop Progress Report:

Corn is 31% harvested, up 7% from a week ago, behind the 5-year average.

 

Soybeans are 53% harvested, up 13% from a week ago, but down 13% from the 5-year average.

 

This is what was expected from the trade.

 

Mike

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At the close:

The December corn futures finished 1/4 of a cent higher at $3.48 per bushel.

 

November soybean futures closed 7 1/2 cents lower at $9.44.

December wheat futures ended 2 1/2 cents lower at $5.13.

For Dec. soybean meal futures, the contract closed $1.10 per short ton lower at $329.40; Dec. soybean oil futures settled $0.32 lower at $31.70.

 

In the outside markets, the crude oil is $0.47 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 10 points lower.

 

Dustin Johnson, EHedger LLC grain analyst, says that he is hearing a lot of farmers are switching back over to harvesting soybeans today.  "The harvest pressure may be forcing that bean/corn spread lower as the beans coming off the combine are getting sold at market in many cases.  Otherwise, not hearing a whole lot of fresh news.  Yields are still running high and we know that a big crop is coming, we just aren't sure how big."

 

Mike

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At mid-session:

 

The December corn futures are trading 1 1/4 cents lower at $3.46 per bushel.

 

November soybean futures are trading 8 1/2 cents lower at $9.43.

December wheat futures are trading 2 1/2 cents lower at $5.13.

For Dec. soybean meal futures, the contract is $2.10 per short ton lower at $328.40; Dec. soybean oil futures are trading $0.24 lower at $31.78.

 

In the outside markets, the crude oil is $0.82 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 52 points lower.

 

 

Mike

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At the open:

 

The December corn futures are trading 5 1/4 cents lower at $3.42 per bushel.

 

 

 

November soybean futures are trading 12 1/2 cents lower at $9.39.

December wheat futures are trading 6 1/2 cents lower at $5.09.

For Dec. soybean meal futures, the contract is $3.40 per short ton lower at $327.10; Dec. soybean oil futures are trading $0.12 lower at $31.90.

 

 

 

In the outside markets, the crude oil is $0.09 per barrel, the dollar is lower, and the Dow Jones Industrials are 62 points lower.

 

Mike

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At 6:30am:

Early calls: Corn is 4-5 cents lower, soybeans 8-10 cents lower, and wheat 3-5 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.31 per barrel lower.
Dollar = Lower
Wall Street = Seen lower, as IBM stumbles on earnings.
World Markets = Europe stocks were lower, Asia/Pacific stocks were higher.

 

More in a minute,

 

Mike

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2 Replies
Senior Contributor

Re: Floor Talk October 20

I see WTO just ruled against the protectionist COOL legislation.

 

Will it impact the grain markets or livestock?

 

Canada and Mexico are now OK to impose trade tarriffs in retaliation and have said they would.

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Senior Contributor

Re: Floor Talk October 20

My guy says he has been stuck 40 times during this corn harvest. I wouldn't take that as gospel but I do believe it has been tough out there. I do know he parked his twelve row corn head and bought a 8 row that weighed less.

 

It sounds like he will soon be into my corn which should be better because it is pattern tiled with an excellent outlet.

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