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Veteran Contributor

Floor Talk October 20

After the close:

 

Informa, the private analyst firm, released its U.S. 2017 Acreage estimates. What do you think?

 

Corn= 91.0 million

 

Soybeans=  88.5 million

 

Wheat= 48.9 million

 

Mike

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At the close:

At the close, the December corn futures settled 6 1/2¢ lower at $3.51, while March futures finished 6 1/2¢ lower at $3.60 3/4 per bushel.
November soybean futures closed 6¢ lower at $9.75 1/2, while Jan. soybean futures closed 5 3/4¢ lower at $9.84 3/4.
December wheat futures finished 3 1/4¢ lower at $4.17.
December soy meal futures closed $1.80 a short ton lower at $304.60. December soy oil futures ended 0.35¢ lower at 35.05¢ per pound.
In the outside markets, the Brent crude oil market is $1.16 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points lower.

 

Jason Roose, U.S. Commodities grain analyst, says lack of bullish news failed the markets.
“Bull markets need bull news every day, even though positive export news again. We saw weakness in the palm oil market and strong seasonal trend on beans coming to the end,” Roose says.
Rose adds, “A strong dollar is also weakening the grains today, making U.S. commodities less competitive against other world markets.”

 

 

Mike

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At 10:30am:

At 10:30 a.m., the December corn futures are 4¢ lower at $3.53 while March futures are 4 1/4¢ lower at $3.63 per bushel.
November soybean futures are 5 1/2¢ lower at $9.76, while Jan. soybean futures are 5 1/4¢ lower at $9.85.
December wheat futures are 2¢ lower at $4.18.
December soy meal futures are $4.00 a short ton higher at $310.40. December soy oil futures are 0.21¢ lower at 35.19¢ per pound.
In the outside markets, the Brent crude oil market is $0.83 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points higher.

 

Mike

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At 9:20am:

 

If you missed it, the USDA announced fresh sales Thursday.

 

Private exporters reported to the U.S. Department of Agriculture the following activity:

 --Export sales of 114,000 metric tons of soft white wheat for delivery to unknown destinations during the 2016/2017 marketing year; and

--Export sales of 192,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for wheat began June 1 and soybeans began Sept. 1.

 

 

 

Mike

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In early trading:

At 9:00am, the Dec. corn futures are 3/4¢ lower at $3.56 while March futures are 1/2¢ lower at $3.66 per bushel. Nov. soybean futures are 5 3/4¢ higher at $9.87, while Jan. soybean futures are 5 3/4¢ higher at $9.96. Dec. wheat futures are 1 1/4¢ lower at $4.19. Dec. soymeal futures are $4.00 short ton higher at $310.40. Dec. soyoil futures are $0.21 lower at 35.19¢ per pound.  In the outside markets, the Brent crude oil market is $0.83 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points higher.

 

Mike

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Soybeans and corn were higher overnight on continued signs of strong demand. The USDA in the past two days has noted sales of 185,000 tons of beans to unknown buyers and 706,500 tons to China. Corn sales are 85% ahead of where they were last year and soybeans are 28% ahead of the 2015 pace. The weather today is expected to be mostly dry in the Midwest, though some isolated showers may fall in parts of Iowa and Illinois, according to the National Weather Service. 
 

Here's what happened overnight:

 

Brent Crude Oil = 1.1% lower. 
West Texas Intermediate Crude Oil = 1.1% lower. 

Dollar = down 0.1%.

Wall Street = U.S. stock futures modestly higher in overnight trading.
World Markets = Global stocks mixed as ECB leaves interest rate unchanged.. 

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