At the close:
At the close, the Dec. corn futures settled 4 cents higher at $3.80 3/4. Nov. soybean futures finished 9 1/2 cents higher at $9.05 1/4.
Dec. wheat futures finished 3 1/2 cents higher at $4.94 3/4.
Dec. soymeal futures settled $1.00 per short ton higher at $310.50. Dec. soyoil futures closed $0.52 higher at $29.18.
In the outside markets, the Brent Crude oil market is $1.07 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points higher.
Jack Scoville, The PRICE Futures Group, Senior Market Analyst, says that the markets are because US farmers are not selling and we are trying to fill the pipeline.
“I think that is most of it. Some weather involved with all the rain in the forecast for Texas likely to slow planting there and then dry in the southern Midwest hurting wheat planting here. Plus, it remains dry in northern Brazil despite some forecasts for beneficial rains. But, mostly we need some sales from producers,” he says.
Mike
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At mid-session:
At mid-session, the Dec. corn futures are trading 2 cents higher at $3.78 3/4. Nov. soybean futures are trading 7 1/2 cents higher at $9.03 1/2.
Dec. wheat futures are trading 6 cents higher at $4.97.
Dec. soymeal futures are $0.40 per short ton lower at $309.10. Dec. soyoil futures are trading $0.72 higher at $28.38.
In the outside markets, the Brent Crude oil market is $1.07 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 91 points higher.
Mike
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At 10am:
Private exporters reported to the U.S. Department of Agriculture the following activity:
- Export sales of 20,000 metric tons of soybean oil for delivery to China during the 2015/2016 marketing year; and
- Export sales of 20,000 metric tons of soybean oil for delivery to unknown destinations during the 2015/2016 marketing year.
The marketing year for soybean oil began Oct. 1.
--Also, the weekly ethanol production was released Wednesdfay, according to the Energy Information Agency. According to EIA data, ethanol production averaged 951,000 barrels per day (b/d)—or 39.94 million gallons daily. That is up 2,000 b/d from the week before. The four-week average for ethanol production stood at 948,000 b/d for an annualized rate of 14.53 billion gallons.
Stocks of ethanol stood at 18.9 million barrels. That is a 0.4% decrease from last week.
Imports of ethanol were nonexistent for the second straight week.
Mike
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At the open:
At the open, the Dec. corn futures are trading unchanged at $3.76. Nov. soybean futures are trading 1 3/4 cents higher at $8.97.
Dec. wheat futures are trading 1 cent higher at $4.92.
Dec. soymeal futures are $0.10 per short ton lower at $309.40. Dec. soyoil futures are trading $0.34 higher at $28.29.
In the outside markets, the Brent Crude oil market is $0.62 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 45 points higher.
Mike
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At 7:40am:
Early calls: Corn 1-2 cents lower, soybeans 1-3 cents higher and wheat 1-2 cents higher.
Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.24 higher.
Dollar =Lower.
Wall Street = Seen higher, .
World Markets = Europe stocks were mostly lower, Asia/Pacific stocks were higher.
More in a minute,
Mike
