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marketeye
Veteran Advisor

Floor Talk October 22

At the close:

The Dec. corn futures contract settled 5 3/4 cents lower at $4.38. The Nov. soybean futures contract finished 1 cents lower at $13.02. Dec. wheat futures ended 1 cent higher at $7.00 per bushel. The Dec. soymeal futures contract closed $0.40 per short ton higher at $416.10. The Dec. soyoil futures are trading $0.12 lower at $41.52. 


In the outside markets, the NYMEX crude oil is $0.26 per barrel higher, the dollar is lower and the Dow Jones Industrials are 99 points higher.

 

Describing today's trade, here is one analyst's perspective:

 

"Corn and beans are trading the bearish crop condition reports that pushed corn up 4% and beans 5%. It helps traders feel the USDA is in line with their thinking that crops are bigger. Corn is holding its lows but beans are off lows as strong demand has buyers buying breaks until the nov. 8 crop report confirms crop size."

 

Mike

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At mid-session:

The Dec. corn futures contract is trading 4 3/4 cents lower at $4.39. The Nov. soybean futures contract is trading 2 1/2 cents lower at $13.00. Dec. wheat futures are 3 1/2 cents higher at $7.03 per bushel. The Dec. soymeal futures contract is trading $1.30 per short ton lower at $414.40. The Dec. soyoil futures are trading unchanged at $41.64. 


In the outside markets, the NYMEX crude oil is $0.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are 66 points higher.

 

Mike

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At the open:

The Dec. corn futures contract is trading 1 cent lower at $4.42. The Nov. soybean futures contract is trading 9 cents lower at $12.94. Dec. wheat futures are 1/4 of a cent lower at $6.99 per bushel. The Dec. soymeal futures contract is trading $4.30 per short ton lower at $411.40. The Jan. soyoil futures are trading $0.12 lower at $41.83. 


In the outside markets, the NYMEX crude oil is $0.03 per barrel lower, the dollar is lower and the Dow Jones Industrials are 12 points higher.

 

Mike

---------------

At 8:25am:

--S. Korea buyer tendered for 140,000 tons of U.S. and 60,000 tons of feed wheat.

 

--Taiwan buyer purchased 60,000 tons of corn from the U.S. or South America and 120,000 tons of soybeans.

 

Mike

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At 7:52 am:

Early calls: Corn is seen 1-2 cents lower, soybeans 7-9 cents lower, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.35 per barrel lower.
Dollar=Lower.
Wall Street=Seen trading higher, as Sept. Jobs Report disappoints.

World Markets=Asia/Pacific stocks were higher, Europe stocks higher.

 


More in a minute,

 

Mike

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9 Replies
marketeye
Veteran Advisor

Re: Floor Talk October 22

Regarding yesterday's USDA Crop Progress Report, it looks like the trade is digging into the numbers a little deeper. Here is the response from Mike North, Risk Advisor for First Capitol Ag:

 

"The harvested estimates, while being at the high end for corn and greater than the high end of estimates for soybeans, are not the highlight.  The numbers that will have the greatest impact will be the ratings numbers.  USDA made a rare move to raise corn and soybean ratings in the good to excellent category by 4% in soybeans to 57% and 5% in corn to 60%.  The last time that the USDA did this was in 2009 when record yields (soybeans 44 bpa, corn 164.7 bpa) became our reality.  Wheat ratings also are the best since 2008.  One element that market bulls will have to rest on is the concession made by USDA that production may be hard to quantify because of the many field samples that would have been gathered during the government shutdown that have already been harvested.  However, with only 39% of corn harvested and the trend expressing greater tendencies towards higher yields, there should be ample information to still deliver larger numbers than what the USDA has projected or perhaps what the market is already trading."

 

What say you?

 

Mike

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Kstater85
Veteran Contributor

Re: Floor Talk October 22

Market is clearly wrestling with whether the corn yield is over 160 and bean yield is over 43.

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ECIN
Senior Advisor

Re: Floor Talk October 22

Morning Mike -  I will only talk about what I'm seeing here in East Central Indiana - If I was the USDA-- at this time - i would have lowered the rating numbers - Frist soybeans - they have been out there forever - dry then rain dry then rain - foggy mornings - then rain then dry - what is left to cut - the beans are poping out - some worse than others - but still lost beans -

 

Corn - - Anthracose is in all corn - I wish I woud have posted up a picture of my combine - it was all time record - black  ! it was a mess ! - not only mine but everybodys machine is black -  this a problem that will not go away - only get worse - and there is  alot of corn to come out here - big wind - corn go down

 

BTW how's the boys doing ? Have you taught them to get you a beer out of the fridge - yet ? and get the remote ?

 

Have a good one

 

Ken

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Hobbyfarmer
Honored Advisor

Re: Floor Talk October 22

Lots of beans around here that need the coming freeze

 

I have 12 acres of them but still have 25% of my decent beans to go. They just didn't get ready till the last few days.

 

My corn harvest is at 60% and it is drizzleing here now with rain tonight.

 

Been a long time since I had corn standing as good as mine is this year...would like to get r done soon. It is in the mostly 16% or less

 

moisture range and needs put to bed.

 

 

My red combine is sporting that black look also.

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marketeye
Veteran Advisor

Re: Floor Talk October 22

ECIN,

 

Boys are doing fine. My wife and I wish they were better sleepers. But, they are growing, laughing, playing and providing a lot of joy for mom and dad and others. It's fun being a Dad. At least one of them helps me post the market information in the morning. So, maybe I can start posting which boy is helping me each day, keep track of any patterns. Today, Connell helped and the markets are lower. If Quinn helps tomorrow and the market reverses, maybe we have a new indicator to watch?

 

🙂

 

Good to hear from you,

 

Mike

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giolucas
Veteran Advisor

Re: Floor Talk October 22

      

 

"Children are a great comfort in your old age. And they help you reach it faster too." --Lionel Kauffman, writer

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sw363535
Honored Advisor

Re: Floor Talk October 22

Gio, 

You still holdin beans?

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giolucas
Veteran Advisor

Re: Floor Talk October 22

Sw,

 

In and out. But got flat today.

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crophugger
Senior Contributor

Re: Floor Talk October 22

Did the little honey hole today ya know the one just out the gate funnest every year.
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