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JRae_Anderson
Contributor

Floor Talk - October 23

At the close:

The December corn futures are trading 6 3/4 cents higher at $3.59 3/4 per bushel.
November soybean futures are trading 30 1/2 cents higher at $9.93 1/4.
December wheat futures are trading 4 1/2 cents higher at $5.26 3/4.

 

In the outside markets, the crude oil is up $1.59 per barrel to $82.11, the dollar is higher, and the Dow Jones Industrials are 214 points higher to 16676.

 

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At 11:15 a.m.:

The December corn futures are trading 4 3/4 cents higher at $3.57 3/4 per bushel.
November soybean futures are trading 17 1/2 cents higher at $9.80 1/4.
December wheat futures are trading 5 cents higher at $5.27 1/4.

In the outside markets, the crude oil is up $1.34 per barrel to $81.86, the dollar is lower, and the Dow Jones Industrials are 253 points higher to 16714.

 

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At the open:

 

The December corn futures are trading 2 1/2 cents higher at $3.55 1/2 per bushel.
November soybean futures are trading 5 1/4 cents higher at $9.68.
December wheat futures are trading 1 1/2 cents higher at $5.23 3/4.

 

In the outside markets, the crude oil is up $0.81 per barrel to $81.25, the dollar is higher, and the Dow Jones Industrials are 196 points higher to 16658.

 

Export sales were released this morning, and higher-than-expected soybean numbers are keeping the markets driving upward.

 

“Traders were looking for USDA to report net weekly export sales of 700,000 MT to 1.2 MMT. The actual figure released at 7:30 am CDT this morning for combined old and new crop bookings was 1,992,400 MT, after subtracting noted decreases. The largest buyer was China, in for more than 1.7 MMT,” says Alan Brugler, market analyst.

 

Corn exports were about as predicted, and ethanol production increased.

 

“Weekly ethanol production rose to 896,000 bpd from 885,000 bpd, and inventories declined a half million gallons to 17.9 million gallons despite the larger production and somewhat smaller plant operating margins,” says Brugler. “Traders were looking for USDA to show 700,000 MT to 1.3 MMT of export sales made in the week ending 10/16. USDA reported the actual total was 1,031,200 MT.”

 

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At 7:55 a.m.:
Early calls: Corn is 0-2 cents higher, soybeans 2-4 cents higher, and wheat 0-2 cents higher.

Trackers:
Overnight grain, soybean markets = Trading slightly higher.
Crude Oil = $0.37 per barrel higher.
Dollar = Lower
Wall Street = Seen higher, surging up amid earning and claims data.
World Markets = Europe stocks are mostly higher, Asia/Pacific stocks are lower.

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4 Replies
crophugger
Senior Contributor

Re: Floor Talk - October 23

Corn harvest just beginning and the nearby basis went from -65 to -55 overnight kinda odd.

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hanktbd
Senior Contributor

Re: Floor Talk - October 23

JR,

 

You are doing a great job here and as long as you can keep posting higher prices I am hoping whats his name takes an extended vacation.

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farmerguy89
Advisor

Re: Floor Talk - October 23

Well, we missed our typical august ally and instead got it in October.

Wow!

Beans up almost a buck since the 1st.

Too many shorts
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sw363535
Honored Advisor

Re: Floor Talk - October 23

Things got a little oversold.

 

Trade sure missed the soybean export #s

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