Floor Talk October 23
At the close:
The Dec. corn futures finished 6 3/4¢ higher at $3.51. March futures finished 6 3/4¢ higher at $3.65. Nov. soybean futures settled 2¢ higher at $9.80. Jan. soybean futures closed 2¢ higher at $9.80. December wheat futures closed 10 3/4¢ higher at $4.36 3/4. Dec. soy meal futures closed $1.20 per short ton lower at $315.90. Dec. soy oil futures closed 0.47¢ higher at 34.63¢ per pound. In the outside markets, the Brent crude oil market is $0.16 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 4 points lower.
The Dec. corn futures are 5 1/2¢ higher at $3.50. March futures are 5 1/4¢ higher at $3.63. Nov. soybean futures are 3¢ higher at $9.81. Jan. soybean futures are 2 3/4¢ higher at $9.92. December wheat futures are 8 3/4¢ higher at $4.34. Dec. soy meal futures are $0.30 per short ton lower at $316.80. Dec. soy oil futures are 0.29¢ higher at 34.45¢ per pound. In the outside markets, the Brent crude oil market is $0.10 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 17 points higher.
Soybeans and grains were little changed overnight on light volume as investors can't decide whether to be bullish on the harvest delays and strong soybean demand or bearish on last week's dry weather and strong yield reports. Nothing has really changed fundamentally -- it's wet in some areas (Michigan and Iowa over the weekend) and dry in others (Nebraska is seeing some fire hazards today), yield reports are good but so are export sales -- so analysts keep saying we're stuck in a trading range, and they're not wrong. Money managers seem to be playing some sort of spread, buying beans and selling corn, as they extended their net-long positions in soybeans and their net-short positions in corn last week. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-october-23.
Brent Crude Oil = up 0.1%
West Texas Intermediate = up 0.5%
Dollar = up 0.3%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks higher overnight.