Floor Talk October 24

[marketeye]

At the close:

The Dec. futures corn contract settled 1 3/4 cents lower at $7.54 1/4. Nov. soybean futures contract closed 17 1/4 cents higher at $15.70 1/2. Dec. wheat futures ended 15 cents higher at $8.84 per bushel. The Dec. soyoil futures contract settled $0.52 higher at $51.84. The Dec. soymeal futures contract finished $5.70 per short ton higher at $481.90.


In the outside markets, the NYMEX crude oil is $0.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are 26 points lower.

One corn pit floor trader says that corn simply has no new news and no volume.

Separately, Al Kluis, Kluis Commodities/Publishing owner, says the fact Ukraine may stop selling wheat is helping wheat, for soybeans more sales to unknown (China) and dry conditions in northeast Brazil.
"Corn is struggling with poor ethanol margins and slow exports," Kluis says.
On Thursday, the USDA's Weekly Export Sales Report will be released at 7:30am Central.
The trade is looking for 150,000 to 375,000 metric tons of corn exports, he says. "To stay on pace with USDA's yearly expectations we need 400,000 mt," Kluis says.
For soybeans, the trade sees between 800,000 to 900,000, needing only 214,000 mt.
For wheat, the trade sees 250,000-450,000 mt and we need to avg 526,000 mt, Kluis says.
 
"Soybeans and wheat are trading above the last two day's high, creating a break out to the up side," he says. .

Mike

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At mid-session:

The Dec. futures corn contract is trading 3/4 of a cent lower at $7.55. Nov. soybean futures contract is trading 12 cents higher at $15.65. Dec. wheat futures are trading 15 cents higher at $8.84 per bushel. The Dec. soyoil futures contract is trading $0.18 higher at $51.50. The Dec. soymeal futures contract is trading $4.90 per short ton higher at $481.10.


In the outside markets, the NYMEX crude oil is $0.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are 9 points higher.

Mike

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At the open:

The Dec. futures corn contract is trading 5 cents higher at $7.61. Nov. soybean futures contract is trading 13 cents higher at $15.67. Dec. wheat futures are trading 22 cents higher at $8.90 per bushel. The Dec. soyoil futures contract is trading $0.32 hiugher at $51.65. The Dec. soymeal futures contract is trading $4.40 per short ton lower at $480.60.


In the outside markets, the NYMEX crude oil is $0.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are 30 points higher.

Mike

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At 7:20am:

--Japan seeks 320,000 tons of feed wheat, barley Wednesday.

--Japan  buys 20,000 tons of feed wheat Wednesday.

--Russia's grain exports dropped 19% between July 1 -Oct. 17, according to this morning's Dow Jones Newswire.

--Interesting note: The way the U.S. exports are going, this could be the first year ever that we export more soybeans than corn, INTL FC Stone notes in a morning wire. Wow!

Mike

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At 7:00am:

Early calls:  Corn 3-5 cents lower, soybeans 10-12 cents higher, and wheat 3-5 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.43 per barrel lower.
Dollar=Higher.
Wall Street=Seen opening higher, with Boeing reporting higher earnings, an expected housing report to be released and the monthly statement from FOMC today.

World=Mixed.

More in a minute,

Mike