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marketeye
Veteran Advisor

Floor Talk October 24

At the close:

 

The December corn futures settled 6 3/4 cents lower at $3.53 per bushel.

 

November soybean futures finished 15 3/4 cents lower at $9.77.

December wheat futures closed 9 cents lower at $5.17.

For Dec. soybean meal futures, the contract closed $2.20 per short ton lower at $350.20; Dec. soybean oil futures closed $0.28 lower at $32.39.

 

In the outside markets, the crude oil is $0.67 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 100 points higher.

 

Mike

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At mid-session:

The December corn futures are trading 3 1/4 cents lower at $3.56 per bushel.

 

November soybean futures are trading 9 cents lower at $9.84.

December wheat futures are trading 2 1/4 cents higher at $5.29.

For Dec. soybean meal futures, the contract is $3.20 per short ton lower at $349.20; Dec. soybean oil futures are trading $0.29 lower at $32.38.

 

In the outside markets, the crude oil is $1.38 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 54 points higher.

 

Dustin Johnson EHedger Inc. analyst says that a couple of things are hitting on the soybeans today.  "I think it has a lot to do with November option expiration.  We have had a large run up coming into the day.  With so many in-the-money puts covering they essentially become the rally.  We are going into the weekend and expecting strong harvest pressure after such a nice rally.  South American's have been notable hedgers this week as well from what I hear."

 

Meanwhile, Pete Meyer, PIRA Energy grain director, says the falling market is really all about option expiration in soybeans today.  "Fairly large open interest in the $10 and higher Puts.  Market’s very nervous with big option positions coming off."

 

Mike

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At the open:

 

The December corn futures are trading 3 cents higher at $3.63 per bushel.

 

 

 

November soybean futures are trading 3 cents higher at $9.96.

December wheat futures are trading 9 cents higher at $5.35.

For Dec. soybean meal futures, the contract is $4.30 per short ton higher at $356.70; Dec. soybean oil futures are trading $0.17 lower at $32.50.

 

 

 

In the outside markets, the crude oil is $1.11 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 17 points higher.

 

Mike

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At 8:25am:

Early calls: Corn is 3-5 cents higher, soybeans 3-5 cents higher, and wheat 7-9 cents higher.

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $1.11 per barrel lower.
Dollar = Lower
Wall Street = Seen lower.
World Markets = Europe stocks were lower, Asia/Pacific stocks were mixed.

 

More in a minute,

 

Mike

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10 Replies
luisvieira
Senior Contributor

Re: Floor Talk October 24

Hello Mike and boys,

 

An early infestation of the caterpillar Helicoverpa Armigera, known also as earworm, appeared on soybean crops in the state of Goiás, the fourth largest producer of the oilseed in the country. According to a report from Brazil’s portal Agrolink, farmers from the state are having to do spraying with just 20 days of planting. The control, according to agronomists, should only be done when the infestation reaches the level of one caterpillar per meter of crop. The goal is to kill the plague before it is proliferated and get to the soybean grain.

 

And that's has been under very dry weather, which has been the pattern all over the central parts of Brazil, including Mato Grosso. In Mato Grosso, planting is delayed. In the case of the state of São Paulo, most damns are located in the Northern part of it and, as a consequence, there is water rationing in the country's most populated state. In the meantime, in the three southern states of Rio Grande do Sul, Paraná, and Rio Grande do Sul had floods last month.

 

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giolucas
Veteran Advisor

Re: Floor Talk October 24

Whose selling at $10.00 beans, traders or farmers? I want to sell at $10.50!

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hanktbd
Senior Contributor

Re: Floor Talk October 24

He's Baaack.and prices are going back down again!   Market-eye old buddy, need to see if you can borrow some of your substitute's pixie dust. Just kidding. Hope you had a nice vacation. 

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Hobbyfarmer
Honored Advisor

Re: Floor Talk October 24

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Hobbyfarmer
Honored Advisor

Re: Floor Talk October 24

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marketeye
Veteran Advisor

Re: Floor Talk October 24

hanktbd,

 

Wait a minute! I'm the one that put the call into Chicago to run this thing up, while I was gone. So, you are just saying that I didn't stay away long enough, right?

 

Mike

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sw363535
Honored Advisor

Re: Floor Talk October 24

Weekly profit takers I would say.  Gio.

 

Farmers haven't had time yet ------- still in the field.     A few more days but finally getting some dryer weather.

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farmerguy89
Advisor

Re: Floor Talk October 24

Pipeline is going to get jammed
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Farmerjoe79
Senior Contributor

Re: Floor Talk October 24

Kinda like your putsSmiley Happy
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