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Veteran Contributor

Floor Talk October 24

At the close:

At the close, the Dec. corn futures settled 1 1/2¢ higher at $3.52 3/4. March futures finished 1 1/2¢ higher at $3.66 3/4. Nov. soybean futures closed 5 1/4¢ lower at $9.75.  Jan. soybean futures closed 5 1/4¢ lower at $9.85 3/4. December wheat futures finished 1 1/2¢ higher at $4.38. Dec. soy meal futures closed $1.70 per short ton lower at $314.20. Dec. soy oil futures closed 0.29¢ lower at 34.34¢ per pound.  In the outside markets, the Brent crude oil market is $0.54 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 179 points higher.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 3/4¢ lower at $3.50. March futures are 1¢ lower at $3.64. Nov. soybean futures are 5 1/2¢ lower at $9.75.  Jan. soybean futures are 5 1/2¢ lower at $9.85. December wheat futures are 1/2¢ lower at $4.36. Dec. soy meal futures are $2.10 per short ton lower at $313.80. Dec. soy oil futures are 0.11¢ lower at 34.52¢ per pound.  In the outside markets, the Brent crude oil market is $0.51 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 189 points higher.

 

Mike

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At the open:

The Dec. corn futures are 1 1/4¢ lower at $3.50. March futures are 1 1/2¢ lower at $3.63. Nov. soybean futures are 3 1/2¢ lower at $9.77.  Jan. soybean futures are 3 1/2¢ lower at $9.87. December wheat futures are 3 1/2¢ lower at $4.33. Dec. soy meal futures are $0.80 per short ton lower at $315.10. Dec. soy oil futures are 0.12¢ lower at 34.51¢ per pound.  In the outside markets, the Brent crude oil market is $0.39 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 153 points higher.

 

Mike

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Soybeans and grains were a bit lower overnight as traders look at yield rather than harvest pace. Strong yields are being reported across Iowa and Illinois, but collection is still behind, woefully so for corn but just a bit for beans. Some 70% of soybeans were in the bin as of Sunday versus the prior five-year average of 73% for this time of year. Corn is 38% collected against the average of 59%, according to the USDA. Soybeans lost about 2 cents, corn was down about a penny and wheat dropped 1-2 cents overnight. In other news, a government report showed the USDA inspections of both corn and beans rose week-to-week but are still well behind the year-ago pace. Check out all the details and today's weather in 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-october-24.

 

Brent Crude Oil = up 0.7%

West Texas Intermediate = up 0.7%

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks higher overnight.  

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5 Replies
Veteran Advisor

Re: Floor Talk October 24

Yield reports I hear are generally good with some variability in spots. 

 

Whole field averages for beans I've head of 60 bpa and 75 bpa from credible sources I talked with personally.  Another local source is saying 48-55, which is on the weaker side but not too far off the historical range.

 

Corn reports are not very specific, but generally are reported as good and even a few "best ever".  Many are just getting into corn.  My corn on average ground went 204.7 bin measurement adjusted to 15% moisture. It's the second best yield I've had on this piece of ground.  In chatting with a Extension Agronomist, she remarked it is in line with other reports she's hearing.

 

It looks like we're planning to grow lots of corn and soybeans next year, so I hope demand keeps up.  My own guess is it's going to be a very challenging year to market grain in 2017 and 2018.  I'm grateful for every bushel I sold ahead and wish I'd sold more.

 

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Senior Contributor

Re: Floor Talk October 24

Beans 35- 50 bpa here corn running around 167 bpa wake up. This market is more than 1$ low across the board you guys are such crooks. Happy to hear your in the 1% Jim hope it stays that way.
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Frequent Contributor

Re: Floor Talk October 24

I'm with you Illini, 35-50 on beans and 170-180 corn. I however don't think Jims garden spot type yields are only 1% of the area. I'm thinking more like 60-70% of the area. Yeah, it stinks having to deal with low prices on top of poor yields but we can't change it. I'm not thinking the traders are crooks either.
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Honored Advisor

Re: Floor Talk October 24

Crooks is probably the wrong term but the perpetuation of myth leans more toward "carnival side show"... in my mind.

The idea that the US market has access to the Chinese supply is one of the common outcry's.   Like world stocks are available to all in a few weeks notice.....   It continues to be a seditive to the market without a concern for the fact that 3-4  countries control world available supplies(carry) in both corn and beans....  Wheat has the luxury of being in storage in a few more locations....

 

But for the most part the "barking" goes on in the Midway.  One hears whatever it takes to shake the $$ out of the crowd.

 

My dad called them "crooks" as well........ But the US Government calls it commerce, and takes a cut.

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Honored Advisor

Re: Floor Talk October 24

The government takes a cut by keeping prices low and then they take another cut taxing us.   

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