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Veteran Contributor

Floor Talk October 25

At the close:

At the close, the December corn futures finished 1¢ higher at $3.49 1/4, while March futures finished 1¢ higher at $3.59 per bushel. November soybean futures settled 1 1/4¢ lower at $9.90 3/4, while January soybean futures settled unchanged at $10.02 1/4. December wheat futures closed 1 1/2¢ higher at $4.04. December soy meal futures ended $0.90 short ton lower at $308.20. December soy oil futures closed $0.19 lower at 35.80¢ per pound.  In the outside markets, the Brent crude oil market is $0.53 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 35 points lower.

 

Mike

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At 10:35am:

If you missed it, the USDA had a big soybean sale, this morning.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 516,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1.

 

Mike

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At 10am:

At 10:00am, the December corn futures are 1/4¢ higher at $3.48, while March futures are 1/4¢ higher at $3.58 1/2 per bushel. November soybean futures are 6 1/2¢ lower at $9.85, while January soybean futures are 5 3/4¢ lower at $9.96. December wheat futures are 1/4¢ lower at $4.02. December soy meal futures are $2.50 short ton lower at $304.80. December soy oil futures are $0.28 lower at 35.71¢ per pound.  In the outside markets, the Brent crude oil market is $0.60 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 35 points lower.

 

Mike

 

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At 9am:

At 9:00am, the December corn futures are 3 1/2¢ higher at $3.51, while March futures are 3 1/2¢ higher at $3.61 per bushel. November soybean futures are 2 1/2¢ higher at $9.94, while January soybean futures are 3¢ higher at $10.05. December wheat futures are 1 1/2¢ higher at $4.04. December soy meal futures are $1.90 short ton higher at $309.20. December soy oil futures are $0.18 lower at 35.81¢ per pound.  In the outside markets, the Brent crude oil market is $0.18 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points higher.

 

 

Mike

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Soybeans fell overnight on harvest pressure as dry weather allowed farmers to make signficant progress last week. About 76% of soybeans were harvested as of Sunday, up from 62% last week, and 61% of corn was collected, up from 46% a week earlier, according to the USDA. Dry weather continues to dominate quiet weather maps, though a scattered shower, perhaps heavy locally, may fall in parts of Iowa and Illinois today, according to the National Weather Service. 
 

Here's what happened overnight:

 

Brent Crude Oil = 0.3% higher. 
West Texas Intermediate Crude Oil = 0.6% higher. 

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks higher on rising commodity prices.  

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Veteran Advisor

Re: Floor Talk October 25

World grain buyers are meeting in Detroit, this week. Here's a first day summary from the Renewable Fuels Association.

 

DETROIT — There are ample agribusiness opportunities available throughout the world, according to Christopher Nolan Sr., managing director and co-head of food, beverage and agribusiness coverage at PricewaterhouseCoopers Corporate Finance LLC, who gave the keynote address today to the more than 400 attendees of the Export Exchange 2016 conference.

Co-sponsored by the U.S. Grains Council (USGC) and the Renewable Fuels Association (RFA), Export Exchange 2016 offers attendees an unparalleled opportunity to meet and build relationships with domestic suppliers of corn, distiller’s dried grains with solubles (DDGS), sorghum, barley and other commodities. More than 200 international buyers and end-users of coarse grains and co-products from more than 35 countries are in attendance at the conference.

There are a number of forces impacting agribusiness, Nolan told the Export Exchange audience in Detroit, including technology convergence, population growth, sustainability and food security, all of which the agriculture industry can address.

“Evolving technology in agriculture will continue. Resourceful farmers will continue to find ways to utilize technology to increase yield and reduce costs,” he said. Agribusiness is a global business and will continue to remain one, he added.

In his presentation, Bob Dinneen, president and CEO of RFA, gave an overview of the upcoming U.S. presidential election and its potential impact on trade.

“No matter who wins the presidential election on Nov. 8, trade is too important to our consumers, our agricultural system, and our entire economy to be relegated to the kind of hyperbolic, overblown and ultimately counterproductive political rhetoric that has beset the campaigns in recent months,” he said. “Despite that rhetoric, we believe free and fair trade, and trade pacts, are going to continue to play an important role in our agricultural economy.”

During the first general session of the conference, attendees also heard about the state of agriculture exports.

“The U.S. is set to produce record crops of 384 million metric tons in 2016. Of that, we expect to export 55 million metric tons of corn – another record. These numbers just go to demonstrate the productivity of our industry,” said Chip Councell, chairman of the U.S. Grains Council, and a farmer in Maryland.

“With feed grain prices expected to remain competitive over the near term, there is no better opportunity than now to invest in expanded livestock production. We, U.S. farmers, encourage our foreign customers to invest in the future and use this abundance of feed grains to expand their capacity for grain use – with livestock, in ethanol and beyond.”

In his presentation, RFA Senior Vice President Geoff Cooper provided an outlook of the U.S. ethanol industry coproduct exports, with a focus on DDGS. “We expect to see continued modest growth in U.S. distillers grains and corn gluten supplies, as ethanol production continues slow expansion,” he said. Over the last 10 years, there has been dramatic growth in exports to Asian markets, particularly to China, however DDGS exports to China have been highly volatile since 2008, he noted. But exports to other regions are steady or expanding, Including Mexico, Thailand, Turkey and several other countries, he added.

Export Exchange 2016 will continue through Wednesday afternoon with additional speakers, a robust trade show and networking opportunities.

More about the event is online at www.ExportExchange.org or on social media using the hashtag #ExEx16.

 

Mike

 

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