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Veteran Advisor

Floor Talk October 27

At the close:

 

The December corn futures settled 10 cents higher at $3.63 per bushel.

 

 

 

November soybean futures closed 28 3/4 cents higher at $10.06.

December wheat futures ended 5 cents higher at $5.22.

For Dec. soybean meal futures, the contract settled $26.60 per short ton higher at $376.80; Dec. soybean oil futures closed $0.16 lower at $32.23.

 

 

 

In the outside markets, the crude oil is $0.65 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 8 points lower.

 

The rally today was a surprise to many, according to Jack Scoville, PRICE Futures Group vice-president. "What a crazy day.  I think the market went opposite from the way most expected today, and that probably drove some of the buying as those that were selling had to get out and maybe get reversed.  The rally was led by SBM, and the lack of transportation and farm selling in the E Midwest seems to be the driver.  ADM on their basis sheet is showing western Midwest SBM at even to+5 Dec, but E Midwest SBM is like +50 Dec.  The export biz in soybeans was positive, but not really the reason to push thins thing higher.  How long it will last and how far it will go is anyone’s guess.  As I say, people are really wondering what is what now.  I know my phones were quiet, no ne anywhere doing much and waiting to see a top or something I guess before selling again."

 

Mike

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 At mid-session:

The December corn futures are trading 5 cents higher at $3.58 per bushel.

 

November soybean futures are trading 10 3/4 cents higher at $9.88.

December wheat futures are trading 3 cents higher at $5.20.

For Dec. soybean meal futures, the contract is $14.50 per short ton higher at $364.70; Dec. soybean oil futures are trading $0.15 lower at $32.24.

 

In the outside markets, the crude oil is $0.55 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 28 points lower.

 

Mike

-----------

At 9:15am:

The December corn futures are trading 1 3/4 cents lower at $3.51 per bushel.

 

November soybean futures are trading 3 cents lower at $9.74.

December wheat futures are trading 3/4 of a cent lower at $5.17.

For Dec. soybean meal futures, the contract is $4.20 per short ton higher at $354.40; Dec. soybean oil futures are trading $0.34 lower at $32.05.

 

In the outside markets, the crude oil is $1.34 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 38 points lower.

 

 

 

Mike

--------------

At 8am:

--Fresh export sales Monday.

Private exporters reported to the U.S. Department of Agriculture the following activity:

 

  • Export sales of 120,000 metric tons of soybeans for delivery to China during the 2014/2015 marketing year; and 
  • Export sales of 110,500 metric tons of soybeans for delivery to unknown destinations during the 2014/2015 marketing year. 

 

The marketing year for soybeans began Sept. 1.

 

 

--The trade sees the USDA Crop Progress Report this afternoon showing corn 40% harvested and soybeans 70% harvested.

 

What do you think?

 

 

Mike

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At 7:45am:

Early calls: Corn is 2-4 cents lower, soybeans 7-9 cents lower, and wheat 2-4 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.81 per barrel lower.
Dollar = Lower
Wall Street = Seen lower.
World Markets = Europe stocks were lower, Asia/Pacific stocks were higher.

 

More in a minute,

 

Mike

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2 Replies
Jeff_a_Caldwell
Senior Contributor

Re: Floor Talk October 27

A week ago, (just so you don't have to look back at the numbers), USDA said 31% of the corn crop was out of the field and 53% of the soybeans were harvested. So, do 40% and 70% seem reasonable projections to you for today? I wonder if that corn number might be a little low? What do you think? 

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luisvieira
Senior Contributor

Re: Floor Talk October 27

I want to bring another curiosity about the Brazilian election that I did not include in this story: http://www.agriculture.com/farm-management/programs-and-policies/brazili-presidential-election-less_...

 

The city that the opposition contender got more votes wasn't in Brazil. It was actually in America. Yes, North America - not South. In Miami, Florida, United States of America,  Aécio Neves was voted by 91;.79% of the voters in the consulate there. The second was Nova Pádua, Rio Grande do Sul, with 88.14$. The city where incumbent Dilma Roussef got more votes proportionally was Belagua, Maranhão, in the poorest state of Brazil, with 93.9% of the preference.