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Veteran Contributor

Floor Talk October 27

At the close:

At the close, the December corn futures finished 3 1/2¢ higher at $3.57 1/2, while March futures are 3¢ higher at $3.66 1/4 per bushel. November soybean futures finished 4 1/4¢ higher at $10.14 1/4, while January soybean futures closed 4¢ higher at $10.25. December wheat futures closed 3¢ higher at $4.14. December soy meal futures closed $8.50 short ton higher at $327.60. December soy oil futures finished $0.61 lower at 35.11¢ per pound.  In the outside markets, the Brent crude oil market is $0.48 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points higher.

 

Darin D. Fessler, Senior Hedge Advisor, says that the markets are up thanks to China.
“The bean rally is being driven in part to front loading demand from the Chinese and soymeal. Meal now above major moving averages on it's way towards the 100 day. Producers should look to take advantage of these opportunities now. South America planting is off the a good start,” Fessler says.

 

Mike

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At mid-session:

At mid-session, the December corn futures are 3 3/4¢ higher at $3.57, while March futures are 3¢ higher at $3.66 per bushel. November soybean futures are 8¢ higher at $10.18, while January soybean futures are 8¢ higher at $10.29. December wheat futures are 5 1/4¢ higher at $4.16. December soy meal futures are $7.90 short ton higher at $327.00. December soy oil futures are $0.39 lower at 35.33¢ per pound.  In the outside markets, the Brent crude oil market is $0.68 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 44 points higher.

 

Mike

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At 10am:

At 10am, the December corn futures are 4 1/4¢ higher at $3.58, while March futures are 3 1/2¢ higher at $3.66 per bushel. November soybean futures are 7¢ higher at $10.17, while January soybean futures are 6 3/4¢ higher at $10.27. December wheat futures are 6¢ higher at $4.17. December soy meal futures are $7.90 short ton higher at $327.00. December soy oil futures are $0.47 lower at 35.25¢ per pound.  In the outside markets, the Brent crude oil market is $0.33 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points higher.

 

 

Mike

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At 9:45am:

 

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

--Export sales of 129,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year; and

--Export sales of 396,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year; and

--Export sales of 204,000 metric tons of grain sorghum for delivery to China during the 2016/2017 marketing year.

The marketing year for grain sorghum and soybeans began Sept. 1.

 

Mike

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At the open:

At the open, the December corn futures are  3/4¢ lower at $3.53, while March futures are 1¢ lower at $3.62 per bushel. November soybean futures are 4 1/2¢ lower at $10.05, while January soybean futures are 4 3/4¢ lower at $10.16. December wheat futures are 1 3/4¢ higher at $4.13. December soy meal futures are $0.70 short ton lower at $318.40. December soy oil futures are $0.28 lower at 35.44¢ per pound.  In the outside markets, the Brent crude oil market is $0.33 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 20 points higher.

 

 

Mike

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Soybeans and corn futures rose overnight -- beans were up about 7 cents and corn gained about 3 cents -- as investors remain focused on demand for U.S. supplies. The price of soybeans gained on the Board yesterday after China on Tuesday announced a big purchase from U.S. inventories. Dow reported earnings this morning, which showed sales improved in the third quarter amid surprisingly strong demand just before the company plans to merge with rival DuPont. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.8% higher. 
West Texas Intermediate Crude Oil = 0.4% higher. 

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks rise along with commodities. 

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6 Replies
Advisor

Re: Floor Talk October 27

Local coop here just raised their basis again -15 on top of the -10 from a week ago. Market finally tops the 10$ tipping point and a farmer gets screwed again. Offering 9.90$ right now what a damn joke.!.
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Veteran Advisor

Re: Floor Talk October 27

I will trade ya - and we've got 3 ethanol plants, 2 soybean processors and a river terminal all within 40 miles.

 

One of 2 Local Elevators Delivery Cash   Basis    
 CORN Oct/Nov 2016 2.99   -0.58  
 SOYBEANS Oct/Nov2016 9.44   -0.72  
   
Price as of 10/27/16 12:13PM CDT.
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Veteran Advisor

Re: Floor Talk October 27

Isc76cat I hope harvest is going well for you. We are pretty well bogged down with plenty of mud here. Yields and quality seem good, but getting the crop out of the field has been a challenge. I hauled in non GMO corn the other day and it was $3.44. 

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Senior Contributor

Re: Floor Talk October 27

Basis  "Here " in the North.....Corn -.55    Beans   -.91

 

John

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Honored Advisor

Re: Floor Talk October 27

This basis deal is going to wreck a couple of local coops when there is a gain of 50 cents per bushel available 10 miles away and an unlimited supply of trucks that will make the trip for 10 cents from the field, the middle man end around play is easy to make..

One big local coop now has all their wheat in a ground pile, which was too slow getting done, and the elevators are near empty today.

Corn harvest ended early this week.  Grain Sorghum is just starting but a much smaller crop.---- but the basis premium at the ethanol plant is 50 cents as well for grain sorghum.

Hard to make money not handling the crop...  These days too much of the crop can find a different home...

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Veteran Advisor

Re: Floor Talk October 27

Well stated SW.  The coop's grain bids lately have many getting on the last boat out.  Everytime the coop gets bigger, the bids get worse. Not that big of deal, in fact long term makes more farmers realize they never should have been giving any part of that revenue away in the first place-so a net positive.  Once the grain is in the coop, options for price are very limited.  Still hoping Hobby has winter tid bit postings on grain bin management. 

Doing the same thing on the front end margins of producing the crop also. 

 

 

AND back to markets....the bean rally maybe points to the crop not being 'there' in the huge way it was advertised.  Or one could just believe it is to protect insurance payouts...but then corn would come along for the ride...and with big bean yields why would one care about insurance price?

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