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Veteran Contributor

Floor Talk October 28

At the close:

At the close, the December corn futures finished 2 1/2¢ lower at $3.55, while March futures closed 3¢ lower at $3.63 1/4 per bushel. November soybean futures closed 13¢ lower at $10.01 1/4, while January soybean futures ended 13¢ lower at $10.12. December wheat futures closed 5 1/2¢ lower at $4.09. December soy meal futures finished $10.10 short ton lower at $317.50. December soy oil futures finished $0.30 higher at 35.41¢ per pound.  In the outside markets, the Brent crude oil market is $0.96 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 1 point lower.

 

Mike

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At mid-session:

At mid-session, the December corn futures are 1/2¢ lower at $3.57, while March futures are 3/4¢ lower at $3.65 per bushel. November soybean futures are 1/4¢ lower at $10.14, while January soybean futures are 1/4¢ lower at $10.24. December wheat futures are 5 1/2¢ lower at $4.09. December soy meal futures are $2.90 short ton lower at $324.70. December soy oil futures are $0.44 higher at 35.55¢ per pound.  In the outside markets, the Brent crude oil market is $0.56 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the word of the day is boring. 
“Hard to get farmers on the phone and hard to get users on the phone.  Looks like we will have a choppy and mixed session all the way to the close.  The basic fundamentals of big production and big demand have not changed for beans or really for corn.  It kind of feels like people are waiting for a shoe to drop.  That shoe probably will not drop until next week.  So, not a lot to talk about,” Scoville says.

 

 

Mike

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At 9am:

At 9am, the December corn futures are 3/4¢ lower at $3.56, while March futures are 1 1/4¢ lower at $3.65 per bushel. November soybean futures are 3 1/2¢ lower at $10.10 3/4, while January soybean futures are 3 1/2¢ lower at $10.21. December wheat futures are 3 1/4¢ lower at $4.11. December soy meal futures are $3.60 short ton lower at $324.00. December soy oil futures are $0.25 higher at 35.36¢ per pound.  In the outside markets, the Brent crude oil market is $0.45 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 28 points higher.

 

 

Mike

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Soybeans and corn were little changed overnight as investors weigh strong demand on the bull side with harvest pressure on the bear side. Beans were down a penny while corn gained a cent. Sales yesterday were strong as exporters sold 2.05 million tons of beans to overseas buyers. China was the biggest purchaser. Corn sales lagged the prior week but were still pretty decent, while wheat jumped week-over-week. 
 

Here's what happened overnight:

 

Brent Crude Oil = 0.5% lower 
West Texas Intermediate Crude Oil = 0.7% lower. 

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks rise on negative earnings reports, lower oil.

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