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Veteran Contributor

Floor Talk October 4

At midsession:

 

At midsession, the December corn futures are 2 3/4¢ higher at $3.67 1/2. March futures are 2 1/2¢ higher at $3.79 1/4.

 

November soybean futures are 3 1/4¢ higher at $8.64 3/4. January soybean futures are 3¢ higher at $8.78 3/4.

 

December wheat futures are 2¢ higher at $5.17.

 

December soymeal futures are 2.70¢ per short ton higher at $313.90.

 

December soy oil futures are $0.13 lower at 29.71¢ per pound.

 

In the outside markets, the NYMEX crude oil market is $1.27 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 262 points lower.

 

 

Mike

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At 8:55am:
 
In early trading, the December corn futures are 1 1/4¢ higher at $3.66. March futures are 1 1/4¢ higher at $3.78.
November soybean futures are 4 1/4¢ higher at $8.65. January soybean futures are 4 1/4¢ higher at $8.80.
December wheat futures are 1/4¢ higher at $5.15.
December soymeal futures are 2.00¢ per short ton higher at $313.20.
December soy oil futures are $0.01 higher at 29.85¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.76 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 132 points lower.

 

Al Kluis, Kluis Advisors, says the markets will maintain a choppy stance for awhile.

“Grain prices were a little lower, yesterday, from hedge pressure from harvest along with tough resistance on the corn and soybean charts. Expect choppy action in the grain markets as the market searches for fresh news to trade on,” Kluis stated in a daily note to customers.

He added, “Rallies in the corn and soybean market will be very limited while the US crops continue to get bigger.”
 
USDA WEEKLY EXPORT SALES REPORT:

 

Corn= 1.43 million metric tons vs. the trade’s expectations of between 1,000,000-1,500,000 mt.

Soybeans= 1.52 mmt. vs. the trade’s expectations of between 900,000-1,500,000 mmt.

Soybean meal= 470,600 mt. vs. the trade’s expectations of between 100,000-500,000 metric tons.

Wheat= 435,300 mt. vs. the trade’s expectations of between 250,000-500,000 mt.
 

 

 

Mike

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Wheat futures were higher overnight on concerns about the potential Russian export limitations after its regulatory watchdog said it may shut 30 grain-loading facilities due to violations of phytosanitary rules. Prices also rose after Egypt said it's seeking up to 60,000 metric tons of the grain. Wheat was up 3-4 cents overnight while corn and beans both gained about a penny. Ethanol production, meanwhile, dropped to the lowest level in five months while inventories of the biofuel jumped to the highest since March. President Trump is expected to announce during a speech in Iowa next week that E15 will be allowed to be sold year-round, giving a boost to not only corn and ethanol producers, but also to Corn Belt lawmakers who are up for reelection next month. In weather news, it's going to be rainy well into next week in much of eastern Nebraska, Iowa and northern Illinois, likely delaying the harvest, according to the National Weather Service. Check out today's 3 Big Things for all the details. 

West Texas Intermediate = down 0.6%.

Brent Crude = down 0.4%.

Dollar = up 0.1%.

Wall Street = U.S. stock lower pre-market.

World Markets = Global stocks mostly lower overnight.

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Re: Floor Talk October 4

Why are the soybeans continuing to trade lower with exports beating out expectations?
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