Floor Talk October 6

[marketeye]

At the close:

At the close, the Dec. corn futures settled 4 3/4 cents higher at $3.98 1/4.  Nov. soybean futures finished 3 3/4 cents higher at $8.88.

Dec. wheat futures finished 10 3/4 cents higher at $5.26 1/4.

Dec. soymeal futures ended $0.20 per short ton lower at $303.60. Dec. soyoil futures settled $0.05 higher at $28.71. 

In the outside markets, the NYMEX Crude oil market is $1.73 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 43 points higher.

Mike

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At 10:30am:

Corn is up 3¢, soybeans are up 7¢ while wheat is 9¢ cents better.

I'm also hearing of suggestions that farmers sell some 2017 crop already. Will you be selling any of next yeae's crop yet?

Mike

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At the open:

At the open, the Dec. corn futures opened 2 cents higher at $3.95 1/2.  Nov. soybean futures opened 1 1/4 cents higher at $8.85.

Dec. wheat futures opened 6 3/4 cents higher at $5.22.

Dec. soymeal futures opened $1.00 per short ton higher at $304.80. Dec. soyoil futures are trading $0.03 lower at $28.63. 

In the outside markets, the Brent Crude oil market is $0.63 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 17 points higher.

 Mike

At 7:10am:

Early calls: Corn 1-2 cents lower, soybeans 3-4 cents lower and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.08 lower.
Dollar =Lower.  
Wall Street = Seen lower, with Q3 season starting.

World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.

More in a minute,

Mike

[marketeye]

Our counterparts in Brazil are reporting that delayed planting (due to dryness) of this year's soybean crops are causing concerns. In their own words:

"Planting in Mato Grosso are late. Producers who signed contracts for delivery of soybeans in January and February are worried. The delay in planting soy decreases the crop window, and it can affect the second crop of corn. However, there is a good forecast of rain after October 8. The rains are expected to remain with well distributed volumes. In Parana, the climatic conditions are favorable and planting goes normally. This is all the effect of El Niño..."

Do you think the market will trade Brazil's weather soon?

Mike

[CitiFarmer]

Market eye, thanks for the Cmex oil price closing price. In regards to Brazil, I feel the markets are waiting for the Friday report. If it shows 400 million or less in 15/16 U.S.carryout, then the fireworks could start if the moisture is taken out of the northern Brazil forecast. The price action after the report could be interesting.