Floor Talk October 7

[marketeye]

At the close:

At the close, the Dec. corn futures settled 2 1/2 cents lower at $3.95 3/4.  Nov. soybean futures finished 3 cents higher at $8.91.

Dec. wheat futures closed 9 1/2 cents lower at $5.16 3/4.

Dec. soymeal futures ended $2.90 per short ton higher at $306.50. Dec. soyoil futures closed $0.09 lower at $28.62. 

In the outside markets, the NYMEX Crude oil market is $0.64 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 122 points higher.

Mike

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At mid-session:

At mid-session, the Dec. corn futures are trading 4 1/4 cents lower at $3.94.  Nov. soybean futures are trading 1 1/2 cents higher at $8.89.

Dec. wheat futures are trading 10 cents lower at $5.16.

Dec. soymeal futures are trading $1.90 per short ton higher at $305.50. Dec. soyoil futures are trading $0.14 lower at $28.57. 

In the outside markets, the NYMEX Crude oil market is $0.17 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 22 points higher.

Pete Meyer, PIRA Energy senior grain analyst, says that today’s market action is head-scratching. “Tough call today.  Most were hoping to see a $4.00 print in corn and a $9.00 print in beans, but wheat has spoiled that party, so far,” Meyer says. 
Much like yesterday, when wheat was over-bought, today it would seem that it’s oversold, he says.  “The wheat rally has come on the heels of lower than expected stocks/production numbers in the September Quarterly Stocks report.  The market was heavily short with the last few days showing some decent liquidation of positions.”

 Mike

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At 11am:

Weekly Ethanol Production is up, according to the Renewable Fuels Association:

"According to EIA data, ethanol production averaged 950,000 barrels per day (b/d)—or 39.90 million gallons daily. That is up 7,000 b/d from the week before. The four-week average for ethanol production stood at 948,000 b/d for an annualized rate of 14.53 billion gallons. Year-to-date output rates have averaged 14.65 billion gallons annualized.

Stocks of ethanol stood at 18.8 million barrels. That is a 0.2% increase from last week," according to the RFA press release.

Mike

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At the open:

At the open, the Dec. corn futures opened 1 cent higher at $3.99.  Nov. soybean futures opened 6 1/2 cents higher at $8.94.

Dec. wheat futures opened 2 1/4 cents higher at $5.28.

Dec. soymeal futures opened $3.10 per short ton higher at $306.70. Dec. soyoil futures are trading $0.14 higher at $28.85. 

In the outside markets, the Brent Crude oil market is $0.57 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 127 points higher.

 Mike

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At 6:30am:

Early calls: Corn 1-2 cents higher, soybeans 3-4 cents higher and wheat 4-5 cents higher.

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.78 higher.
Dollar =Higher.  
Wall Street = Seen higher, with m & A's and earnings eyed.

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

More in a minute,

Mike