Floor Talk October 7

[Tony_Dreibus]

Crop futures were slightly higher in overnight trading amid signs of strong demand. Corn was up 1/2 cent, beans rose 2 1/2 cents, Chicago wheat gained 1/4 cent and Kansas City futures added 2 cents. Overseas buyers are finding bargain prices for U.S. supplies, which is keeping export sales strong and underpinning prices. Still, harvest pressure is weighing on futures. Freezing weather is expected for much of the central Midwest and southern Plains today, the National Weather Service said. Temps are expected to fall to the upper 20s in some parts of the Dakotas, Nebraska, Kansas, Colorado and even the Oklahoma Panhandle, the NWS said. 
 

Here's what happened overnight:

Brent Crude Oil = 0.1% lower.
West Texas Intermediate Crude Oil = 0.1% lower.

Dollar = up 0.3%.

Wall Street = U.S. stock futures decline in overnight trading.
World Markets = Global stocks mixed amid strong dollar. 

[lsc76cat]

Somebody in the market buying beans today to cover export sales again?

Or is something else giving beans a nudge?

[sw363535]

It is the only thing I can see.....   Morning buys = price up = farmer sales in the afternoon..

Noticed the export of beans yesterday's report.  at the 4th weak of the year we are over half usda's number for the full year...

Corn was big as well..... They are stabilizing the market this week and so far, seem to be carrying the weight of harvest pressure fairly well..

I personally think an extremely big harvest is already figured it..

[roarintiger1]

With our crop prices on sale,  this exporting is going to continue.   Plus, on the possibility of Trump getting elected, our trading partners are worried about their supply and will continue to buy..........Trump is already helping the farm economy.   

[sw363535]

Tiger1, 

I really think the election thing is just a media run side show, and Trump is enjoying being center "stage" again on another "reality" tv production.  OF course the media darling does not want to participate in anything with the term reality involved...not going to be any accounting for Her activity,,,.... no sir.

The trade of commodities is probably ignoring it for the most part.  Either way the world is used to us having weak leadership and accomplishing very little of what we claim...   nevertheless we may see some slow up of sales after the election because of some taking the known over the unknown.

There is a small posibility that some of the export business is getting done in front of the unknown of after election....

Imagine the media "crying" if the political parties loose this election... Election years probably represent the majority of the actual media industry revenue through those established political powers.

anyway....... By then we will have a better handle on the damage to this crop both in real yields and in quality by water damage...

Ya gotta wonder how usda could have missed the messy finish to this harvest in their perfect prediction of a record crop...

There wego........ ego ego ......