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Advisor
Posts: 3,976
Registered: ‎05-03-2010
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Floor Talk October 8

[ Edited ]

 

Hello gang. Could you help us out with something, please? We are conducting our Third Annual Benchmark Marketing Survey. We're getting enough data, with multiple year's worth of results, to begin to compare trends and habits. This is for you to be able to benchmark your marketing and risk management plans against others in farming. Could you please take a few minutes, and I mean just a few, to be involved in our annual survey. Here is the link. And, I promise, it literally takes less than 10 minutes, maybe a lot less. In fact, when you are done, post the time it took. That will help others too. Thanks, in advance.

 

 

 

 Successful Farming Marketing Survey

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At the close:

The December corn futures finished 2 3/4 cents higher at $3.43 per bushel.

November soybean futures settled 5 3/4 cents lower at $9.35.

December wheat futures closed 1 1/2 cents higher at $5.07.

For Dec. soybean meal futures, the contract finished $2.80 per short ton lower at $309.80; Dec. soybean oil futures finished $0.08 lower at $33.02.

 

 

 

In the outside markets, the crude oil is $1.33 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 181 points higher.

 

Mike

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At mid-session:

The December corn futures are 1/2 of a cent higher at $3.41 per bushel.

November soybean futures are trading 10 1/4 cents lower at $9.30.

December wheat futures are trading 3/4 of a cent lower at $5.05.

For Dec. soybean meal futures, the contract is $4.30 per short ton lower at $308.30; Dec. soybean oil futures are trading $0.21 lower at $32.89.

 

In the outside markets, the crude oil is $1.51 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 47 points higher.

 

Dustin Johnson, EHedger LLC, says that the corn/bean ratio is finally making sense. "We are happy to see the corn/bean ratio come back in-line.  The only problem with that is the corn rally is going to affect farmers insurance payouts negatively.  Harvest has been slow to start but this week we expect a lot of activity to bring bushels to market.  Perhaps the U.S. farmer is selling beans off the combine and keeping bin space open for the sub $3.00 cash corn.  This could be the reasoning behind the corn gaining on beans over the last few days."

 

A look at the corn/bean ratio chart:

 

Unknown-5.jpeg

 

 

What do you think?

 

Mike

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At the open:

 

 

The December corn futures opened 1/4 cent higher at $3.40 per bushel.

November soybean futures opened 3/4 of a cent higher at $9.41.

December wheat futures opened 2 3/4 cents higher at $5.09.

For Dec. soybean meal futures, the contract opened $0.50 per short ton lower at $312.10; Dec. soybean oil futures are trading $0.01 lower at $33.09.

 

 

 

In the outside markets, the crude oil is $0.92 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 8 points higher.

 

Mike

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At 7:30am:

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

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.65 per barrel lower.
Dollar = Higher
Wall Street = Seen flat, with eyes on the September FOMC meeting minutes to be released this afternoon.
World Markets = Europe stocks were lower, Asia/Pacific stocks were lower.

 

More in a minute,

 

Mike

Advisor
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Registered: ‎06-30-2012
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Re: Floor Talk October 8

[ Edited ]

Here's my local prices this am.. Drastically different from us bids and something to see. We are on export basis, likely due to a strong usd. Also corn production is down due to severe corn acre decrease.. I am expecting corn basis to pick up as spring/summer arrives.


CORN
Oakwood Elevator
                           Futures Price       Basis        Cash Price        Converted Price
2014 Crop            339'4                  0.30               3.70                   145.46
2015 Crop            387'2                  -0.10              3.77                   148.52


SOYBEANS
Oakwood Elevator
                        Futures Price         Basis           Cash Price              Converted Price
2014 Crop            943'6                 0.40                9.84                           361.46
2015 Crop             966'0                0.15                9.81                           360.45

http://sunderlandco-op.aghost.net

Senior Contributor
Posts: 161
Registered: ‎07-10-2010
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Re: Floor Talk October 8

That's a far cry from ours. Yesterday we went from -.25 to -.40 on corn and now I see -.45.
http://www.farmersupply.com/index.cfm?show=11&mid=3&theLocation=3&cmid=all&layout=19
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Senior Contributor
Posts: 777
Registered: ‎06-04-2010
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Re: Floor Talk October 8

Yesterday at my local coop in Nebraska,,,,$2.89 corn Oct deliever,,,$8.68 beans for Oct deliever

Honored Advisor
Posts: 5,303
Registered: ‎01-10-2012
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Re: Floor Talk October 8


  CBOT CORN  AFTON
Futures PriceFutures ChangeFutures MonthDeliveryCash PriceBasis 
340'6
0'2
Dec 14 By Oct 10th 3.11 -0.30 Chart
340'6
0'2
Dec 14 Oct 2014 2.91 -0.50 Chart
387'6
-0'2
Dec 15 Oct 2015 3.41 -0.47 Chart

  CBOT SOYBEANS  AFTON
Futures PriceFutures ChangeFutures MonthDeliveryCash PriceBasis 
930'4
-10'2
Nov 14 Oct 2014 8.46 -0.85 Chart
953'6
-9'4
Nov 15 Oct 2015 8.69 -0.85
Advisor
Posts: 1,181
Registered: ‎06-30-2012
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Re: Floor Talk October 8

Wow who needs $8 futures you guys are already there.

My crusher is out of beans even with a good crop last ear... Too much was exported last fall. They are willing to give me another 40-60 cents over elevator for any gravy we have. They were only 20-30 not too long ago but that was too little for me to go that far.... Maybe they just anticipated earlier Harvest/price slide