Floor Talk October 8
At the close:
At the close, the December corn futures finished 1 3/4¢ lower at $3.66. March futures ended 1 1/2¢ lower at $3.78 1/2.
November soybean futures finished 3/4¢ higher at $8.69 3/4. January soybean futures settled 1/2¢ higher at $8.83.
December wheat futures settled 7¢ lower at $5.14.
December soymeal futures closed 1.10¢ per short ton lower at $318.50.
December soy oil futures closed $0.23 higher at 29.64¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.07 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 7 points higher.
In early trading, the December corn futures are 3¢ lower at $3.65. March futures are 3¢ lower at $3.77.
November soybean futures are 3¢ lower at $8.66. January soybean futures are 3 1/4¢ lower at $8.79.
December wheat futures are 6¢ lower at $5.15.
December soymeal futures are 1.10¢ per short ton lower at $318.50.
December soy oil futures are $0.11 lower at 29.30¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.45 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 15 points lower.
Al Kluis, Kluis Advisors, says that trade issues keep the grain markets lower.
“Trade tensions continued to increase with China over the weekend. That is taking their stock market sharply lower and putting pressure on the grain markets,” Kluis stated to customers in a daily note.
Meanwhile, harvest delays are expected to continue, this week and next, according to WxRisk. com.
“The pattern has not changed, and is just as wet as it was on Friday. Expect 2 to 7 inches of rain hitting over 60% of the Corn Belt over the next three days,” David Tolleris, WxRisk.com meteorologist says.
Tolleris adds, “In the extended 6- to 10-day forecasts, it stays wet in the western Corn Belt, while the eastern Corn Belt remains dry. Then it gets very cold with temps in the 20’s and 30’s by next weekend. This also brings in drier conditions for the western and central Corn Belt.”
Grains and soybeans were lower in overnight trading on technical factors. Fundamentally, nothing has changed as excessive rainfall continues to cause flooding in parts of the Midwest. Still, corn is in overbought territory, Summit Commodities' Tomm Pfitzenmaier said this morning, which is weighing on prices. Corn, beans and wheat were all down 2-3 cents overnight. It doesn't help that the dollar is up 0.4% this morning. Money managers were less bearish on corn and beans week-to-week as the rain is keeping farmers out of their fields, which is worse news for mature beans than mature corn. The rain isn't going to let up anytime soon. Flood warnings and watches extend from Texas to Wisconsin without fail, according to the National Weather Service. Check out today's 3 Big Things for all the details.
West Texas Intermediate = down 1.1%.
Brent Crude = down 1.2%.
Dollar = up 0.4%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks lower overnight.