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10-09-2017 06:46 AM - last edited on 10-09-2017 01:37 PM by marketeye
At the close:
At the close, the Dec. corn futures finished 1/2¢ lower at $3.49 1/2, while March futures finished 1/4¢ lower at $3.62. Nov. soybean futures settled 5 1/2¢ lower at $9.66 3/4, Jan. soybean futures ended 5 3/4¢ lower at $9.77 1/4. September wheat futures finished 7 1/2¢ lower at $4.36. Dec. soy meal futures closed $3.70 per short ton lower at $315.50. Dec. soy oil futures closed $0.31 higher at 33.26¢ per pound. In the outside markets, the Brent crude oil market is $0.33 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 14 points lower.
At mid-session, the Dec. corn futures are 1/2¢ lower at $3.49, while March futures are 3/4¢ lower at $3.62. Nov. soybean futures are 1 3/4¢ higher at $9.74, Jan. soybean futures are 1 1/2¢ higher at $9.84. September wheat futures are 6¢ lower at $4.37. Dec. soy meal futures are $0.30 per short ton higher at $319.50. Dec. soy oil futures are $0.19 higher at 33.14¢ per pound. In the outside markets, the Brent crude oil market is $0.14 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 3 points higher.
At the open:
In early trading, the Dec. corn futures are 1 1/2¢ lower at $3.48, while March futures are 1 1/2¢ lower at $3.61. Nov. soybean futures are 1/4¢ higher at $9.72, Jan. soybean futures are unchanged at $9.83. September wheat futures are 4 3/4¢ lower at $4.38 3/4. Dec. soy meal futures are $0.50 per short ton lower at $318.70. Dec. soy oil futures are $0.27 higher at 33.12¢ per pound. In the outside markets, the Brent crude oil market is $0.27 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 4 points lower.
Wheat was lower in overnight trading on reports of rainfall in Australia, which likely will ease concerns about dryness there, while corn and beans were little changed as the harvest-pressure-versus-delays debate continues. Wheat was down 3-4 cents, corn was down by less than a penny and soybeans were off just over a cent. The CFTC report showed speculative investors last week were less bullish on soybeans and more bearish on corn, but only slightly. It looks like some of them are buying into the better-than-expected-yields story, though some may just be squaring ahead of Thursday's WASDE report. In weather news, a hard-freeze warning has been issued for the western half of Nebraska, where temps are expected to get into and stay in the 20s tonight. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-october-9
Here's what happened overnight:
Brent Crude Oil = down 0.2%
West Texas Intermediate = up 0.2%
Dollar = down 0.1%.
Wall Street = U.S. stock futures higher in pre-market trading.
World Markets = Global stocks lower on Spain concerns.
10-10-2017 06:44 AM - edited 10-10-2017 06:45 AM
Hey Gio thanks for the question.
Actually they're not the same thing. Because investors were net-long beans, but reduced those net longs, they were technically `less bullish' on beans. But they held net-short positions in corn and extended them, making them `more bearish' in corn.
If I were to say they were `less bullish corn and beans' that wouldn't be right because they weren't bullish corn, and I can't say they were `more bearish corn and beans' because they weren't bearish beans to start with.
Ergo, `less bullish beans and more bearish corn.'
10-10-2017 07:14 AM
And just to be clear, instead of word games that imply meaing (words used to have meaning, not so much anymore), there was less than a 2% change in their position, which means there was no real change. Com's did buy a nice chunk of corn during harvest (normally would be hedging it), but in reality the COT data was insignificant. jmo