Floor Talk September 10

[marketeye]

Notice: Agriculture.com will carry this afternoon's CME Group press briefing at 2pm. Panelists will discuss the upcoming WASDE Report. Join us by going into the this thread:

http://community.agriculture.com/t5/Marketing/LIVE-VIDEO-2-00-CME-Group-to-Host-Grain-Expert-Outlook...

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At the close:

The December corn futures finished 1 1/2 cents higher at $3.45.

November soybean futures closed 1 cent higher at $9.93.

December wheat futures ended 7 3/4 cents lower at $5.19.

For Dec. soybean meal futures, the contract settled $1.50 per short ton lower at $337.20; Dec. soybean oil futures finished $0.11 higher at $31.83.

In the outside markets, the crude oil is $1.23 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 41 points higher.

Jack Scoville, PRICE Futures Group vice-president, says the market is seeing a little short-covering. "It just appears to be some short covering, before the numbers tomorrow.  Plus, no real damage reports from all the rain yesterday.  Plus, the forecasts backing off on the freeze.  Been a quiet day, prices are up but they were hit pretty hard yesterday.  I am not sure in the end it means anything, just getting some shorts covered just in case."

Mike

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At mid-session:

The December corn futures are trading 1 3/4 cents higher at $3.46.

November soybean futures are trading 6 cents higher at $9.98.

December wheat futures are 5 1/2 cents lower at $5.22.

For Dec. soybean meal futures, the contract traded $1.70 per short ton higher at $340.40; Dec. soybean oil futures traded $0.15 higher at $31.87.

In the outside markets, the crude oil dropped $1.12 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 24 points higher.

Mike

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At the open:

The December corn futures are trading 1/2 of a cent lower at $3.43.

November soybean futures are trading 1 cent higher at $9.93.

December wheat futures are 4 cents lower at $5.23.

For Dec. soybean meal futures, the contract traded $0.30 per short ton lower at $338.40; Dec. soybean oil futures traded $0.04 lower at $31.68.

In the outside markets, the crude oil dropped $0.41 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 14 points lower.

Mike

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At 7:25am:

Early calls: Corn is mixed, soybeans 2-4 cents higher, and wheat 2-4 cents lower.

Trackers:
Overnight grain, soybean markets = Trading mixed.
Crude Oil = $0.39 per barrel lower.
Dollar = Higher
Wall Street = Seen flat to higher mixed.
World Markets = Europe stocks were mostly higher, Asia/Pacific stocks were mixed.

More in a minute,

Mike