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Tony_Dreibus
Veteran Contributor

Floor Talk September 10

At 3pm:

 

USDA delays the Crop Progress Report, Monday.

 

The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) is delaying
today’s Crop Progress Report due to technical issues until tomorrow, September 11, at 12 p.m. ET.

 

Mike

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At the close, the December corn futures 1/4¢ higher at $3.67 1/4. March futures finished even at $3.79 1/4.


 
Nov soybean futures settled 1 1/4¢ higher at $8.45 1/4.  Jan. soybean futures closed 1 3/4¢ higher at $8.59.


 
Dec. wheat futures ended 17¢ higher at $5.28 1/4.


 
Dec. soymeal futures closed $1.60 per short ton higher at $318.60. Dec. soy oil futures closed 0.09¢ higher at 28.36.
 
In the outside markets, the NYMEX crude oil market is $0.16 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points lower.

Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

The marketing year for soybeans began Sept. 1.

Jason Roose, U.S. Commodities, says that investors are eyeing this week’s USDA data to be released Wednesday.
“Grains are finding minor support today with positioning squaring ahead of Wednesday's USDA crop report, slow producer selling, and optimism that export news will limit selling as early yield reports are being reported as disappointing,” Roose says.

 

Mike

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At 8:55am:

 

In early trading, the December corn futures are 2 1/4¢ lower at $3.64. March futures are 2 1/4¢ lower at $3.77.


 
Nov soybean futures are 3¢ higher at $8.47.  Jan. soybean futures are 3 1/4¢ higher at $8.60.


 
Dec. wheat futures are 4 1/2¢ higher at $5.15.


 
Dec. soymeal futures are $0.50 per short ton higher at $317.50. Dec. soy oil futures 0.03¢ higher at 28.30.
 
In the outside markets, the NYMEX crude oil market is $0.56 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 87 points higher.

Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

--------

Soybeans and grains were little changed as investors weigh extremely wet weather that's likely to delay any plans for an early harvest against ongoing trade concerns. As much as six times the normal amount of precipitation has fallen in parts of the Corn Belt in the past week as storm system after storm system and the remnants of Tropical Depression Gordon moved through the region. Beans were up 3 cents while corn was unchanged overnight. Wheat gained 1-2 cents. Money managers, meanwhile, increased their net-short positions, or bets on lower prices, in corn and beans while reducing their bullish bets on wheat last week. In weather news, the flooding continues after the past week's rains, but the good news is there's not much more precip in the forecast at least for the next couple of days. Check out today's 3 Big Things for all the details.   

 

West Texas Intermediate = up 0.3%.

Brent Crude = up 0.4%.

Dollar = down 0.1%.

Wall Street = U.S. stock higher pre-market.

World Markets = Global stocks mixed overnight.

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1 Reply
Hobbyfarmer
Honored Advisor

Re: Floor Talk September 10

"China’s Heilongjiang sells 1.3 million mt from corn reserve auction
7 Sep 2018 | Tim Worledge
China’s northern province of Heilongjiang has sold 1.29 million mt of corn at an average price of CNY1,453/mt ($212.50/mt) "

 

that's $5.407 per bushel on 50,697,000 bu.

 

That is also about $4 less than their support/subsidized price of two years ago.

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