Floor Talk September 14
At the close:
At the close, the Dec. corn futures settled 6 cents higher at $3.93. Nov. soybean futures are trading 10 cents higher at $8.84.
Dec. wheat futures closed 16 1/4 cents higher at $5.01.
Dec. soymeal futures closed $3.50 per short ton higher at $312.80. Dec. soyoil futures settled $0.28 higher at $27.13.
In the outside markets, the Brent Crude oil market is $1.38 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 72 points lower.
At mid-session, the Dec. corn futures are trading 5 3/4 cents higher at $3.92. Nov. soybean futures are trading 11 1/2 cents higher at $8.85.
Dec. wheat futures are 14 1/4 cents higher at $4.99 1/4.
Dec. soymeal futures are trading $3.60 per short ton higher at $312.90. Dec. soyoil futures are trading $0.34 higher at $27.19.
In the outside markets, the Brent Crude oil market is $1.57 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 85 points lower.
Jack Scoville, The PRICE Futures Group, Senior Market Analyst, says that the trade ideas are that crop condition ratings will drop a point or two tonight. “And the trade generally anticipates lower enrolled acres later this week. Farmers are not selling much as the prices are too cheap for them,” underpinning the futures prices,” Scoville says.
Plus, the price action on Friday was great given that the reports really were not bullish, he says. “But, bullish ideas are out there and there is talk starting to go around that we have seen our harvest lows. That might be true, although I am not fully convinced yet,” Scoville says.
At the open:
At the open, the Dec. corn futures are trading 1/2 of a cent higher at $3.87. Nov. soybean futures are trading 7 cents higher at $8.81.
Dec. wheat futures are 2 cents higher at $4.87.
Dec. soymeal futures are trading $0.30 per short ton higher at $309.20. Dec. soyoil futures are trading $0.44 higher at $27.29.
In the outside markets, the Brent Crude oil market is $0.63 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 58 points lower.
Early calls: Corn 1-2 cents higher, soybeans 7-9 cents higher, and wheat 2-4 cents higher.
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.43 lower.
Wall Street = Seen lower, with the Fed ahead.
World Markets = Europe stocks were lower, Asia/Pacific stocks were mostly higher.
More in a minute,
Re: Floor Talk September 14
Thanks. A little vacation time never hurt anyone. Corn hit a three week high Friday, soybeans fell 20¢ but finished higher. Plus, I'm seeing that the ending stocks are creeping downward, despite big crop estimates. Maybe we can chew through these big supplies by next spring and see higher prices? Low prices cure low prices, right?
Re: Floor Talk September 14
Welcome back Mike! I was wondering if you have heard from your South American counterparts as to their farmer's planting intentions for the upcoming year? Information of what they are thinking would be interesting.
FWIW, Had a second-hand report of one field of beans taken off in my area last week that made a whopping 27 bushels per acre. I think that most will be better than that around here, but that number will take the average down a bit. Also, the local ethanol plant did their annual farm tour of 12 counties in NW Ohio, and their yield checks came out at 143 bushels per acre.