Floor Talk September 14
At the close, the December corn futures ended 1 1/4¢ higher at $3.51 3/4. March futures finished 1¢ higher at $3.63 3/4.
Nov soybean futures ended 2 3/4¢ lower at $8.30 1/2. Jan. soybean futures closed 2 3/4¢ lower at $8.44 1/4. Dec. wheat futures finished 14 1/2¢ higher at $5.11 1/2. Dec. soymeal futures closed $6.20 per short ton lower at $308.70.
Dec. soy oil futures finished $0.03 higher at 27.76. In the outside markets, the NYMEX crude oil market is $0.36 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points lower.
Al Kluis, Kluis Advisors, says that investors are looking for new news to trade.
“As the market searches for some fresh input to trade on, look for a sideways pattern to develop. Rallies will be quickly sold as we come into harvest,” Kluis stated to customers in a daily note.
He added, “"Big crops get bigger," and that was true again this USDA report. There are indications the October
USDA report could see the total corn and soybean crop get even bigger.”At mid-session:
At mid-session, the December corn futures are 1/4¢ lower at $3.50. March futures are 1/4¢ lower at $3.62.
Nov soybean futures are 1¢ higher at $8.34. Jan. soybean futures are 1¢ higher at $8.48.
Dec. wheat futures are 7 3/4¢ higher at $5.04.
Dec. soymeal futures are $4.60 per short ton lower at $310.30.
Dec. soy oil futures are $0.15 higher at 27.94.
In the outside markets, the NYMEX crude oil market is $1.06 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 49 points higher.
In early trading, the December corn futures are 1/4¢ lower at $3.50. March futures are even at $3.62.
Nov soybean futures are 1 1/4¢ higher at $8.34. Jan. soybean futures are 1 1/4¢ higher at $8.48.
Dec. wheat futures are 4 1/2¢ higher at $5.01.
Dec. soymeal futures are $2.00 per short ton lower at $312.90.
Dec. soy oil futures are even at 27.79.
In the outside markets, the NYMEX crude oil market is $0.06 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 14 points higher.
Wheat futures were higher in overnight trading as bargain hunters jump in after yesterday's selloff. Futures gained 7-9 cents overnight, while corn and beans were little changed. Hurricane Florence slammed into the Carolina coast overnight and the feared storm surge is already leading to flooding with the eye of the storm yet to make landfall. The storm slowed, which is bad because it now is just sitting over the coast hammering homes, farms and people over and over. The slow speed of the storm likely will mean increased damage, the NWS said. In other news, export sales for corn missed expectations last week, but met forecasts for soybeans and wheat. Check out today's 3 Big Things for all the details.
West Texas Intermediate = up 0.3%.
Brent Crude = up 0.1%.
Dollar = up 0.2%.
Wall Street = U.S. stock higher pre-market.
World Markets = Global stocks mostly higher overnight.
Re: Floor Talk September 14
Local elevators are still holding a lot more old crop beans than normal at this time, which is bollixing their plans to get the bins swept. It`s held by people that won`t sell and are paying storage, so if you aren`t one of those, take heart, there are worse marketers than you....Pay storage on $7.30 beans that were worth $10 at one point and $9.30 off the combine a year ago? I only wish I had money to operate that way