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Veteran Contributor

Floor Talk September 15

At the close:

At the close, the December corn futures finished 1/2¢ higher at $3.54, while March futures closed 3/4¢ higher at $3.67.
November soybean futures settled 7 1/4¢ lower at $9.68; January soybean futures finished 7¢ lower $9.79.
September wheat futures ended 6¢ higher at $4.49.
December soy meal futures ended $1.70 per short ton lower at $311.40. December soy oil futures closed 0.27¢ lower at 34.81¢ per pound.
In the outside markets, the Brent crude oil market is $0.02¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 53 points higher.

 

Mike

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At 11:35am:

Informa, the private analyst firm, has released its first 2018 U.S. acreage estimates.

 

Corn 91.88 mil acres

 

Soybeans 89.057 mil acres

 

All wheat 45.875 mil acres

 

What say you? Too many soybean acres? Not enough corn acres?

 

Mike

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At mid-session:

At mid-session, the December corn futures are 1/2¢ higher at $3.54, while March futures are 3/4¢ higher at $3.67.
November soybean futures are 3¢ lower at $9.73; January soybean futures are 3¢ lower $9.83.
September wheat futures are 5 3/4¢ higher at $4.48.
December soy meal futures are 50¢ per short ton lower at $312.60. December soy oil futures are 0.14¢ lower at 34.94¢ per pound.
In the outside markets, the Brent crude oil market is 15¢ lower, the U.S. dollar is lower, and the Dow Jones Industrials are 48 points higher.

 

Jason Roose, U.S. Commodities analyst, says that both fundamental and technical factors drive today's market.

"Grains are mixed today with unwinding of spreads and profit taking on soybeans for the weekend,harvest activity picking up on soybeans with beans maturing due to dry weather , corn showing good support with basis levels tightening and stronger end user interest," Roose says.

 

Mike

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At 10:10am:

 

If you missed it, the USDA announced fresh soybean sales. At 8:55am:

 

In early trading , the Dec. corn futures are unchanged at $3.54, while March futures are 1/4¢ higher at $3.66. Nov. soybean futures are 2¢ lower at $9.74, Jan. soybean futures are 2¢ lower $9.84. September wheat futures are 3¢ higher at $4.46. Dec. soy meal futures are $0.80 per short ton lower at $312.30. Dec. soy oil futures are $0.07 lower at 35.01¢ per pound.  In the outside markets, the Brent crude oil market is $0.02 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 15 points higher.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1.

 

Mike

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Soybeans were a bit lower overnight after the furious 25-cent rally the past two sessions. Not surprisingly investors likely took their profits and ran after the price increase. Still, beans were only down about 2 cents overnight. Corn lost about 2 cents and wheat was down 1-2 cents. The losses weren't bad considering the gains in the past two sessions. Fundamentally not much has changed -- the USDA report still says corn and bean yields topped expectations and nobody in the trade believes the USDA report. Yield reports coming in from southern states are proving to be less than stellar, confirming expectations by many growers, traders and analysts. In weather news, it could get stormy in parts of the north-central Midwest as thunderstorms are expected for parts of South Dakota, Iowa and Minnesota. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-september-15.

 

Here's what happened overnight:

 

Brent Crude Oil = up 0.1%

West Texas Intermediate = up 0.1%

Dollar = down 0.3%.

Wall Street = U.S. stock futures lower in pre-bell trading.

World Markets = Global stocks lower after North Korea fires another missile.

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