Floor Talk September 16

[marketeye]

At the close:

At the close, the Dec. corn futures settled 4 1/2 cents lower at $3.85.  Nov. soybean futures settled 1 3/4 cents lower at $8.87.

Dec. wheat futures closed 6 1/2 cents lower at $4.88 1/4.

Dec. soymeal futures ended $2.00 per short ton lower at $315.40. Dec. soyoil futures finished $0.23 higher at $26.89. 

In the outside markets, the NYMEX Crude oil market is $2.10 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 75 points higher.

Mike

---------

At mid-session:

At mid-session, the Dec. corn futures are trading 5 1/4 cents lower at $3.85.  Nov. soybean futures are trading 2 cents lower at $8.87.

Dec. wheat futures are 7 3/4 cents lower at $4.87.

Dec. soymeal futures are trading $1.50 per short ton lower at $315.90. Dec. soyoil futures are trading $0.11 higher at $26.77. 

In the outside markets, the NYMEX Crude oil market is $2.53 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 104 points higher.

Mike North, Wedbush Futures grain analyst, says the FSA numbers weigh on today's markets. "Today's move is about the FSA numbers being larger. It also is a function of the resistance the market was finding technically as the rallies were built in previous days."

Mike

--------

At 9:40am:

Farm Service Agency's U.S. Acreage Update Wednesday

Mike

-------

In early trading:

At 9:10am, the Dec. corn futures are trading 2 cents lower at $3.88.  Nov. soybean futures are trading 1 cent higher at $8.90.

Dec. wheat futures are 4 cents lower at $4.90 3/4.

Dec. soymeal futures are trading $0.30 per short ton higher at $317.70. Dec. soyoil futures are trading $0.07 lower at $26.59. 

In the outside markets, the NYMEX Crude oil market is $1.16 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points higher.

Mike

----------

At 7:30am:

Early calls: Corn 1-2 cents lower, soybeans 1-2 cents lower, and wheat 2-4 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.50 higher.
Dollar =Higher.  
Wall Street = Seen flat, ahead of the Fed Reserve meeting today.

World Markets = Europe stocks were lower, Asia/Pacific stocks were lower.

More in a minute,

Mike

[jec22]

Call it an egg on the face day.  Maybe Ag Resource isn't a reliable resource.....

[NDf]

Marketeye the FSA data is from the wrong year it is last years data. How can you and Ag resource not know this on another form they caught ths a hour before your post

[marketeye]

NDf,

Thanks for visiting our site. I appreciate your help. I promise to do better next time.

Mike

[marketeye]

Here are the updated numbers. Of course, you probably already have them.

Corn prevent plant 2.352 million acres vs 2.301 in Aug.

Soybeans prevent plant= 2.219 million vs 2.173 in Aug.

Wheat prevent plant= 696,000 vs 693,000 in Aug.

Trade Reaction:

"If these are the numbers, they are negligible and nobody cares. There is no trust in the trade between FSA and USDA because in many years past the FSA tells us that there are prevent plant acres and USDA never takes their number into the balance sheet. If it’s not in the balance sheet, we don’t care," one analyst says.

Mike

[marketeye]

jec22,

I see that Deere released their wrong quarterly earnings this morning. So, maybe there is something in the air.

Mike

[WCMO]

That 'trade reaction' comment might be entirely true, yet it stikees me as a little odd.  First, because if the info is true, it wouldn't seem to matter whether or not USDA puts it in their 'balance sheet', and if it is enough to have a potential market impact, then it would seem important to account for it, regardless of USDA stats. Second, the changes in the numbers might be neglegible, but the numbers themselves are not.  And third, if USDA doesn't use the FSA numbers, do they explain why not.

[elcheapo]

Bullseye wcmo !

[marketeye]

WCMO,

More ethanol made this past week. Here's the latest from the Renewable Fuels Association. "According to EIA data, ethanol production averaged 961,000 barrels per day (b/d)—or 40.36 million gallons daily. That is up 3,000 b/d from the week before. The four-week average for ethanol production stood at 955,000 b/d for an annualized rate of 14.64 billion gallons.

Stocks of ethanol stood at 18.3 million barrels. That is a 1.9% decrease from last week and the lowest level of the year."

Mike

[marketeye]

NDf,

See full story U.S. Acreage Losses Less Than Expected

Thanks,

Mike