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Veteran Advisor

Floor Talk September 16

Cool, No Midwest Frost Ahead, Freese-Notis Says

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At the close:

The December corn futures settled 3/4 of a cent higher at $3.43.

 

November soybean futures finished 8 3/4 cents lower at $9.80.

 

December wheat futures closed 4 1/2 cents lower at $4.96.

 

For Dec. soybean meal futures, the contract settled $0.90 per short ton lower at $326.10; Dec. soybean oil futures closed $0.47 lower at $33.10.

 

In the outside markets, the crude oil is $2.00 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 122 points higher.

 

Mike

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At 12-Noon:

 

The December corn futures are trading 1 1/4 cents lower at $3.41.

 

 

 

November soybean futures are trading 9 3/4 cents lower at $9.79.

 

 

 

December wheat futures are 4 cents lower at $4.96.

 

 

 

For Dec. soybean meal futures, the contract traded $0.80 per short ton lower at $326.20; Dec. soybean oil futures traded $0.37 lower at $33.10.

 

 

 

In the outside markets, the crude oil dropped $0.01 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 108 points higher.

 

Mike

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At 9am:

Everything just flipped lower. My  gosh that rally was short-lived.

 

The December corn futures are trading 2 1/2 cents lower at $3.40.

 

November soybean futures are trading 6 1/2 cents lower at $9.83.

 

December wheat futures are 1 3/4 cents lower at $4.99.

 

For Dec. soybean meal futures, the contract traded $1.40 per short ton lower at $325.60; Dec. soybean oil futures traded $0.05 lower at $33.42.

 

In the outside markets, the crude oil dropped $0.06 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 21 points lower.

 

Mike

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At the open:

The December corn futures are trading 4 1/2 cents higher at $3.47.

 

November soybean futures are trading 3 1/2 cents higher at $9.93.

 

December wheat futures are 2 1/2 cents higher at $5.03.

 

For Dec. soybean meal futures, the contract traded $1.40 per short ton higher at $328.40; Dec. soybean oil futures traded $0.04 higher at $33.51.

 

In the outside markets, the crude oil dropped $0.06 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 21 points lower.

 

Mike

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At 8am:

FSA enrolled acres  into the crop insurance program updated:

 

Corn= up 1.5 million to 84.83 million. Prevent planted acres raised 1.582 million.

Soybeans= up 1.55 million to 80.805 million. PP acreage raised 841,000 acres.

Wheat= cut 1.4 million to 53.17 million.

 

Acres released late Monday night. Overnight market saw the numbers as friendly.

 

Mike

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At 7:55am:

Early calls: Corn is 2-4 cents higher, soybeans 2-4 cents higher, and wheat 5-7 cents higher.

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.17 per barrel lower.
Dollar = Lower
Wall Street = Seen lower.
World Markets = Europe stocks were lower, Asia/Pacific stocks were lower.

 

More in a minute,

 

Mike

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Honored Advisor

Re: Floor Talk September 16

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MARKET COMMENTARY September 15, 2014

 

By Raymond Jenkins

 

The market is trying to digest the weekend cold spell, and determine just how much damage may have been done, primarily to the soybean crop. With expectations that succeeding USDA reports would show even high production, I hazard to say this will end up in a “fuzzy math” exercise of some kind, and you can talk your particular position with authority right now.

 

I will spend most of my time “weather watching” as that is what it is going to take to get this harvest moving at a faster pace, so my amateur skills say Wednesday and Thursday should see more folks trying it, but I suspect we will need 2-4 good drying days before much of this corn can dip to 28% or less.

 

Please stay in touch as you attempt to start harvesting so we have a better idea of how to plan for the end of the month.

 

 

 

last week we dumped 2.1 myn bushels of corn

since we only have six days of flowable corn space, and use the same amount of corn every day of the year, we have a saying about that

"it's harvest every day at Cargill Eddyville"

we dumped over 20,000 new crop yesterday and should ramp up through the week as temps warm and the sun comes out...

a lot of corn just above our current 28% max moisture level, but should drop a bit by end of the week 

we'll try to do our part here in south Iowa....

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