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Veteran Contributor

Floor Talk September 16

At the close:

At the close, the Dec. corn futures finished 7¢ higher at $3.37, while March futures finished 7¢ higher at $3.47 1/4 per bushel. Nov. soybean futures finished 15 1/2¢ higher at $9.66, while Jan. soybean futures closed 15 1/2¢ higher at $9.71 1/4. Dec. wheat futures finished  3 3/4¢ higher at $4.03 1/4. Dec. soymeal futures finished $5.60 short ton higher at $312.80. Dec. soyoil futures closed $0.05 lower at 32.23¢ per pound.  In the outside markets, the Brent crude oil market is $0.74 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 92 points lower.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 6 3/4¢ higher at $3.36, while March futures are 6 3/4¢ higher at $3.47 per bushel. Nov. soybean futures are 12 3/4¢ higher at $9.63, while Jan. soybean futures are 12 1/4¢ higher at $9.68. Dec. wheat futures are 3 3/4¢ higher at $4.03. Dec. soymeal futures are $4.30 short ton higher at $311.50. Dec. soyoil futures are $0.20 higher at 32.48¢ per pound.  In the outside markets, the Brent crude oil market is $0.81 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 63 points lower.

 

Jack Scoville, The PRICE Futures Group Senior Market Analyst, ays that short-covering is helping the markets rally.
“ People are talking rain in the Midwest for the next day or two, plus even more over the next week. This will keep the harvest progress slow at best,” Scoville says. 
Also, the trade is still hearing reports of weaker yields for corn, but no one really into the beans yet, he says. 
“My speculative customers either bought the market or will, if the market breaks back.  Farmers are calling in but are not leaving orders.  Not much from my commercials either, but they were pretty much covered,” Scoville says. 

The corn and beans have already harvested a huge crop with the Monday reports, now we actually have to do it.  We might stay form for another week or two, but then we can retest the lows once the harvest start to hit

 

Mike

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In early trading:

At the open, the Dec. corn futures are 1¢ lower at $3.29, while March futures are 1¢ lower at $3.39 per bushel. Nov. soybean futures are 1/2¢ lower at $9.50, while Jan. soybean futures are 1/4¢ lower at $9.55. Dec. wheat futures are 4¢ lower at $3.95. Dec. soymeal futures are $0.50 short ton higher at $307.70. Dec. soyoil futures are $0.04 lower at 32.24¢ per pound.  In the outside markets, the Brent crude oil market is $1.04 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 103 points lower.

 

Mike

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Corn and beans were little changed overnight after yesterday's neutral export sales report. Yes, sales were down from the prior week, but we also lost a day due to no business conducted on Labor Day. Otherwise more storms in Iowa, Kansas, Nebraska and Missouri today. It seems it won't stop raining in areas where it's not needed and won't rain in areas (Ohio) where they could use some precip. 
 

Here's what happened overnight:

 

Brent Crude Oil = 1.7% lower.
West Texas Intermediate Crude Oil = 1.5% lower.

Dollar = up 0.2%.

Wall Street = U.S. stock futures lower in overnight trading. 
World Markets = Global stocks decline as oil futures drop.

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