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Veteran Advisor

Floor Talk September 19

At the close:

The December corn futures closed 6 3/4 cents lower at $3.31.

 

November soybean futures finished 14 1/2 cents lower at $9.57.

 

December wheat futures ended 14 cents lower at $4.74.

 

For Dec. soybean meal futures, the contract closed $4.90 per short ton lower at $315.40; Dec. soybean oil futures finished $0.29 lower at $32.58.

 

In the outside markets, the crude oil is $0.97 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 38 points higher.

 

Mike

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At mid-session:

 

The December corn futures are trading 4 3/4 cents lower at $3.33.

 

November soybean futures are trading 11 1/4 cents lower at $9.60.

 

December wheat futures are 10 3/4 cents lower at $4.77.

 

For Dec. soybean meal futures, the contract trading $4.30 per short ton lower at $316.00; Dec. soybean oil futures traded $0.10 lower at $32.77.

 

In the outside markets, the crude oil is $0.97 per barrel lower, the dollar is higher, and the Dow Jones Industrials are 17 points higher.

 

Jason Ward, Northstar Commodity, Director of Grains and Energy, doesn't believe that the markets can't fall any further.

"Soybeans have more downside in our view, and we think we see an $8 before harvest, not $8.00, but something with an $8 in front of it."
He adds, "Yields continue to impress. I am not as negative to corn, but the truth is it is difficult to rally corn with wheat making new contract lows and soybeans making new contract lows. Beans are the most bearish, then wheat, then corn in our view."
 
Separately, from a trader on the CME Group floor: "I am hearing yields in corn and beans that are enormous.  311 in Champaign, Ill, today.  I think $ strength today is big reason we are lower.   My feeling is that corn and wheat are close to the lows; $3.00cz, $4.50 wz. But, beans might see a seven handle.   There are some calling for a 50 yield in bns.    From a carryout to use standpoint, beasns have the most downside, especially if SA has no weather problems."

 

Mike

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At the open:

 

The December corn futures are trading 2 cents lower at $3.36.

 

November soybean futures are trading 6 cents lower at $9.65.

 

December wheat futures are 5 cents lower at $4.83.

 

For Dec. soybean meal futures, the contract trading $3.80 per short ton lower at $316.40; Dec. soybean oil futures traded $0.10 lower at $32.77.

 

In the outside markets, the crude oil is $0.02 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 70 points higher.

 

 

 

Mike

 

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At 8:15am;

USDA announced that China buys fresh batch of U.S. soybeans Friday.

Private exporters reported to the U.S. Department of Agriculture the following activity:

 

  • Export sales of 1,236,000 metric tons of soybeans for delivery to China during the 2014/2015 marketing year; and
  • Export sales of 375,936 metric tons of corn for delivery to Mexico during the 2014/2015 marketing year. 

At 7:20am:

Early calls: Corn is 2-4 cents lower, soybeans 6-8 cents lower, and wheat 2-4 cents lower.

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.04 per barrel lower.
Dollar = Higher
Wall Street = Seen higher, as Scotland votes against independance.
World Markets = Europe stocks were higher, Asia/Pacific stocks were higher.

 

More in a minute,

 

Mike

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6 Replies
Veteran Advisor

Re: Floor Talk September 19

Asia had big gains in the market last night. I looked at it before I went to bed last night - I see we ended with most .5 - 1.5% gains.

Yesterday, my EurAsia stocks did the best they have ever done, with some nice one day gains. I'm about 35% invested in the stock market, and though I would like to have more at times, this has been a comfortable level for me. Then I have the municipal bond that takes me near 50% of my cash invested. So far - so good.

Jen
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Veteran Advisor

Re: Floor Talk September 19

Markets will be watching, with one eye, the updated Informa crop estimates to be released at mid-day.

 

Mike

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Advisor

Re: Floor Talk September 19

Mike all Asian gains are based off the strengthening dollar. Any amateur economist knows that a strong dollar makes our grains less competitive on the world market and South American farmer more competitive. Of course grain prices in china rise because grain is priced in dollars on the world market. Buck must be an amateur economist along with a farmer a mechanic and a supermodel.
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Advisor

Re: Floor Talk September 19

Why do you gotta be a supermodel? Lol
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Advisor

Re: Floor Talk September 19

Cause you can't touch this
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Honored Advisor

Re: Floor Talk September 19

Your under the delusion anybody here would want to?
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