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Tony_Dreibus
Veteran Contributor

Floor Talk September 19

At the close:

At the close, the Dec. corn futures settled 1/4¢ higher at $3.37 1/4, while March futures settled 1/4¢ higher at $3.47 1/2 per bushel. Nov. soybean futures closed 6 1/2¢ higher at $9.72 1/2, while Jan. soybean futures closed 6 1/2¢ higher at $9.77 3/4. Dec. wheat futures finished 3/4¢ higher at $4.04. Dec. soymeal futures finished $1.70 short ton lower at $311.10. Dec. soyoil futures ended $0.85 higher at 33.08¢ per pound.  In the outside markets, the Brent crude oil market is $0.37 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points higher.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 2 1/2¢ lower at $3.34, while March futures are 2 1/4¢ lower at $3.45 per bushel. Nov. soybean futures are 7 1/4¢ higher at $9.73, while Jan. soybean futures are 7 1/4¢ higher at $9.78. Dec. wheat futures are 3 1/4¢ lower at $4.00. Dec. soymeal futures are $2.50 short ton lower at $310.30. Dec. soyoil futures are $1.02 higher at 33.25¢ per pound.  In the outside markets, the Brent crude oil market is $0.90 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 105 points higher.

 

Deanna Hawthorne-Lahre, StatFuture co-founder and trader, says a wet harvest is being traded.
“Wet harvest weather dominates the story, and the pits trying to figure out just how Brazil is looking regarding planting corn vs. soybeans,” she says.
Hawthorne-Lahre adds, “Haven't seen a Chinese bean tender in a few days, which makes me think that this higher move may not get legs much from here. Wheat in steady state, as the news in beans dominates for the next 2 weeks.”
Also, the market eyes the Federal Reserve, with its meeting this week to determine rates, and in turn, the dollar, she says.

 

Mike

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At 9am:

If you missed it, the USDA announced fresh U.S. corn sales Monday.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 191,000 metric tons of corn for delivery to Mexico during the 2016/2017 marketing year.
The marketing year for corn began Sept. 1.

 

Mike

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In early trading:

At 8:50 am, the Dec. corn futures are 1 1/2¢ higher at $3.38, while March futures are 1 3/4¢ higher at $3.49 per bushel. Nov. soybean futures are 11 1/2¢ higher at $9.77, while Jan. soybean futures are 11 1/4¢ higher at $9.82. Dec. wheat futures are 4 1/4¢ higher at $4.07. Dec. soymeal futures are $1.60 short ton higher at $314.40. Dec. soyoil futures are $0.66 higher at 32.89¢ per pound.  In the outside markets, the Brent crude oil market is $0.50 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 105 points higher.

 

Mike

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Beans were higher overnight as the persistent rain just won't stop. More is expected in Illinois today, though weather reports are calling for dry weather from Tuesday through Saturday, so hopefully that'll dry out some fields. Money managers last week lowered bets on higher soybean prices after the USDA WASDE report showed higher-than-expected yields and output for both beans and corn. Hopefully Ohio gets some rain today, or so the NWS is suggesting it might. 
 

Here's what happened overnight:

 

Brent Crude Oil = 1.3% higher.
West Texas Intermediate Crude Oil = 1.5% higher.

Dollar = down 0.2%.

Wall Street = U.S. stock futures higher in overnight trading. 
World Markets = Global stocks improve as crude oil futures rally. 

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3 Replies
sw363535
Honored Advisor

Re: Floor Talk September 19

I am starting to doubt the big yield hopes of governmentals....

Too many regional issues and water this year is good volumes but not timely..

Beginning to look a little untimely in good yield areas...

 

Chears for illinois and Iowa,,, work hard guys... uncle sam is counting on you ----- even more than normal.... a lot more.

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illinifarmer
Advisor

Re: Floor Talk September 19

Except here in Il were full of lower yields and plenty of mold and fungus issues ourselves. We were all pretty accurate when we said the report was a shame for lower prices. More ridiculous yet some of these headlines. Soybeans drive up corn and wheat prices today yeah except the only price that matters nearby cash.?. Basis still completely out of control -35 local elevators all set up for record yields and record carryover what a nice surprise and reality check for all these delusional people. 700-800$ an acre for a nice return of 600$ nice way to make a living. Upwards of a -200 $ an acre year at the current prices gl.
sw363535
Honored Advisor

Re: Floor Talk September 19

Last monday we started our wet corn harvest.... at 24.5-26 moisture by wednesday we are loosing nearly 2% water per day.

Yesterday--seventh day-- we went back to the same field and finished it at 16%and lower..

That is not reflective of good yields.... our plant health is not good... drying way too fast. 

The plants that lost a couple of leaves to heat scald earlier in the year are completely brown and fall way off on yield...  The 80 bushel variation through the field is very common.

Looks to be below average to me.....  This one is nothing but political hype for an election year...... I have to wonder if the acres are inflated just as bad...

 

 

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