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Tony_Dreibus
Veteran Contributor

Floor Talk September 20

At the close:

At the close, the Dec. corn futures finished 3 1/4¢ higher at $3.40, while March futures settled 3 1/4¢ higher at $3.50 per bushel. Nov. soybean futures ended 17 1/4¢ higher at $9.89 3/4, while Jan. soybean futures closed 17¢ higher at $9.94 3/4. Dec. wheat futures closed 2¢ higher at $4.06. Dec. soymeal futures finished $2.10 short ton higher at $313.20. Dec. soyoil futures are $1.01 higher at 34.09¢ per pound.  In the outside markets, the Brent crude oil market is $0.31 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 49 points higher.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 3¢ higher at $3.40, while March futures are 3¢ higher at $3.50 per bushel. Nov. soybean futures are 15 1/2¢ higher at $9.88, while Jan. soybean futures are 15 1/2¢ higher at $9.93. Dec. wheat futures are 2 1/2¢ higher at $4.06. Dec. soymeal futures are $3.40 short ton higher at $314.50. Dec. soyoil futures are $0.77 higher at 33.85¢ per pound.  In the outside markets, the Brent crude oil market is $0.14 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 47 points higher.

 

Mike

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In early trading:

At 9:50 am, the Dec. corn futures are 3 3/4¢ higher at $3.41, while March futures are 3 3/4¢ higher at $3.51 per bushel. Nov. soybean futures are 18 1/2¢ higher at $9.91, while Jan. soybean futures are 18 1/4¢ higher at $9.96. Dec. wheat futures are 4 1/4¢ higher at $4.08. Dec. soymeal futures are $5.90 short ton higher at $317.00. Dec. soyoil futures are $0.67 higher at 33.75¢ per pound.  In the outside markets, the Brent crude oil market is $0.39 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 54 points higher.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1.

 

 

Mike

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Soybeans and corn were higher overnight as the rain keeps falling. It may be a bit drier this week than it has, though there's a `threat' of rain every day between Wednesday and next Monday in parts of Iowa and Illinois. Still, the NWS was non-commital in terms of severity of the precipitation. Looking at the crop progress report you wouldn't know there were any problems as it showed 74% of corn and 73% of soybeans in good or excellent condition. From everything we've been hearing, that's very optimistic at this point. 
 

Here's what happened overnight:

 

Brent Crude Oil = 1.1% lower.
West Texas Intermediate Crude Oil = 1% lower.

Dollar = up 0.1%.

Wall Street = U.S. stock futures higher in overnight trading. 
World Markets = Global stocks improve as investors taking risk-on attitude.  

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5 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk September 20

China to invest $450 billion modernizing agriculture by 2020

BUSINESS NEWS | Sun Sep 18, 2016 | 11:14am EDT
 REUTERS
The Agricultural Development Bank of China [AGDBC.UL], one of the country's main policy lenders, agreed to loan at least 3 trillion yuan ($450 billion) by 2020 for the modernization of China's agriculture industry, state media said on Sunday.

The Ministry of Agriculture and the bank, which lends in line with government policy, signed an agreement to protect national food security, support the sector doing business overseas and develop China's seed industry, according to the official Xinhua news agency.

It was not immediately clear whether this commitment is separate from the bank's plan announced in May to lend 3 trillion yuan for poverty reduction via agricultural investments.

The move reported on Sunday also aims to increase the agriculture industry's efficiency and foster rural income growth.

The Agricultural Development Bank of China will be responsible for managing financial services, including offering financial products and setting interest rates, said Xinhua.

Chinese state-owned company ChemChina earlier this month extended its offer to buy Swiss pesticides and seeds group Syngenta (SYNN.S) for $43 billion, a deal which sparked food security concerns in the U.S., though it later cleared regulatory hurdles there.

(Reporting by Paul Carsten; Editing by Raissa Kasolowsky)

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roarintiger1
Honored Advisor

Re: Floor Talk September 20

It appears that the Chinese are worried about feeding their people in the future.......or else.......their worried about having to make a deal or two with Donald Trump.  Smiley Wink

sw363535
Honored Advisor

Re: Floor Talk September 20

Mike,  screen these guys----- this is a rediculous statement..........

 

yesterday...

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.”

 

Today......

Private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
The marketing year for soybeans began Sept. 1.

 

Yesterday

Usda export inspections show 27.7 million bushels last week and 70 million since September 1...... abnormal compared to the same two weeks historically.

 

Less than a week ago 

Usda says S&D report shows an increase of near 100 million bushels over the previous year and an export number that exceeds the domestic crush which is also well above last year...........

 

Etc, Etc.   

 

He is not an analyst he is a propagandist...

 

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lsc76cat
Veteran Advisor

Re: Floor Talk September 20

I've heard it said not to trade your back yard but could this be helping move the bean market higher??

Flash Flood watch covering large portion of southern MN, northern IA and western WI.

 

AMOUNTS ARE FORECAST TO RANGE FROM 2 TO 5 INCHES ACROSS SOUTH
CENTRAL MINNESOTA TO PORTIONS OF WEST CENTRAL WISCONSIN ALONG AND
SOUTH OF I-94. 2 TO 3 INCHES SHOULD FALL FURTHER NORTH ACROSS
CENTRAL MINNESOTA AND THE REST OF WEST CENTRAL WISCONSIN. LOCALLY
HIGHER AMOUNTS ARE LIKELY...PARTICULARLY  ACROSS SOUTHERN
MINNESOTA.

CONFIDENCE IS FAIRLY HIGH. THE PATTERN FOR MIDWEEK CLOSELY MIMICS
SEVERAL HIGH END RAINFALL EVENTS IN THE PAST...INCLUDING SEPTEMBER
23 2010 WHERE RAINFALL TOTALS OF 5 TO 8 INCHES FELL ACROSS ALL OF
SOUTHERN MINNESOTA. MAJOR FLOODING RESULTED.

 Beans have been turning and dropping leaves fast.  We'll see what's left after this event.

 

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jec22
Veteran Advisor

Re: Floor Talk September 20

Reports on beans hit with disease in Iowa, running 25-35 bpa less than last year. 

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