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Tony_Dreibus
Veteran Contributor

Floor Talk September 21

BREAKING NEWS:

Fed will not raise interest rate. "The economy has some room to run, yet," Fed Chairman Janet Yellan said in her testimony Wednesday. "More people are coming into the labor force, yet unemployment rate hasn't dropped enough. We don't think the economy is overheated."

 

"It is agreed that a rate hike will be appropriate, yet this year,' Yellan says.

 

"I did say at Jackson Hole that the case for a rate hike was building. But, my comments and colleagues agree that we are struggling with what is the new normal in this economy."

 

 

Sidenote: The next Fed meeting is one week before the Presidential election.

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At the close:

At the close, the Dec. corn futures finished 1/2¢ lower at $3.40, while March futures finished 3/4¢ lower at $3.50 per bushel. Nov. soybean futures settled 14 1/4¢ lower at $9.75 1/2, while Jan. soybean futures closed 13 3/4¢ lower at $9.81. Dec. wheat futures finished 1 3/4¢ higher at $4.07 3/4. Dec. soymeal futures finished $4.50 short ton lower at $308.70. Dec. soyoil futures closed $0.43 lower at 33.66¢ per pound.  In the outside markets, the Brent crude oil market is $1.26 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 58 points higher.

 

Jason Roose, U.S. Commodities, says the improved harvest weather talk is sinking the soybean market.

“Soybeans are taking premium out of the market today, as harvest nears and early yield reports continue to show signs of above average,” Roose says.
Roose adds, “Weather has been a concern the past few days with reports of talk of delays on harvest with an above normal rain pattern. But, some forecasts are shifting to more of an isolated rain systems which would be beneficial for harvest,and possibly increase farmer grain movement.”

 

Mike

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At mid-day:

At mid-day, the Dec. corn futures are 1/2¢ lower at $3.40, while March futures are 3/4¢ lower at $3.50 per bushel. Nov. soybean futures are 15 1/2¢ lower at $9.74, while Jan. soybean futures are 15¢ lower at $9.79 3/4. Dec. wheat futures are 1 1/4¢ higher at $4.07. Dec. soymeal futures are $5.30 short ton lower at $307.90. Dec. soyoil futures are $0.34 lower at 33.75¢ per pound.  In the outside markets, the Brent crude oil market is $1.11 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 17 points higher.

 

Mike

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At 1010am:

If you missed it, USDA announced fresh sales:

 

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

--Export sales of 120,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year; and

--Export sales of 145,000 metric tons of hard red winter wheat for delivery to Morocco during the 2016/2017 marketing year; and

--Export sales of 118,000 metric tons of soybeans for delivery to Taiwan during the 2016/2017 marketing year; and

--Export sales of 126,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year; and

--Export sales of 116,000 metric tons of grain sorghum for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for wheat began June 1; grain sorghum and soybeans began Sept. 1.

 

Mike

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In early trading:

At 8:50 am, the Dec. corn futures are 3/4¢ lower at $3.39, while March futures are 3/4¢ lower at $3.50 per bushel. Nov. soybean futures are 4 3/4¢ lower at $9.85, while Jan. soybean futures are 4 3/4¢ lower at $9.90. Dec. wheat futures are 1 3/4¢ lower at $4.04. Dec. soymeal futures are $0.80 short ton lower at $312.40. Dec. soyoil futures are $0.29 lower at 33.80¢ per pound.  In the outside markets, the Brent crude oil market is $0.89 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 76 points higher.

 

Mike

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Corn and soybeans fell overnight as investors book profits after beans rose to a month high yesterday. It looks like parts of southern Minnesota, southern Wisconsin and northern Iowa are in for several inches of rain today -- not good as that area is already plenty wet. And finally, the Senate Judiciary Committee led by Chuck Grassley of Iowa yesterday blasted all of the mergers and acquisitions activity in the ag space recently amid concerns that it will reduce competition and drive up input prices for farmers.  
 

Here's what happened overnight:

 

Brent Crude Oil = 1.9% higher.
West Texas Intermediate Crude Oil = 0.3% higher.

Dollar = down 0.1%.

Wall Street = U.S. stock futures higher in overnight trading. 
World Markets = Global stocks improve as investors await Fed, BOJ announcements. 

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13 Replies
sw363535
Honored Advisor

Re: Floor Talk September 21

Fall..... A four cent down after a 60 cent rise is a falling market. Parasitical wordage

Please read Scott's market comment this morning.
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k-289
Senior Advisor

Re: Floor Talk September 21

SW   -  Remember this  being an  ''''  EXCITING ''''  time  is  agriculture  - repeat this at least    ''' 10 time'z '''  - - -   

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lsc76cat
Veteran Advisor

Re: Floor Talk September 21

"And finally, the Senate Judiciary Committee led by Chuck Grassley of Iowa yesterday blasted all of the mergers and acquisitions activity in the ag space recently amid concerns that it will reduce competition and drive up input prices for farmers." 

 

How about that for some meaningless drivel.

Until they take action, pass something thru both houses and get it signed into law all the noise means nothing.

It's like the op-ed in the local paper after the last school bond referendum failed.

They wondered how farmers could vote no after the legislature had passed property tax reform that took the burden off farm land.

It wasn't signed by the governor so it meant nothing.

They must have slept thru that part of civics class.

 

roarintiger1
Honored Advisor

Re: Floor Talk September 21

Most of what Congress does on a daily basis is meaningless drivel...................................

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jec22
Veteran Advisor

Re: Floor Talk September 21

No it is not meaningless drivel.  They(politicians) go in front of the cameras and say how awful something is...like drug prices.  They they go behind a closed door to meet with the drug company who sends some money their way for their campaigns, etc...and no laws are ever passed to solved the problem, only to help the drug companies.  That camera time is 'profit' time.  We 'sheep' are just used for bait.

illinifarmer
Advisor

Re: Floor Talk September 21

How about that the only ones who said they were waiting on the interest rates to go up before they actual found out they weren't Scott, Tony, and Mike. Scott clearly stated that's why nobody was trading the other day waiting for news of the hike. So no hike do you guys get fined or penalized for taking the slow day on false pretenses? Stupid question of course not just trade grains lower to make up for yesterday and use that as your exscuse must be nice. By the way not to favorable harvest weather but I've noticed that means dick to guys that sit in a building for their half work day. Should be limit up across the board every reason for taking prices so low has literally been tossed back in your faces ten fold.
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Hobbyfarmer
Honored Advisor

Re: Floor Talk September 21

Yesterday...big up day..

 

.every reason given but the right one..

 

Not one expert had a clue.

 

OVER 13,000,000 MILLION BU OF BEANS SOLD YESTERDAY, TRUE HEDGE PRESSURE FROM COMMERCIALS?

 

Getting very hard to see the TRUE marketing part of this marketing site by the top brass here.

 

 

Hobbyfarmer
Honored Advisor

Re: Floor Talk September 21

 

 

 

Building crumbles into raging river during deadly flooding in China

September 21, 2016; 3:57 PM ET

A strong rainstorm has left China’s Sichuan Province inundated with flooding. Landslides are also a major problem

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elcheapo
Veteran Advisor

Re: Floor Talk September 21

It's all a pile of ........................

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