Floor Talk September 23

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At the close:

At the close, the Dec. corn futures settled 2 3/4 cents higher at $3.83.  Nov. soybean futures are trading 2 cents higher at $8.63.

Dec. wheat futures ended 12 cents higher at $5.07 1/2.

Dec. soymeal futures closed $1.30 per short ton lower at $302.00. Dec. soyoil futures closed $0.20 higher at $26.54. 

In the outside markets, the Brent Crude oil market is $1.72 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 34 points lower.

Mike

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At mid-day:

At mid-day, the Dec. corn futures are trading 1 1/2 cents higher at $3.82.  Nov. soybean futures are trading 1 1/2 cents higher at $8.63.

Dec. wheat futures are 10 cents higher at $5.05.

Dec. soymeal futures are trading $0.50 per short ton lower at $302.80. Dec. soyoil futures are trading $0.18 higher at $26.52. 

In the outside markets, the Brent Crude oil market is $1.26 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 85 points lower.

Jacob Burks, WedBush Futures Inc. grain analyst, says that wheat has the market supported for now. “With less than desired weather in the Ukraine and Austrailia, the market is reacting positively.  Seems as though investors are covering shorts in the soybeans, with news that China has been more involved in purchase conversations with the thoughts that more are to come.  Yields just aren’t bad enough from what we are hearing to sustain a big rally,” Burks says.

Mike

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Ethanol production drops. Here is the latest weekly update from the Renewable Fuels Association.

According to EIA data, ethanol production averaged 938,000 barrels per day (b/d)—or 39.40 million gallons daily. That is down 23,000 b/d from the week before. The four-week average for ethanol production stood at 952,000 b/d for an annualized rate of 14.59 billion gallons.

Stocks of ethanol stood at 18.9 million barrels. That is a 3.3% increase from last week.

Imports of ethanol were 44,000 b/d for the week.

Mike

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At the open:

At the open, the Dec. corn futures are trading 3 cents higher at $3.83.  Nov. soybean futures are trading 5 1/4 cents higher at $8.67.

Dec. wheat futures are 11 3/4 cents higher at $5.07.

Dec. soymeal futures are trading $1.50 per short ton higher at $304.80. Dec. soyoil futures are trading $0.34 higher at $26.68. 

In the outside markets, the Brent Crude oil market is $0.37 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 47 points higher.

Mike

At 6:45am:

Early calls: Corn 4-5 cents higher, soybeans 7-8 cents higher, and wheat 5-7 cents higher.

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.02 higher.
Dollar =Higher.  
Wall Street = Seen higher, as European markets edge up.

World Markets = Europe stocks were higher, Asia/Pacific stocks were lower.

More in a minute,

Mike