Floor Talk September 24

[marketeye]

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At the close:

At the close, the Dec. corn futures settled 1 3/4 cents lower at $3.81 1/2.  Nov. soybean futures finished 4 1/2 cents higher at $8.68.

Dec. wheat futures are 10 1/4 cents lower at $4.97 1/4.

Dec. soymeal futures finished $0.10 per short ton lower at $301.90. Dec. soyoil futures closed $0.64 higher at $27.18. 

In the outside markets, the Brent Crude oil market is $0.15 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 129 points lower.

Mike

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At mid-session, the Dec. corn futures are trading 3 cents lower at $3.80.  Nov. soybean futures are trading 2 3/4 cents higher at $8.66.

Dec. wheat futures are 9 cents lower at $4.98.

Dec. soymeal futures are trading $0.60 per short ton lower at $301.40. Dec. soyoil futures are trading $0.47 higher at $27.01. 

In the outside markets, the Brent Crude oil market is $0.26 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 191 points lower.

Jack Scoville, PRICE Futures Group vice-president, says that the soybean market is ignoring the weaker Real and concentrating on the good export sales report today.
“Plus, the market eyeing the Chinese delegation’s visit to Des Moines to sign purchases of soybeans.  So, demand news has been supporting the beans today and now the recovery in the real is helping,” Scoville says. 
The corn and wheat markets are weaker on the bad export news, but holding support, he says. 
“I find that the corn yields are a little disappointing and I kind of want to buy it.  So, I have been talking it up, and wheat too, mostly for chart-based reasons.  Plus, the bear news in wheat is getting old to me.  Been quiet today, but volumes are picking up.”

Mike

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At the open:

At the open, the Dec. corn futures are trading 2 3/4 cents lower at $3.80.  Nov. soybean futures are trading 5 cents lower at $8.58.

Dec. wheat futures are 2 1/2 cents lower at $5.05.

Dec. soymeal futures are trading $1.70 per short ton lwer at $300.30. Dec. soyoil futures are trading $0.10 lower at $26.44. 

In the outside markets, the Brent Crude oil market is $0.16 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 210 points lower.

Mike

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At 7:35am:

USDA Weekly Export Sales Report Shows wheat  beat, corn and soybeans within expetations:

Wheat= 510,700 metric tons vs. the trade's expectations of 250,000-600,000 metric tons.

Corn= 533,000 mt vs. the trade's expectations of between 500,000-800,000 mt.

Soybeans= 912,000 mmt. vs. the trade's expectations of  900,000-1.5mmt.

Soybean meal =239,500 mt vs. the trade's expectations of 125,000-275,000  metric tons.

Mike

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At 7:15am:

Early calls: Corn 2-4 cents lower, soybeans mixed, and wheat 3-5 cents lower.

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.10 higher.
Dollar =Lower.  
Wall Street = Seen sharply lower, as investors await Fed Chairman Janet Yellen speech today.

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

More in a minute,

Mike

[giolucas]

It seems that whenever Novi Beans gets into the 850 range there is very good support.

[marketeye]

The Iowa Soybean Association announced Thursday Billions of dollars worth of Chinese agreements:

"More than a dozen Chinese soybean buyers agreed to purchase $5.3 billion worth of U.S. soybeans today in Des Moines. The 484-million-bushel order comes at a perfect time as Iowa farmers begin to harvest what’s expected to be a record crop, according to Grant Kimberley, Iowa Soybean Association (ISA) market development director.

Government estimates peg Iowa soybean production at 526 million bushel, up 2 percent from the August forecast. U.S. soybean production is forecast at 3.94 billion bushels, a near record," the ISA press release states.

Well, what do you think?

Mike