Floor Talk September 26

[Tony_Dreibus]

At the close:

At the close, the Dec. corn futures settled 7 1/2¢ lower at $3.29, while March futures finished 7 1/4¢ lower at $3.39 per bushel. Nov. soybean futures settled 9 3/4¢ lower at $9.45 1/4, while Jan. soybean futures finished 9 1/2¢ lower at $9.51 1/2. Dec. wheat futures finished 8 3/4¢ lower at $3.96. Dec. soymeal futures ended $5.20 short ton lower at $297.60. Dec. soyoil futures closed $0.21 lower at 33.53¢ per pound.  In the outside markets, the Brent crude oil market is $1.61 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 142 points lower.

Mike

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At mid-seesion:

At mid-session, the Dec. corn futures are 6¢ lower at $3.30 1/2, while March futures are 5 1/2¢ lower at $3.40 per bushel. Nov. soybean futures are 7 3/4¢ lower at $9.47, while Jan. soybean futures are 7 1/2¢ lower at $9.53. Dec. wheat futures are 7 1/2¢ lower at $3.97. Dec. soymeal futures are $4.90 short ton lower at $297.10. Dec. soyoil futures are $0.03 lower at 33.53¢ per pound.  In the outside markets, the Brent crude oil market is $1.43 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 139 points lower.

Dustin Johnson, EHedger LLC grain analyst, says that the market is trading big yield reports.
“We are hearing record large yields and favorable growing conditions. The market is resigning to the fact that we have record production well over the demand. I think the market's focus is shifting toward "how" we are going to find that demand,” Johnson says.

He added, “Also, the USDA’s weekly soybean inspections, Monday, were well below what we thought. So, that helped kickstart that weakness as well.” Johnson says.

Otherwise no great shakes today.

Mike

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At 9:20am:

More soybean sales Monday. It really is something how many bushels of soybeans have been sold in the last month. Today, the USDA announced yet another fresh sale:

Private exporters reported to the U.S. Department of Agriculture export sales of 240,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

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In early trading:

At 8:59am, the Dec. corn futures are 3 1/4¢ lower at $3.33, while March futures are 3 1/4¢ lower at $3.43 per bushel. Nov. soybean futures are 2¢ lower at $9.53, while Jan. soybean futures are 2¢ lower at $9.53. Dec. wheat futures are 4 3/4¢ lower at $4.00. Dec. soymeal futures are $1.40 short ton lower at $301.40. Dec. soyoil futures are $0.22 higher at 33.78¢ per pound.  In the outside markets, the Brent crude oil market is $0.85 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 139 points lower.

Mike

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Corn was 2 1/2 cents lower and soybeans declined 1 3/4 cents in overnight trading. Chicago wheat futures fell a penny while Kansas City lost 1 1/4 cents. A large storm stretching from southern Canada to northern Mexico will cause rain and flooding in much of the Midwest and southern Plains, according to the National Weather Service.  

Here's what happened overnight:

Brent Crude Oil = 1.1% higher.
West Texas Intermediate Crude Oil = 0.8% higher.

Dollar = down 0.2%.

Wall Street = U.S. stock futures lower in overnight trading. 
World Markets = Global stocks decline amid concerns about global banks. 

[elcheapo]

As for the nws.....I just pulled the 7 day outlook...
Don't see any flooding rain for the next week.

With all the challenges with the crops...you
Would think we would see some positive movement.

Was at a pow wow Sunday....and frankly the
News/gossip upset, and at times made me
Somewhat fearful,.......

Agriculture/rural America is soon going to be
Making massive changes......in my opinion not
For the better.

Big operations having credit cut off.

Previous sold equipment returning back to
The lot.

Worried.