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Veteran Advisor

Floor Talk September 28

At the close:

At the close, the Dec. corn futures settled 2 1/4 cents lower at $3.86 3/4.  Nov. soybean futures finished 12 1/2 cents lower at $8.76.

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

Dec. soymeal futures finished $4.10 per short ton lower at $304.10. Dec. soyoil futures finished $0.54 lower at $27.37. 

In the outside markets, the Brent Crude oil market is $1.24 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 273 points lower.

Mike

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At mid-session:

At mid-session, the Dec. corn futures are trading 3 cents lower at $3.86.  Nov. soybean futures are trading 11 cents lower at $8.78.

Dec. wheat futures are 5 cents lower at $5.02.

Dec. soymeal futures are trading $2.90 per short ton lower at $305.30. Dec. soyoil futures are trading $0.48 lower at $27.43. 

In the outside markets, the Brent Crude oil market is $0.84 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 227 points lower.

Alan Brugler, Brugler Marketing & Management LLC, says the global macroeconomics weigh on farm markets.

"Global weakness is the main concern. Serious problems at Conagra and Glencore, both of whom have large commodity positions. The frame contract will help narrow the 9.7 MMT deficit for Chinese bean purchases year/year, but any sales announcement this week will be ignored because it will be part of that previously announced business."

Mike

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On Monday, the USDA announced huge soybean sales for 2016/17:

 

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

  • Export sales of 1,000,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year; and
  • Export sales of 249,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

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At the open:

At the open, the Dec. corn futures are trading 3/4 of a cent lower at $3.88.  Nov. soybean futures are trading 5 cents lower at $8.84.

Dec. wheat futures are 4 cents higher at $5.12.

Dec. soymeal futures are trading $0.50 per short ton lower at $307.70. Dec. soyoil futures are trading $0.20 lower at $27.71. 

In the outside markets, the Brent Crude oil market is $0.85 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 115 points lower.

Mike

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At 7:30am:

 

Early calls: Corn 1-2 cents higher, soybeans 4-5 cents lower and wheat 7-9 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.90 lower.
Dollar =Higher.  
Wall Street = Seen higher, as investors watch the Fed speeches, Washington budget battles and data.

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

 

 

 

More in a minute,

 

Mike

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5 Replies
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Honored Advisor

Re: Floor Talk September 28

In years past, an announcement of this nature would've sparked quite a bit of buying on the CBOT.   The complacency of the traders and this market place in general astounds me.

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Veteran Advisor

Re: Floor Talk September 28

roarintiger1,

 

Me too.

 

 

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Veteran Contributor

Re: Floor Talk September 28

Those are the frame contracts that are nothing more than ceremony.   No price or shipment set.  The trade knows this and that is why they are ignoring the announcement.

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Honored Advisor

Re: Floor Talk September 28

This Glencore freefall is coming at a bad time, I don`t understand it but if they are dumping commodities to raise cash, that could magnify the lows.  News from the field, if you`re not getting 225 corn and 70bu beans, don`t bother opening your mouth.  Corn is drying fast <20% beans 9-10 in some fields and tough stems.

 

http://www.bloomberg.com/news/articles/2015-09-25/glencore-said-to-hire-banks-to-sell-stake-in-agric...

 

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Senior Contributor

Re: Floor Talk September 28

Sort of like March production projection. They don't affect the market either.

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