Floor Talk September 29 (Report Day)
Jason Ward, Northstar Commodity's Director of Grains and Energy, and I breakdown the USDA numbers here. If you have a minute take a look:
VIDEO: Ward Marks Up USDA Data
In its Quarterly Grain Stocks Report, the USDA pegged Sept. 1 corn stocks at 2.29 billion bushels vs. the trade’s average estimate of 2.35 billion bushels.
For soybeans, on-farm and off-farm stocks were pegged at 301 million bushels, compared with the average trade estimate of 338 million bushels.
The USDA sees the U.S. wheat stocks, as of Sept. 1, at 2.25 billion bushels vs. the average trade estimate of 2.20 billion bushels.
What say you?
At the close:
At the close, the Dec. corn futures finished 2 3/4¢ higher at $3.55 1/4, while March futures closed 2 1/4¢ higher at $3.67 3/4. Nov. soybean futures settled 8 3/4¢ higher at $9.68 1/4, Jan. soybean futures finished 8 1/4¢ higher $9.78. September wheat futures closed 6 3/4¢ lower at $4.48 1/4. Dec. soy meal futures closed $4.30 per short ton higher at $315.80. Dec. soy oil futures ended even at 32.82¢ per pound. In the outside markets, the Brent crude oil market is $0.09 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 17 points lower.
At mid-session, the Dec. corn futures are 2 1/2¢ higher at $3.55, while March futures are 2 1/4¢ higher at $3.67. Nov. soybean futures are 8 3/4¢ higher at $9.68, Jan. soybean futures are 8 1/4¢ higher $9.78. September wheat futures are 4¢ lower at $4.51. Dec. soy meal futures are $1.70 per short ton higher at $313.20. Dec. soy oil futures are $0.19 higher at 33.01¢ per pound. In the outside markets, the Brent crude oil market is $0.10 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 5 points lower.
At the open:
In early trading , the Dec. corn futures are 1/4¢ higher at $3.52, while March futures are 1/2¢ higher at $3.65. Nov. soybean futures are 3¢ lower at $9.56, Jan. soybean futures are 3¢ lower $9.67. September wheat futures are 1¢ higher at $4.56. Dec. soy meal futures are $0.30 per short ton lower at $311.20. Dec. soy oil futures are $0.09 lower at 32.73¢ per pound. In the outside markets, the Brent crude oil market is $0.11 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 37 points lower.
Grains and beans were modestly lower in overnight trading thanks to continued reports of good yields in parts of the Midwest, though not all, and forecasts for dry weather that will allow growers to accelerate the harvest. Corn was down about a penny, beans lost 3 cents and wheat was down 1-2 cents. Not much in terms of weather to speak of -- it's supposed to be sunny and dry for the next 10 to 14 days, according to forecasters. There is a front moving across the northern US that will cool things down and make it feel more like fall than summer. In export news, corn sales were sad at 320,000 metric tons while beans were way up there at almost 3 million tons. Check out the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-september-29
Here's what happened overnight:
Brent Crude Oil = down 0.4%
West Texas Intermediate = down 0.4%
Dollar = down 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks mixed overnight on geopolitical uncertainty.
APB: TRAIN AND 7,400 RAIL CARS MISSING
This train is approximately 56 miles long.......unsure on the location in the united states.
if found, contact usda, or traders guess bureau at the cme
how.....just how.........the trade, which is the "trade" knew there was 37 million more bushels of beans, than usda said....
there is also less corn..........