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Veteran Contributor
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Registered: ‎09-09-2014
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Floor Talk September 7

[ Edited ]

At the close:

At the close, the Dec. corn futures finished 5 3/4¢ lower at $3.55 1/4, while March futures finished 5 3/4¢ lower at $3.67 3/4. Nov. soybean futures settled 2 1/4¢ lower at $9.68 3/4, Jan. soybean futures ended 2 1/4¢ lower $9.78 1/2. September wheat futures closed 8 1/2¢ lower at $4.37. Dec. soy meal futures ended $1.50 per short ton lower at $307.20. Dec. soy oil futures settled $0.13 lower at 35.43¢ per pound.  In the outside markets, the Brent crude oil market is $0.06 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 44 points lower.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are 4¢ lower at $3.57, while March futures are 4¢ lower at $3.70. Nov. soybean futures are 1/4¢ lower at $9.70, Jan. soybean futures are 1/4¢ lower $9.80. September wheat futures are 8 3/4¢ lower at $4.37. Dec. soy meal futures are $0.40 per short ton lower at $308.30. Dec. soy oil futures are $0.04 lower at 35.52¢ per pound.  In the outside markets, the Brent crude oil market is unchanged, the U.S. dollar is lower, and the Dow Jones Industrials are 40 points lower.

 

Mike

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At 9am:

In early trading , the Dec. corn futures are 4¢ lower at $3.57, while March futures are 4¢ lower at $3.70. Nov. soybean futures are 1/4¢ lower at $9.70, Jan. soybean futures are 1/4¢ lower $9.80. September wheat futures are 8 3/4¢ lower at $4.37. Dec. soy meal futures are $0.40 per short ton lower at $308.30. Dec. soy oil futures are $0.04 lower at 35.52¢ per pound.  In the outside markets, the Brent crude oil market is unchanged, the U.S. dollar is lower, and the Dow Jones Industrials are 40 points lower.

 

Mike

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Soybeans were higher overnight on signs of demand while grains didn't move much overnight. The USDA announced sales of beans to China and corn to Mexico in the past couple of days, which is obviously good news for prices. With the new marketing year upon us, we should see sales at least for a while. Fundamentally not much has changed in the past few days -- the lack of rain this week is of concern for some who worry that the crop needs a solid finishing rain. Market-watchers have their eyes on Hurricane Irma, and while its path as projected doesn't really take it very far into the Delta, some harvest delays and flooded fields may occur, according to the forecasters. In other news, Rep. Goodlatte of Virginia, the former head of the House Ag Committee, said he will introduce a bill to revamp the guest worker program for agriculture. See all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-september-7.

  

Here's what happened overnight:

 

Brent Crude Oil = up 0.5%

West Texas Intermediate = down 0.1%

Dollar = down 0.5%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks higher on strong economic news.