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Senior Contributor

From the floor October 25

At the close:

The Dec corn futures settled 8 3/4 cents higher at $5.68 3/4. The Nov. soybean contract closed 18 3/4 cents higher at $12.17 3/4. The Dec. wheat futures closed 3 1/4 cents higher at $6.74.  The Dec. soymeal futures contract ended $3.70 higher at $334.60 per short ton. The Dec. soyoil futures contract is $1.17 higher at $49.47.

 

In the outside markets, the NYMEX crude oil is $0.68 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 60 points.

 

Mike

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At 12:30pm:

 

One analyst says, "I think the market is drifting a bit after a big start.  Lots of buying overnight and at the opening this morning related to weakness in the US Dollar and not really much else.  Since then we are higher  but kind of drifting.  We will see the crop progress, but beans should be about done and corn still out there, at least in the northern Midwest.  My guys further south seem about done with everything.  Trying to get some new yield ideas for the reports in a couple of weeks.  For now, yields comments seems net positive, that is to say that the crops do not seem too bad to the guys, and some guys very happy indeed.  The weather is fine, the rains moving through the next few dauys are net positive especially if rain falls in the western plains and the more general the coverage here in the Midwest the better." 


Mike

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At mid-session:

The Dec corn futures are 6 3/4 cents higher at $5.66 3/4. The Nov. soybean contract is 17 cents higher at $12.16 1/2. The Dec. wheat futures are 3 3/4 cents higher at $6.74 1/2.  The Dec. soymeal futures contract is $2.70 higher at $333.60 per short ton. The Dec. soyoil futures contract is $1.14 higher at $49.44.

 

In the outside markets, the NYMEX crude oil is $0.60 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 69 points.


One trader says, "We're pricing in less rainfall than needed over the weekend in Brazil. That country's bean planting continues well behind normal. China was in buying U.S. beans today for the sixth consecutive day as insurance against the
drought continuing.Watch out for month end profit taking by funds who are fat with profits and the month ends Friday."

 

 

USDA announced Monday that private exporters reported sales of 232,000 metric tons of U.S. soybeans for delivery to China during the 2010/2011 marketing year.

The marketing year for soybeans began Sept. 1.

Mike

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At the open:

The Dec corn futures are 14 cents higher at $5.74. The Nov. soybean contract opened 23 1/4 cents higher at $12.22 1/4. The Dec. wheat futures opened 11 1/2 cents higher at $6.82.  The Dec. soymeal futures contract opened $3.70 higher at $334.40 per short ton. The Dec. soyoil futures contract opened $1.57 higher at $50.21.

 

In the outside markets, the NYMEX crude oil is $1.40 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 84 points.

 

Mike

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At 7:35am:

There's a report out indicating China's October soybean imports could total 4.65 million metric tons. In September, that country imported 68% more soybeans vs. a year ago. In the first nine months, China soy imports are up 24%.

 

--Also, Russia's 2011-12 wheat exports could be around 7.0 million metric tons, according to Morgan Stanley folks that went to Russia and came back bullish.


--Some areas of Brazil are having a hard time with dry planting conditions.


Some say the markets are up due to the dollar falling and funds buying commodities. What is your perspective? I thought Brazil, fund-buying, and the sinking dollar were already priced in? Anyway, we're shooting through the roof to start with this morning.


Mike

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At 7:20am:

Early calls: Corn up 7-9 cents, soybeans up 13-15 cents, and wheat up 3-5 cents.

 

 

Trackers:

Overnight grain=Traded sharply higher.

Crude oil=Trading $0.64 per barrel higher.

Dollar=Trading lower.

Wall Street=Seen higher as the dollar drops. The G20 nations meeting in South Korea shunned competitive currency imbalances. The nations stopped short of creating sanctions against countries that don't keep currencies in-check. Instead, peer pressure will be relied upon to make sure currency imbalances don't occur. The IMF will be the referee.

World Markets=Higher.

 

Mike

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