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Senior Contributor

From the floor October 26

At the close:

The Dec corn futures finished 2 1/4 cents higher at $5.71. The Nov. soybean contract closed 1 1/4 cents higher at $12.19. The Dec. wheat futures closed 18 cents higher at $6.92.  The Dec. soymeal futures contract finished $0.90 higher at $335.50 per short ton. The Dec. soyoil futures contract ended $0.06 higher at $49.53.

 

In the outside markets, the NYMEX crude oil is $0.12 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 13 points.

 

One analyst says, "I think a lot of this had to do with wheat and some shorts starting to roll forward in the beans.  Wheat was the strength of the market on the crop condition ratings and pulled corn and to a lesser extent beans with it.  Also, having cotton move sharply higher supported grains a little bit.  I heard talk of demand for beans but I can't get anything confirmed.  One thing is for sure, the bean harvest is about over and what needed to be sold is sold. So, if you need beans you got to show the farmer a reason to sell, and this might have supported some basis for nearby.  Other news was rather slim, and we were up despite the dollar which is interesting and implies either lack of offer or new demand away from the wheat.  I think there is more of a lack of offer out there in the country right now as my buyers seem quiet."

 

Mike

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At mid-session:

The Dec corn futures are 1/4 of a cent lower at $5.68 1/2. The Nov. soybean contract is 1/4 of a cent higher at $12.18. The Dec. wheat futures are 15 1/2 cents higher at $6.89 1/2.  The Dec. soymeal futures contract is $1.00 higher at $334.70 per short ton. The Dec. soyoil futures contract is $0.04 lower at $49.43.

 

In the outside markets, the NYMEX crude oil is $0.16 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 2 points.

 

Mike

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At the open:

The Dec corn futures are 4 1/2 cents lower at $5.64. The Nov. soybean contract opened 5 1/4 cents lower at $12.12 1/2. The Dec. wheat futures opened 1/2 of a cent lower at $6.73 3/4.  The Dec. soymeal futures contract opened $1.50 lower at $333.10 per short ton. The Dec. soyoil futures contract opened $0.01 higher at $49.48.

 

In the outside markets, the NYMEX crude oil is $0.22 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 1 point.

 

A rising dollar is hurting the commodities, analysts say. Also, profit-taking from the funds.

 

Mike

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At 7:45am:

Early calls: Corn down 3-5 cents, soybeans down 4-6 cents, and wheat down 1-2 cents.

 

 

Trackers:

Overnight grain=Traded lower.

Crude oil=Trading $0.52 per barrel lower.

Dollar=Trading higher.

Wall Street=Seen lower as European earnings reports disappoint.

World Markets=Lower.

 

Mike

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6 Replies
Veteran Advisor

Re: From the floor October 26

Nasdaq is set up to gap down and leave an island top this morning. MA's in dollar are bunching up like it would like to turn up.

 

The risk trade looks a bit tired and vulnerable although I expect continued choppy and confusing trade.

 

FWIW, h

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Frequent Contributor

Re: From the floor October 26

I agree with ya and today's action is giving me flashbacks of last Tuesday.  Commodities dumped only to snap back the rest of the week.  Repeat coming???  I'm sure I'm not the only one looking at this and I'm also sure there will be people looking at today's dip as a buying opportunity.  If things don't play out like last week and continue to slide there could be alot of selling show up.

 

The thing I'm watching for a sign of slowing down is cotton.  I thought it topped out a week or so ago but I guess it isn't done yet.  I know the fundamental backdrop is bullish but you know when that market is over it will be in a pretty big free fall.  Until then I guess I better stock up on socks, t-shirts, and underwear just in case prices keep going up!

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Senior Contributor

Re: From the floor October 26

zman343,


On today's market, one trader says the sentiment of the trade is to sit and wait. "The next catalyst is just around the corner and may come from Aussie weather, Chinese demand, domestic HRW weather, currency movement, yield reduction or commodity basket buying," Matt Pierce, Pitguru.com says. 

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Senior Contributor

Re: From the floor October 26

lower markets Tuesday

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Veteran Advisor

Re: From the floor October 26

Lol, da butt pirates closed the gap.

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Senior Contributor

Re: From the floor October 26

zman,

 

I know we don't follow the cotton market much, but I do have a few comments to pass along. One cotton analyst says, "It has been absolutely insane with cotton, lots of limit moves, expanded ranges and with it, the inevitable huge margin calls, worries over clients
not making it whether they are mills or merchants. Without question, more cotton area next year, huge response from the Southern
Hemisphere now and am trying to get a handle on how much higher Northern Hemisphere will be next spring."

 

 

Mike

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