At the close:
The
CBOT Dec corn futures closed 7 3/4 cents higher at
$3.90 per bushel. The Jan soybean contract closed 14 cents higher at
$10.12 per bushel. The Dec wheat futures ended 1 cents
lower at $5.15 3/4. The Jan soymeal futures finished $3.50 higher
at $299.50 per short ton, and soyoil 7 1/2 points higher at $37.99.
In the outside markets, the NYMEX crude oil market is $1.56 higher, the dollar lower, and the Dow is 1 points lower.
One trader says late session profit taking trimmed the day's gains somewhat but we still ended higher in all pits although wheat was only fractionally higher. The dollar gave back all its early gains, taking pressure off the grains late in the session. The wetter long term weather forecast also was supportive for the market, suggesting more harvest delays for corn and beans.
There is a floor rumor that NASS was in town yesterday. NASS folks made reference that they haven't been able to harvest some of their test plots, not allowing them to complete their results for November's report, according to the rumor. So, there number on Nov. 10 will be not the accurate figure, January's number will be perhaps more accurate.
Mike
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At 12-Noon:
Nice rally!
Corn is 12 cents higher, soybeans are 22 cents higher, and wheat is a penny lower.
One trader says local traders are following the funds lead and jumping on the long side of the market while the new highs for the day we have seen both earlier and just now are triggering commission house buying as their buy stops are hit.
Mike
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At mid-session:
At mid-session, the CBOT Dec
corn futures are 5 1/4 cents higher at $3.88 per bushel. The Jan
soybean contract is 13 cents higher at $10.11 per bushel. The Dec
wheat futures are 6 1/4 cents lower at $5.10 1/2. The Jan soymeal
futures are $6.00 higher
at $308.70 per short ton, and soyoil 31¢ higher at $37.10.
In the outside markets, the NYMEX crude oil market is $0.45 higher, the dollar higher, and the Dow is 54 points lower.
One trader is saying prices remain higher in all pits except wheat, which is slipping lower once again. Beans have backed off from their highs but corn remains well supported. Volume remains only fair.
Meanwhile, do you want to know how slow the corn futures pit is? There is this one trader that is always in the pit yelling with his hands high and going crazy. Even in slow times, this guy is doing something. He currently, sitting by my desk, with his hands in his pockets, talking to another trader. That's how slow this floor is. I'm thinking, if this guy is not doing anything, then the corn pit is really, really slow!
Mike
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At 10:40am:
One trader says the market is amazing many traders today, starting much lower but then recovering and rallying sharply in several pits! After the lower start, there was some follow through selling but this soon ended and then the funds started buying again, picking up where they left off late yesterday. This triggered a rally in all pits, quickly turning prices higher across the floor, except in wheat, which remains lower but only slightly.
Mike
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At 10:20am:
Yet another private analyst estimate for the Nov USDA report for Tuesday. This one comes from the Linn Group: Total U.S. corn production is estimated at 13.025 billion bushels, with an average yield of 164.3
bushels per acre (bpa). This data compares to the USDA Oct 2009 estimate
of 13.0 bil bu, with an average yield of 164.2 bpa. Total U.S. soybean production is estimated at 3.325 billion bushels, with an average yield of 43.4
bushels per acre (bpa). This data compares to the USDA Oct 2009 estimate of 3.25 bil bu, with an average yield of 42.4 bpa.
Mike
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At 10:05am:
Corn is running higher, now 6 cents higher, soybeans have been as high as 20 cents higher, now around 18. Wheat is still a few cents lower.
One trader says the funds must be buying. They had everybody short, now they are buying and maybe causing others to buy as well. This makes you think there might be more buying at the close. He says he was wrong when he said before the open that it looked like the funds were not going to be here today. "We're all wrong, sorry."
Mike
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At 9:50am:
Prices have turned higher for corn and beans. Wheat is still lower.
Mike
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At the open:
At the open, the CBOT Dec
corn futures opened 4 cents lower at $3.78 1/4 per bushel. The Jan
soybean contract opened 6 3/4 cents lower at $9.91 1/4 per bushel. The Dec
wheat futures opened 7 3/4 cents lower at $5.09. The Jan soymeal
futures opened $1.20 lower at $301.50 per short ton, and soyoil 11¢ lower at $36.68.
In the outside markets, the NYMEX crude oil market is $0.86 lower, the dollar higher, and the Dow is 30 points lower.
One trader says that Informa will be out tomorrow morning during the session with their Nov production guesses, ahead of FC Stone, who will be out tomorrow afternoon, after the close. The EU announced recently that they will allow some varieties of genetically modified (gm) crops to be imported, but not all. Since the EU can be particular on this issue, this makes EU importers and crushers very reluctant to import US origin beans or meal, which, of course, is bearish for US bean and meal export prospects to the EU until this policy is changed.
Mike
------
At 9am:
One trader says the general feeling is that the funds will not be in the market today. That's the feeling following yesterday's fund flurry at the closing bell.
Mike
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At 8:10am:
One trader says that it is widely thought yesterday's late fund driven rally was overdone and a correction is likely this morning, which contributed to overnight selling. He says we are set up for a "turn-a-round Tuesday" type trade where the market reverses course from Monday. Funds were estimated buyers yesterday of 5-6000 each in wheat and beans, 12-15,000 corn with much of this coming late in the sess...[Message truncated]
Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 Edited Nov-3 by 967502098 |
