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Community Manager
marketeye
Posts: 2,901
Registered: ‎05-03-2010
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Floor Talk December 17

[ Edited ]

At the close:

The March futures corn contract finished 6 cents lower at $7.24. The Jan. soybean futures contract settled 1/4 of a cent higher at $14.96. March wheat futures ended 6 cents lower at $8.08 per bushel. The Jan. soyoil futures contract finished $0.20 lower at $49.79 The Jan. soymeal futures contract settled $2.30per short ton lower at $455.46.


In the outside markets, the NYMEX crude oil is $0.63 per barrel higher, the dollar is lower and the Dow Jones Industrials are 100 points higher.

 

Mike

--------

 

At mid-session, the March futures corn contract is trading 8 cents lowerer at $7.22. The Jan. soybean futures contract is trading 1/2 of a cent higher at $14.96. March wheat futures are trading 7 cents lower at $8.06 per bushel. The Jan. soyoil futures contract is trading $0.42 lower at $50.00 The Jan. soymeal futures contract is trading $0.80 per short ton lower at $456.90.


In the outside markets, the NYMEX crude oil is $0.76 per barrel higher, the dollar is lower and the Dow Jones Industrials are 79points higher.

At mid-session:

At mid-session, the March futures corn contract is trading 8 cents lowerer at $7.22. The Jan. soybean futures contract is trading 1/2 of a cent higher at $14.96. March wheat futures are trading 7 cents lower at $8.06 per bushel. The Jan. soyoil futures contract is trading $0.42 lower at $50.00 The Jan. soymeal futures contract is trading $0.80 per short ton lower at $456.90.


In the outside markets, the NYMEX crude oil is $0.76 per barrel higher, the dollar is lower and the Dow Jones Industrials are 79points higher.

 

One analyst sees today's trade volume down a little, except for corn. "I think funds must be selling corn. Corn just needs some demand and right now it has none, as there are cheaper offers out there around the world.  People also talking about feed demand but I think feed demand might get a little better as the wheat grazing will probably not be available this year due to all the problems that crop has had getting established," he says. 
Wheat has fallen with corn and also on the lack of demand news over the weekend. 
"Our prices are great compared to those around the world and we should be getting the business, but there does not seem to be any business around right now," he says. 
he adds, "So wheat worked lower with corn today." 
The soy complex has been the disappointing trade today, he says. 
"It got demand and there are supposed to be more announcements of new export demand coming, but the weakness in grains has hurt the beans too.  Overall, the weakness is a little surprising, as I understand it rained all weekend in Argentina with more coming.  Those poor guys can’t buy a break down there.  But for some reason that does not seem to be a feature today."

 

Mike

-----------

At 9:45am:

The USDA announced Monday that 150,000 mt of U.S. soybeans were sold to an 'unknown' buyer. Many believe the buyer to be China.

 

Mike

--------

At the open:

At the open, the March futures corn contract is trading 3 cents lowerer at $7.27. The Jan. soybean futures contract is trading 7 cents higher at $15.03. March wheat futures are trading 1 cent lower at $8.12 per bushel. The Jan. soyoil futures contract is trading $0.09 higher at $50.08.  The Jan. soymeal futures contract is trading $2.00 per short ton higher at $459.70.


In the outside markets, the NYMEX crude oil is $0.42 per barrel higher, the dollar is lower and the Dow Jones Industrials are 51 points higher.

 

Mike

----------

At 6:45am:

Early calls:  Corn 1-2 cents higher, soybeans 10-12 cents higher and wheat 3-5 cents higher

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.08per barrel lower.
Dollar=Lower.
Wall Street=Seen opening mixed as investors keep eyes on the U.S. budget talks.

World=Asia/Pacific stocks are lower, and Europe's stocks are lower.

 

 

 

More in a minute,

 

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,434
Registered: ‎04-29-2011
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Re: Floor Talk December 17

[ Edited ]

Mike, Just wondering what the trader's thoughts were for grains after the first of the year?  Are endusers able to source the corn they need or is it becoming more difficult?   I did see an outside pile of corn being picked up yesterday in my neck of the woods. How strongly are the traders watching the winter wheat ratings?   Are they concerned?   Thanks for all you do!

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Senior Contributor
farmer46
Posts: 198
Registered: ‎09-27-2011
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Re: Floor Talk December 17

I am wondering if exports of corn will pick-up with the recent decline of the dollar,  (1.8 % in the last month). I do not know if this trend will continue.  With the US economy not improving I assume the decline will continue.

Senior Contributor
Canuck_2
Posts: 3,722
Registered: ‎05-10-2010
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Re: Floor Talk December 17

Ontario and Canada has normally been a corn deficit area that required imports of corn from the USA.

In the past few years we have been a surplus area and exported some corn to the USA.

 

I understand exports are occuring this fall as basis has been keeping our price at export levels and good yields, indeed excellent yields in many cases, has left an abundance of corn which is having a hard time finding storage for all of it.

 

i do not know how much is going into the US but some is.

Knowledge is knowing a tomato is a fruit.
Wisdom is knowing not to put it in a fruit salad.
Community Manager
marketeye
Posts: 2,901
Registered: ‎05-03-2010
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Re: Floor Talk December 17

roarintiger1,

 

Wonder no more. This floor trader is bearish on new-crop prices for a number of reasons. In his own words:

 

"The wheat bias for the moment gets lost in the fact that the index needs to sell 70,000 contracts in Chicago and will buy some KC Wheat. Wheat is looking competitive but the window of opportunity for exports has shrunk.
I suppose wheat can rally after the index re-balance in the last half of January.
Corn markets usually don’t get that tight domestically, until after March. Soybean demand has been exceptional and July Nov can continue to rally, and should.
Old crop stocks can get extremely tight for beans, if the Brazil's logisitics get bogged down. If Brazil can perform on time then the spread can be contained. I can’t help but be bearish for new crop, given large potential for SA bean crop and corn doing ok.
It's the first time in five years where fuel mandates and export potential does not outstrip a normal outlook for crops.
The sour demand from non-Asian countries, combined with large acreage increases in FSU, and SA, and palm oil expansion all point to lower new crop prices.
It's the first time in five where the farmer may have to be more proactive in marketing new crop earlier in the year rather than wait. Though we have significant event risk if line ups in Brazil get too long. and if the weather turns sour etc.
Interest in fall crop conditions will wane every time we see a precipitation event in the West like we had this weekend."

 

Mike

Senior Contributor
giolucas
Posts: 1,058
Registered: ‎06-25-2010
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Re: Floor Talk December 17

Mike,

 

They got to take it down before they take it up.  Another announcement sale  for Soybeans.   Lets see where we close today.

Senior Contributor
rswfarms
Posts: 1,377
Registered: ‎12-17-2012
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Re: Floor Talk December 17

Spoiler
I am new to this discussion board, so excuse me if I screw up my posts. I own farmland in Iowa and was curious if there are other Iowa farmland owners on here. I am just curious, and this is for anybody, are you too seeing very strong basis levels in your area? The ethanol plant I sell too, has the strongest basis levels currently for this time period that I remember. Curious as to what you other guys are seeing for basis levels? Thanks!!!

 

Senior Advisor
Hobbyfarmer
Posts: 3,326
Registered: ‎01-10-2012
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Re: Floor Talk December 17

[ Edited ]

rsw... as you just got banned over at Ag Web, did not take you long to show up here.

If I could, I'd give you a thumbs down, right here, right now.

 

Warning to all in attendence ... ICF ...has appeared here.

60% of the time, it works every time.


"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Senior Contributor
rswfarms
Posts: 1,377
Registered: ‎12-17-2012
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Re: Floor Talk December 17

Well, hobby farmer, I just asked about basis levels. Does that cause a problem for you? Let me know. And as far as Ghost Ryder is concerned and his harassing phone calls to my family and bothering my kids on facebook about there Trust Accounts. I have given my attorney the go ahead to start pressing both criminal and civil charges against him. My attorney has already contacted the authorities in SD to have a little chat with Ghost Ryder about harassing my 17 year old daughter on Facebook about her Trust Account. His harassing my daughter on Facebook is completely pushing things to far. How would you like your 17 year old daughter to be harrassed about her Trust Accounts from some guy in South Dakota? Anyway, please tell Ghost Ryder that I have turned over all the records of his harassing my Brother-in-Law on the phone and his e-mails to my daughters Facebook Account. It has been my experience in these matters that the authorities will work much harder and finding out who is harassing my family if an attorney is following along with this criminal activity that Ghost Ryder has been involved in. Although I can still post on Agweb I would appreciate you telling Ghost Ryder that the SD authorities will be contacting him. So please mention this to Ghost Ryder on AGWEB. But come on here, do you think it is ok for Ghost Ryder to harass my 17 year old daughter on Facebook about her Trust Accounts? Anyway, let me know what you think hobby farmer. Thank you.

Advisor
c-x-1
Posts: 2,923
Registered: ‎06-26-2012
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Re: Floor Talk December 17

Hobby, what's ag webs reason for banning?