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Community Manager
marketeye
Posts: 3,045
Registered: ‎05-03-2010
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Floor Talk December 19

[ Edited ]

At the close:

The March futures corn contract closed 17 cents lower at $7.03. The Jan. soybean futures contract finished 29 cents lower at $14.37. March wheat futures settled 5 cents lower at $8.05 per bushel. The Jan. soyoil futures contract finished $0.76 lower at $48.41 The Jan. soymeal futures contract settled $8.40 per short ton lower at $436.50.


In the outside markets, the NYMEX crude oil is $1.52 per barrel higher, the dollar is lower and the Dow Jones Industrials are 55 points lower.

 

Mike

--------

 

At mid-session:

At mid-session, the March futures corn contract is trading 10 cents lower at $7.09. The Jan. soybean futures contract is trading 15 cents lower at $14.50. March wheat futures are trading 2 cents lower at $8.09 per bushel. The Jan. soyoil futures contract is trading $0.02 higher at $49.19 The Jan. soymeal futures contract is trading $7.10 per short ton lower at $437.80.


In the outside markets, the NYMEX crude oil is $1.56 per barrel higher, the dollar is lower and the Dow Jones Industrials are 10 points lower.

 

One analyst says, "Beans and corn  are lower on follow-through from Tuesday's bearish bean news regarding China cancelling orders of previous US purchases. Good weather in early emerging crops in South America has importers looking to re-book shipments at better value out of Brazil  and Argentina. Corn demand has been weak through our harvest and looks for a bearish number on Thursday's weekly export sales report. Wheat prices are lower but only marginaly lower, compared to the other grains, as traders await word on Egypt's big wheat tender and how much will be purchased on US ports.

 

 

Plus, Informa just released its latest estimate for 2013 U.S. corn acreage. Sit down, here it comes.......99.0 million.

 

What do you think? Is that likely? Will U.S. farmers plant 99.0 million acres of corn in 2013?

 

Mike

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At the open:

At the open, the March futures corn contract is trading 1 cents higherat $7.21. The Jan. soybean futures contract is trading 1 cent higher at $14.66. March wheat futures are trading 7 cents higher at $8.18 per bushel. The Jan. soyoil futures contract is trading $0.01 higher at $49.18 The Jan. soymeal futures contract is trading $0.40 per short ton lower at $444.40.


In the outside markets, the NYMEX crude oil is $0.33 per barrel higher, the dollar is lower and the Dow Jones Industrials are 23 points lower.

 

Mike

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At 9:05am:

--Egypt buys 110,000 mt of U.S. soft wheat Wednesday.

--110,000 mt of HRW wheat has been sold to Egypt for 2012-13n delivery.

--Brazil's 2013 soybean production is estimated at 82.27 mt, up 23% from a year ago, according to Gazeta do Povo's Crop Expedition. Corn production is set at 35.83 mt, down 1% from a year ago.

--This year's Brazilian soybean harvest will start next week in parts of Mato Grosso and Parana. That's right. Though the entire country's planting season is just now ending, the early soybeans will be coming out of the fields starting next week.

 

 

Mike

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At 6:55am:

--Japan seeks 320,000 tons of feed wheat, barley in Jn. tender.

--Yeserday's cancellation of U.S. soybean purchases by China weighed on the Dailian bean market overnight. It is expected to keep CME Group bean gains limited today.

 

 

Mike

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At 6:45am:

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

 

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.39 per barrel higher.
Dollar=Lower.
Wall Street=Seen opening higher ahead of a report on U.S. housing starts.

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

 

 

 

More in a minute,

 

 

Mike

Advisor
giolucas
Posts: 1,088
Registered: ‎06-25-2010
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Re: Floor Talk December 19

Is there any positive news for Soybeans or did we find more Soybean inventory somewhere in a bunker in the desert???

Advisor
giolucas
Posts: 1,088
Registered: ‎06-25-2010
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Re: Floor Talk December 19

I guess not. 

Community Manager
marketeye
Posts: 3,045
Registered: ‎05-03-2010
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Re: Floor Talk December 19

giolucas,

 

Can't find any positive news, yet.

Veteran Advisor
roarintiger1
Posts: 1,501
Registered: ‎04-29-2011
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99 million acres???? What are they smokin'? Let's ju...

[ Edited ]

99 million acres????    What are they smokin'?   Let's just make it an even 100........it will be easier for the USDA to keep track of that way.

 

They had better hope that South America's seed corn production is pretty good.......

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Advisor
c-x-1
Posts: 3,080
Registered: ‎06-26-2012
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Re: Floor Talk December 19

Haven't you heard, Antarctica has discovered how to produce 3 B bushels of soybeans!!!

Veteran Contributor
Kstater85
Posts: 110
Registered: ‎06-28-2012
0

Re: Floor Talk December 19

I don't think they are high enough.   They dropped cotton 2M.   I think it will be closer to 3M.   $6.00 corn will attract them all.

Advisor
giolucas
Posts: 1,088
Registered: ‎06-25-2010
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Re: Floor Talk December 19

CX1,

 

that was a good one.

Advisor
rayjenkins
Posts: 638
Registered: ‎05-13-2010
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Re: Floor Talk December 19

Especially attractive for southern farmers with N/Z at 93 cent inverse and red hot old crop basis to sell into......big opportunity for those guys.....and corn moved north this year via barge much more easily than prior years.....am sure low aflo in southern corn was a big help in that regard....

Advisor
c-x-1
Posts: 3,080
Registered: ‎06-26-2012
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Re: Floor Talk December 19

thanks, giolucas. what's this 99 MM ac about, being discussed?