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Frequent Contributor
Posts: 320
Registered: ‎09-09-2014
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Floor Talk February 1

[ Edited ]

At the close:

At the close the March corn futures finished 8 1/2¢ higher at $3.68 1/4, and new crop December 2017 futures finished 9¢ higher at $3.96 1/4 per bushel. March soybean futures finished 12 1/4¢ higher at $10.36 3/4, while November 2017 soybean futures finished 11¢ higher at $10.12. March wheat futures finished 13¢ higher at $4.33 3/4. March soy meal futures closed $1.40 short ton higher at $336.00. March soy oil futures settled $0.46 higher at 34.31¢ per pound.  In the outside markets, the Brent crude oil market is $0.70 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points higher.

 

Mike

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At 12:45pm:

Big crowd at the Iowa Power Farming Show. Spirits seem to be pretty upbeat. I'll be talking with mre farmers this afternoon. I'll pass along what I hear. Meanwhile, this update on the planting weather outlook was delivered yesterday. La Nina is set to giveway to 'normal' weather.

 

IF you missed it at 8:00am, today, USDA announced big soybean sales.

 

On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 236,700 metric tons of soybeans for delivery to unknown destinations. Of the total, 170,700 metric tons is for delivery during the 2016/2017 marketing year and 66,000 metric tons is for delivery during the 2017/2018 marketing year.

The marketing year for soybeans began September 1.

 

 

At mid-day:

At mid-day, the March corn futures are 5¢ higher at $3.64, and new crop December 2017 futures are 5¢ higher at $3.92 per bushel. March soybean futures are 7 1/4¢ higher at $10.31, while November 2017 soybean futures are 5 3/4¢ higher at $10.06. March wheat futures are 8 1/4¢ higher at $4.29. March soy meal futures are $0.10 short ton higher at $334.70. March soy oil futures are $0.30 higher at 34.15¢ per pound.  In the outside markets, the Brent crude oil market is $0.27 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 27 points higher.

 

Mike

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In early trading:

At 9am, the March corn futures are 2 3/4¢ higher at $3.62, and new crop December 2017 futures are 3 1/2¢ higher at $3.90 per bushel. March soybean futures are 9¢ higher at $10.33, while November 2017 soybean futures are 8¢ higher at $10.09. March wheat futures are 2¢ higher at $4.22. March soy meal futures are $0.20 short ton lower at $344.40. March soy oil futures are $0.45 higher at 34.30¢ per pound.  In the outside markets, the Brent crude oil market is $0.41 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 68 points higher.

 

Mike

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Grains and beans were slightly lower in overnight trading with corn off by a penny and soybeans losing about 3 cents. Wheat also lost about 3 cents overnight. There's a big storm tracking east into South Dakota and Nebraska from Wyoming this morning, which could dump as much as a foot of snow. Travel, obviously, isn't advised in the Black Hills. Sonny Perdue is the first (and only) Trump nominee to receive and endorsement from his predecessor after Tom Vilsack gave him a glowing review. 


Here's what happened overnight:

 

Brent Crude Oil = 0.9% higher.  

West Texas Intermediate Crude Oil = 1% higher.

Dollar = up 0.4%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks rise following oil higher.  

Veteran Advisor
Posts: 899
Registered: ‎05-20-2010
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Re: Floor Talk February 1

Vilsack's endorsement is probably the biggest red flag of all. Smiley Wink

Honored Advisor
Posts: 6,700
Registered: ‎07-18-2011
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Re: Floor Talk February 1

Nice little run up in beans ........what is the trigger?....  New crop was in the lead for that 45 minute rally.

 

 

Advisor
Posts: 413
Registered: ‎08-31-2012
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Re: Floor Talk February 1

Somebody probably noticed the 224,407 metric tons of soybeans

loaded out of the Gulf for the Netherlands on the list that Hobby

posted yesterday.  Caught them by surprise!!Smiley Surprised

Who uses all them beans in the Nether-lands??

 

Honored Advisor
Posts: 5,118
Registered: ‎01-10-2012
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Re: Floor Talk February 1

Would sure make a lot of pork for those little cans of imported Danish hams.

Highlighted
Honored Advisor
Posts: 5,118
Registered: ‎01-10-2012
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Re: Floor Talk February 1

Have to wonder how many of those beans might make their way on inland to other countries.