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Community Manager
marketeye
Posts: 3,188
Registered: ‎05-03-2010
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Floor Talk February 14

[ Edited ]

At the close:

The March futures corn contract settled 1 cent lower at $6.94. The March soybean futures contract finished 5 cents lower at $14.18. March wheat futures ended 3 cents lower at $7.32 per bushel. The March soyoil futures contract closed $0.04 higher at $51.70. The March soymeal futures are trading $3.10 per short ton lower at $405.00


In the outside markets, the NYMEX crude oil is $0.33 per barrel higher, the dollar is higher and the Dow Jones Industrials are 9 points lower.

 

One trader says, "Ever since the markets broke through every support level and moving average, they have not looked back.
"This is especially true in soybeans, which were overbought anyway on South American weather fears. Corn was down for the 10th day in a row. It had not been down 9 days in a row since 1980. So how long has it been since 10 straight down days? Wow. The markets just feel heavy."

No spark to the upside at all, he says.
"Once the wheat/corn (buy wheat/sell corn spread) corrected, corn seems to have had the stuffing knocked out of it. Weather looking better in South America and better here for wheat," he says.

 

Mike

--------

At mid-session:

The March futures corn contract is trading 3 cents lower at $6.92. The March soybean futures contract is trading 9 cents lower at $14.13. March wheat futures are trading 9 cents lower at $7.26 per bushel. The March soyoil futures contract is trading $0.03 lower at $51.63. The March soymeal futures are trading $3.10 per short ton lower at $405.00


In the outside markets, the NYMEX crude oil is $0.46 per barrel higher, the dollar is higher and the Dow Jones Industrials are 14points lower.

 

Mike

-----------

At the open:

The March futures corn contract is trading 2 cents lower at $6.96. The March soybean futures contract is trading 11 cents lower at $14.11. March wheat futures are trading 5 cents lower at $7.29 per bushel. The March soyoil futures contract is trading $0.04 lower at $51.62. The March soymeal futures are trading $4.60 per short ton lower at $403.50


In the outside markets, the NYMEX crude oil is $0.50 per barrel higher, the dollar is higher and the Dow Jones Industrials are 7 points lower.

 

Mike

-----------

At 7:35am:

USDA releases friendly weekly wheat sales, neutral corn and bearish soybean data:

 

Corn= 284,700 mt vs. the trade's expectations of 150,000-325,000 metric tons.
Wheat= 706,300 mt  vs. the trade's thoughts of  225,000-375,000 mt
Soybeans= 135,800 mt   vs. the trade's expectations of 700,000-1,100,000 mt

 

Mike

----------

At 6:35am: 

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

 

Trackers:
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.08 per barrel lower
Dollar=Higher. 
Wall Street=Seen lower, as the market awaits the U.S. Jobless Claims report. Fewer Americans are expected to have filled out first time jobless claims last week. G20 finance ministers meet over the weekend.

World=Asia/Pacific stocks were mostly higher and Europe's stocks were higher.

 

 

 

More in a minute,

 

 

Mike

Veteran Advisor
c-x-1
Posts: 3,259
Registered: ‎06-26-2012
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Re: Floor Talk February 14

[ Edited ]

Mike, everyone,

Happy Valentine's Day - prickly style - from Tx...

 

Cactus-zoom.jpg 

Senior Advisor
ECIN
Posts: 2,071
Registered: ‎10-17-2012
0

Re: Floor Talk February 14

Well it seems the hit's just keep on coming ! Our little buddies from South Korea brought another 108,000 ton's  from S.A .

 

Concern was price and quality !  This is not the first time i have read this reason , But quaity ? Wonder if the Corn growers Ass. really screwed us getting the EPA to let them blend affy corn ?

 

40,000 at 311.29 a ton

50,000 at 309.82  ton

18,000 -- unknown a 102 cent's over CN3

 

 

 

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
0

Re: Floor Talk February 14

at least we are selling some corn.  

Esteemed Advisor
Hobbyfarmer
Posts: 4,044
Registered: ‎01-10-2012
0

Re: Floor Talk February 14

[ Edited ]

$7.95 a bushel average.

 

 

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."
Esteemed Advisor
Hobbyfarmer
Posts: 4,044
Registered: ‎01-10-2012
0

Re: Floor Talk February 14

[ Edited ]

:smileysad:

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."
Veteran Contributor
glenlivet18
Posts: 125
Registered: ‎06-17-2011

Re: Floor Talk February 14

Can we keep things focused on market-related issues?  This is not facebook. 

Advisor
giolucas
Posts: 1,136
Registered: ‎06-25-2010
0

Re: Floor Talk February 14

China on vacation for new years holiday. Watch sales next week.
Senior Advisor
ECIN
Posts: 2,071
Registered: ‎10-17-2012
0

Re: Floor Talk February 14

Good point gio .

 

A few numbers for ya .

 

With the decline in corn price -- spot ethanol margin is at plus .37 cents vs. . 09 the week before .

 

feb. 8 production was at 789 vs. 774 the week befoe .

 

Average grind rate is at 4550 vs 4500 USDA

 

And most use 2.75  bpg ethanol , but some say that 2.8 is more realistic and if you use that number, then you could add another .10 to 15 cents to the margin .

 

Domestic use has been the driver so far , if these plants can turn a 45 cent profit , any bets they will start cranking out the ethanol ?  as in big time .

Senior Advisor
ECIN
Posts: 2,071
Registered: ‎10-17-2012
0

Re: Floor Talk February 14

Sorry  here , But gio -- I tried to send you some info the other day on a PM and  it has 2 gio's listed ?? Is there 2 of you ??? Heaven forbid ! Which one do I use OR are they the same ?

 

Thanks , and now back  to your regular programing -- FLOOR TALK