02-14-2013 06:41 AM - edited 02-14-2013 03:53 PM
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.
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.
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.
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
Early calls: Corn is seen steady, soybeans 3-5 cents lower, and wheat 1-2 cents higher.
Overnight grain, soybean markets=Trading mixed.
Crude Oil=$0.08 per barrel lower.
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,
02-14-2013 07:38 AM
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
02-14-2013 07:48 AM - edited 02-14-2013 08:03 AM
$7.95 a bushel average.
02-14-2013 08:33 AM - edited 02-14-2013 09:02 AM
02-14-2013 09:23 AM
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 .
02-14-2013 09:34 AM
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