Reply
Highlighted
Frequent Contributor
Posts: 349
Registered: ‎09-09-2014
0

Floor Talk February 14

[ Edited ]

At the close:

At the close, the March corn futures settled 1 1/4¢ lower at $3.74 1/4, and new crop December 2017 futures finished unchanged at 3.99 per bushel. March soybean futures closed 9 1/4¢ lower at $10.45, while November 2017 soybean futures settled 4 1/4¢ lower at $10.23. March wheat futures closed 2 3/4¢ lower at $4.49 1/2. March soy meal futures settled $3.70 short ton lower at $339.50. March soy oil futures closed $0.03 lower at 34.14¢ 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 67 points higher.

 

Mike North, President Commodity Risk Management Group, says that while the story about Mexico is certainly a watchpoint, it has not gained any immediate traction in the market.  “Prices weakened on news of a coming interest rate hike, ongoing thoughts of growing soybean acreage/supplies, and technical breakdown in the soybean charts that continued yesterdays sell-off,” North says. 
North adds, “With prices returning to the near term, February trend line, all eyes will be watching the current wedge formation that invites a breakout (with the current bias suggesting lower).”

 

Jason Roose, U.S. Commodities grain analyst, says that the grain markets remained on the defensive.
“With profit taking in all grains taking a break from the surge in open interest, improving weather in South America,increased producer selling and the strong dollar had grain buyers starting to look at more competitive world markets,” Roose says .

 

Mike

----------

At mid-session:

At mid-session, the March corn futures are 1 3/4¢ lower at $3.73 3/4, and new crop December 2017 futures are 1/2¢ lower at 3.99 per bushel. March soybean futures are 8 1/4¢ lower at $10.46, while November 2017 soybean futures are 5 1/4¢ lower at $10.22. March wheat futures are 3¢ lower at $4.49. March soy meal futures are $3.20 short ton lower at $340.00. March soy oil futures are $0.03 lower at 34.14¢ per pound.  In the outside markets, the Brent crude oil market is $0.24 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 45 points higher.

 

Mike

----------

At 9am:

In early trading, the March corn futures are 1¢ lower at $3.74, and new crop December 2017 futures are unchanged at $3.99 per bushel. March soybean futures are 3 1/4¢ lower at $10.51, while November 2017 soybean futures are 2 1/2¢ lower at $10.24. March wheat futures are 2 3/4¢ lower at $4.50. March soy meal futures are $1.40 short ton lower at $341.80. March soy oil futures are unchanged at 34.17¢ per pound.  In the outside markets, the Brent crude oil market is $0.62 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 18 points lower.

 

Mike

------------

Soybeans and grains were lower overnight partially on South American weather and partially on the threat from the Mexican senator to propose a bill ending U.S. corn imports. Beans lost about 6 cents and corn was down 2 cents. Wheat decilned 2 cents in overnight trading. A Mexican senator said the country, now the biggest importer of U.S. corn, should stop importing in retaliation for new immigration policies. The likelihood that anything will pass is extremely slim, and the same senator last year proposed re-evaluating all of Mexico's treaties with the U.S. 


Here's what happened overnight:

 

Brent Crude Oil = 1% higher.

West Texas Intermediate Crude Oil = 0.9% higher. 

Dollar = down 0.2%.

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

World Markets = Global stocks higher ahead of Yellen speech.