Ag Talk | Agriculture.com
Reply
Community Manager
marketeye
Posts: 2,889
Registered: ‎05-03-2010
0

Floor Talk February 15

[ Edited ]

At the close:

The March corn futures settled 6 1/2 cents lower at $6.27. The March soybean contract closed 6 cents higher at $12.61. The March wheat futures settled 9 cents lower at $6.26.  The March soymeal futures closed $2.70 per short ton higher at $332.80. The March soyoil futures ended $0.33 higher at $53.35.
In the outside markets, the NYMEX crude oil is $0.77 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 90 points.

 

Mike

---------


At 12-Noon:

News & Notes:

--FCC ruled Wednesday against a technology company that wanted to expand rural broadband wireless communication. It's interesting to note the reason the plan was killed has to do with interference to GPS systems on farm equipment. I started a thread on this in Machinery Talk.

 

Mike

---------

At mid-session:

The March corn futures trade 1 cent lower at $6.32 1/2. The March soybean contract is trading 7 1/4 cents higher at $12.62 1/4. The March wheat futures are trading 1 1/4 cents lower at $6.33 3/4.  The March soymeal futures are trading $2.20 per short ton higher at $332.40. The March soyoil futures are trading $0.31 higher at $53.33.
In the outside markets, the NYMEX crude oil is $1.04 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 19 points.

 

One analyst says the market is digesting the talk of China's growing interest for U.S. soybeans. "The talk is that China will announce purchases of about 11 million tons.  Pretty quiet day today with the EU mess still on and everyone waiting for China.  I have seen some advisory services trying to sell this rally in beans on a buy the rumor and sell the fact deal, but we will see.  Hearing more weather problems with dry south and wet north in Brazil and lower and lower crop estimates, now down to maybe 67 from one guy," he says.

 

Mike

--------

 At the open:

The March corn futures trade 1 1/2 cents higher at $6.35. The March soybean contract is trading 9 1/2 cents higher at $12.64. The March wheat futures are trading 4 cents higher at $6.39 1/2.  The March soymeal futures are trading $3.30 per short ton higher at $333.40. The March soyoil futures are trading $0.33 higher at $53.39.
In the outside markets, the NYMEX crude oil is $0.69 per barrel higher, the dollar is higher and the Dow Jones Industrials are down 25 points.

 

Mike

----------

At 8:10am:

USDA announces Wednesday that China bought 116,000 mt of U.S. soybeans for 2011-12 delivery.

 

Mike

----------

At 7:50am:

There's more China talk this morning. The trade believes China representatives, while visiting the U.S. this week, will agree to seek 10-12 mmts of U.S. soybeans in the 2012/13 crop year. Keep in mind that this agreement is not like a signed purchase. However, it does show China's key interest in U.S. new-crop soybeans. The market would take that as a bullish sign to trade.

 

Mike

-------

At 6:30am:

Early calls: Corn 2-4 cents higher, soybeans 8-10 cents higher, and wheat 3-5 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$1.07 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading higher. 

World Markets=Higher.

 

 

 

More in a minute,

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,425
Registered: ‎04-29-2011
0

Re: Floor Talk February 15

10-12 mmts?   How much did they purchase in 2011?

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Senior Contributor
giolucas
Posts: 1,053
Registered: ‎06-25-2010
0

Re: Floor Talk February 15

[ Edited ]

Any news on South America weather or is that not a major factor anymore?? Also, I don't understand, why Greece would accept the EU demands.  We know that the principle reason for the Greece's bailout is to save the French and German banks, that loaned a crap load of money to Greece. 

Senior Advisor
Hobbyfarmer
Posts: 3,303
Registered: ‎01-10-2012
0

Re: Floor Talk February 15

The Ukrainian Ag. Ministry slightly increased the acreage that might need to be reseeded to 2.5-3.0 mln. hectares.  They had planned to seed 10 mln. last fall, but dry soils keep plantings to 8.5 mln.  They didn't offer any insight into recent cold losses, but implied most of the winter barley and rapeseed may have been killed.  Their Feb. 1 grain stocks were 23.6 mmt., 66% more than last year.  The latest forecast have the extreme cold coming to an end, with temps getting back to normal/above normal levels.

   Southern Brazil looks to remain warm, dry over the next 5-7 days.  Early next week is the next best time for rain.  Scattered showers continue in the north, slowing harvest, but Mato Grosso harvest could reach 30% by week's end; it's 24% now.  Corn planting is 42% complete.  Only scattered showers will be in Argentina the next few days with better rain chances coming again this weekend.  Generally good weather is expected to continue in our Southern Plains.  Cool weather is expected to continue in India which should benefit their wheat crop.

   Australia raised their wheat forecast again to a new record 29.5 mmt.; 1.2 mmt. higher than the prior forecast.  The higher output is expected to raise the supply of feed wheat they will be able to export.

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."