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Community Manager
marketeye
Posts: 3,180
Registered: ‎05-03-2010
0

Floor Talk February 22

[ Edited ]

At the close:

The March futures corn contract settled 1 cent lower at $6.90. The March soybean futures contract finished 28 cents lower at $14.59 March wheat futures finished 6 cents lower at $7.15 per bushel. The March soyoil futures contract ended $0.96 lower at $50.35. The March soymeal futures settled $10.40per short ton lower at $426.90


In the outside markets, the NYMEX crude oil is $0.32 per barrel higher, the dollar is higher and the Dow Jones Industrials are 88 points higher.

 

 

Mike

---------

 

At mid-session:

The March futures corn contract is trading 1 cent higher at $6.92. The March soybean futures contract is trading unchanged at $14.87. March wheat futures are trading 1 cent higher at $7.22per bushel. The March soyoil futures contract is trading $0.79 lower at $50.52. The March soymeal futures settled $3.20per short ton higher at $440.50


In the outside markets, the NYMEX crude oil is $0.10 per barre lower, the dollar is higher and the Dow Jones Industrials are 72points higher.

 

Mike

----------

At 11:15am:

 

News:  The Brazilian port strike has been suspeded! And, I notice that soybeans have fallen into negative territory. Any relation, you think?

 

 

Mike

------

At the open:

The March futures corn contract opened 3 cents higher at $6.94. The March soybean futures contract opened 13 cents higher at $15.01. March wheat futures opened 3 cents higher at $7.24 per bushel. The March soyoil futures contract opened $0.09 lower at $51.22. The March soymeal futures are trading $5.80 per short ton higher at $443.10


In the outside markets, the NYMEX crude oil is $0.01 per barre higher, the dollar is higher and the Dow Jones Industrials are 47 points higher.

 

Mike

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

At 8:00am:

 

Hold onto your hats cowboys!

 

--USDA announces Friday that China bought 410,000 tons of U.S. soybeans. This is separate from today's weekly export sales

 

WOW!!

 

Mike

--------

At 7:30am:

USDA releases bearish soybean, bullish corn Weekly Export Sales Report:

 

Corn= 381,900 metric tons vs. the trade's expectations of 100-300,000 metric tons.

Soybeans=  58,500 mt vs. the trade's expectations of 500-900,000 metric tons

Wheat=  755,900 mt vs. the trade's expectations of 350-600,000 metric tons.

It almost seems like the corn and soybean numbers got switched around, doesn't it?

 

------

USDA's Ag Outlook Balance Sheet

 

U.S. Corn Supply/Demand (mln bu)
               USDA USDA USDA    USDA

                 10/11    11/12    12/13    13/14
Planted      88.2      91.9     97.2       96.5

Harvested  81.4     84.0    87.4       88.8

Yield (bpa) 152.8    147.2    123.4    163.5
Carryin       1708      1128     989      632

 

U.S. Soy Supply/Demand (mln bu)

                  USDA USDA USDA      USDA
                  10/11    11/12    12/13    13/14

Planted      77.4       75.0      77.2      77.5

Harvested 76.6       73.8       76.1      76.6

Yield (bpa)  43.5      41.9      39.6      44.5
Carryin        151       215      169        125

 

Mike

---------

At 6:40am: 

Early calls:  Corn is seen 1-2 cents higher, soybeans 18-20 cents higher, and wheat 3-5 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.21per barrel higher
Dollar=Higher. 
Wall Street=Seen opening higher, after Hewlett-Packard beat and stronger German data was released Friday.

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

 

 

 

More in a minute,

 

 

Mike

Advisor
giolucas
Posts: 1,127
Registered: ‎06-25-2010
0

Re: Floor Talk February 22

[ Edited ]

Mike,

 

A lot of negatives but we still going up, short term for Soybeans.

 

Negatives  Huge planting acres for US anticipated.

                     SA crop expected to be huge 

                     Secastration here

 

Positives:  SA infrastructure slow but eventually they will get crop to customers

                    China still in demand.

Senior Advisor
ECIN
Posts: 2,064
Registered: ‎10-17-2012
0

Re: Floor Talk February 22

gio - I read this morning that China canceled 2 cargos of beans from SA and moved them here = loading problems .

Community Manager
marketeye
Posts: 3,180
Registered: ‎05-03-2010
0

Re: Floor Talk February 22

ECIN,

 

Maybe those cancellations will show up in next week's numbers. But, this morning's soybean export numbers were dismal. I'm surprised.

 

Mike

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

Re: Floor Talk February 22

I heard that the port strikes in Brazil are going into talks today  

Senior Advisor
ECIN
Posts: 2,064
Registered: ‎10-17-2012
0

Re: Floor Talk February 22

highyields --- read the same thing - they were going to strike for 6 hours , but they load with conveyors --SO it really don't take alot of labor .

Veteran Contributor
vandenplas
Posts: 144
Registered: ‎07-25-2011
0

Re: Floor Talk February 22

Giolucas--

 

Secastration:  Is that what you do to neuter whales or politicians?

Community Manager
marketeye
Posts: 3,180
Registered: ‎05-03-2010
0

Re: Floor Talk February 22

[ Edited ]

highyields,

 

From my source in Brazil, this morning. I am hearing that all Brazilian ports will remain closed until 1pm today. The ports will not operate Saturday or Sunday. Regular hours will be held on Monday. But, again Tuesday, port dockworkers will strike until 1pm.

 

Why are they striking? The dockworkers are striking against the likely privatization of the ports. They want the government to give up on the measure.

 

And now my source is saying, "There was a court injunction prohibiting this strike. I think these workers are likely to get in trouble."

 

I hope this helps,

 

Mike

Veteran Contributor
viperkev
Posts: 86
Registered: ‎05-14-2010
0

Re: Floor Talk February 22

I wouldn't get too excited about the sale this morning as 350,000 tons was for 2013/2014 crop year. They will cancel those if they get comfortable with the S.A. crop this spring. Only 60,000 for 2012/2013

 

Kevin

 

 

Veteran Contributor
glenlivet18
Posts: 121
Registered: ‎06-17-2011
0

Re: Floor Talk February 22

[ Edited ]

Wait, so are soybeans going limit up or limit down today lol.

 

Actually, and here's a trade that works most of the time, according to historical patterns you're supposed to buy May wheat futures today.  The May contract has taken off nearly $2 since fall, so maybe a rally is in order.  But who knows really.