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Community Manager
marketeye
Posts: 3,179
Registered: ‎05-03-2010
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Floor Talk February 4

[ Edited ]

At the close:

The March futures corn contract settled 1 cent lowerat $7.34. The March soybean futures contract settled 14 cents higher at $14.88. March wheat futures finished 2 cents lower at $7.63 per bushel. The March soyoil futures contract ended $0.12 higher at $53.11. The March soymeal futures settled $6.10 per short ton higher at $434.30. 


In the outside markets, the NYMEX crude oil is $1.68 per barrel lower, the dollar is higher and the Dow Jones Industrials are 104 points lower.

 

Mike

--------

At mid-session:

The March futures corn contract is trading unchanged at $7.36. The March soybean futures contract is trading 17 cents higher at $14.91. March wheat futures are trading 1/2 of a cent higher at $7.65 per bushel. The March soyoil futures contract is trading $0.19 higher at $53.18. The March soymeal futures are trading $7.00 per short ton higher at $435.20. 


In the outside markets, the NYMEX crude oil is $1.37 per barrel lower, the dollar is higher and the Dow Jones Industrials are 116 points lower.

 

One analyst says, "The market is trading weather today, but not all week. It's Monday and traders are pricing in the weather in South America, where the world's first crops of the year are entering key yield development time for corn and beans," he says.
Traders went home Friday lightly long on forecasts that said next week would be dry all over Argentina and southern Brazil, he says.
"They came in Sunday buying heavily as current forecasts confirmed high heat and lack of rain in key areas that have been dry. But, don’t expect the rally to last, as traders won't hold weather 'longs' going into Friday's big USDA Supply/Demand report."

 

Mike

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At the open:

The March futures corn contract is trading 5 cents higher at $7.41. The March soybean futures contract is trading 17 cents higher at $14.85. March wheat futures are trading 7 cents higher at $7.72 per bushel. The March soyoil futures contract is trading $0.52 higher at $53.51. The March soymeal futures are trading $7.00 per short ton higher at $435.20. 


In the outside markets, the NYMEX crude oil is $1.47 per barrel lower, the dollar is higher and the Dow Jones Industrials are 96 points lower.

 

Mike

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At 8am:

--USDA announces Monday that China bought 116,000 tons of U.S. soybeans.

 

Based on that Brazil Update, it looks like the U.S. may get more business from China this month. What say you?

 

Mike

--------

At 6:55am:

--Egypt bought 60,000 mt o f U.S. wheat Monday.

 

Mike

--------

At 6:30am: 

Early calls:  Corn is seen 2-4 cents higher, soybeans 13-15 cents higher, and wheat 5-7 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.94 per barrel lower
Dollar=Higher. 
Wall Street=Seen lower, ahead of factory data for December. Little economic news this week to trade vs. last week.

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

 

 

 

More in a minute,

 

 

Mike

Community Manager
marketeye
Posts: 3,179
Registered: ‎05-03-2010
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Re: Floor Talk February 4

KC wheat futures market moves to Chicago. Here is the latest press release Monday from CME Group:

 

"CME today announced it will transition open outcry trading of Kansas City Board of Trade (KCBT) hard red winter (HRW) wheat futures and options to its Chicago trading floor beginning Monday, July 1, 2013, pending CFTC review. This transition will accelerate efficiencies and trading opportunities for customers trading both the HRW wheat and CBOT Soft Red Winter (SRW) wheat varieties. KCBT wheat futures and options will continue to trade on CME Globex and be listed by and subject to the rules of KCBT.
The last day of open outcry trading on the KCBT floor will be June 28. CME Group will operate an electronic trading center in the former KCBT floor space until the end of September, providing a place for Kansas City-based traders to execute trades on CME Globex," according to the CME Group's press release.

 

Mike

Veteran Advisor
c-x-1
Posts: 3,257
Registered: ‎06-26-2012
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Re: Floor Talk February 4

Mike,

very interesting news from cmegroup is king---I see nothing but positive things arising from this conglomeration in our NEW electronic trading (everything) world

 

c-x-1

Veteran Advisor
Shaggy98
Posts: 4,128
Registered: ‎06-19-2011
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Re: Floor Talk February 4

Which leads me to yet another question.  Why do we even have floor trading today?  Why not go 100% electronic?

Veteran Advisor
c-x-1
Posts: 3,257
Registered: ‎06-26-2012
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Re: Floor Talk February 4

.....in case of a major power failure(s), like in SB last night:smileywink:

 

otherwise i totally agree in a perfect world?

 

c-x-1

Veteran Advisor
Shaggy98
Posts: 4,128
Registered: ‎06-19-2011
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Re: Floor Talk February 4

Well if that was the case, what would happen if a power failure would occur any time other than when the floor was open?  Between 1700 and 0930?

Veteran Advisor
c-x-1
Posts: 3,257
Registered: ‎06-26-2012
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Re: Floor Talk February 4

[ Edited ]

i was kinda of-the-cuff joking w/ perhaps with a shred of substance... think it is eventually going 100% elec - hopefully, they'd have enough backup generators, at that time! 

 

my guess otherwise, Shaggy - that it would be like the OLDEN days (back in the 80's) when we all just had to wait for THE OPEN.

Community Manager
marketeye
Posts: 3,179
Registered: ‎05-03-2010
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Re: Floor Talk February 4

[ Edited ]

Shaggy98,

 

Interestingly enough, just before I arrived on the floor of the Chicago Board of Trade  one day, the wires that connect the price boards caught on fire, behind the walls. Obviously, this knocked out half of the wall boards. The traders had to go back to writing the prices on a chalk board. They had to keep erasing prices and posting new ones to keep up. This got really old. But, the wires were fixed after a day or so. 

 

If there are any traders following this thread, maybe they can chime in here. But, that was my recollection of the incident.

 

So, power outages do happen. On the flipside, the CME Group's Globex platform went haywire one day and the market was thrown out of joint. And, this past weekend, I attended a high school wrestling tournament where all of the bracket information was being kept electronically, (Trackwrestling.com) I think. And, it went on the blink. Guess what? Wrestling was stopped for about 30 minutes because of it. No backup paper brackets, like we used to have. So, "you betcha" Sarah, when da power goes, so goes momentum.

 

Mike

 

Mike

Veteran Advisor
Shaggy98
Posts: 4,128
Registered: ‎06-19-2011
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Re: Floor Talk February 4

Thanks Mike

Veteran Advisor
c-x-1
Posts: 3,257
Registered: ‎06-26-2012
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Re: Floor Talk February 4

Mike,

 

that's the sol'n then: 100% elec. with blackboards, chalk and erasers on standby in the cme bldg. around the clock clerks to receive LAND line calls-----------------------------

 

c-x-1