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Community Manager
marketeye
Posts: 3,188
Registered: ‎05-03-2010
0

Floor Talk February 5

[ Edited ]

At the close:

The March corn futures contract settled 1 1/2 cents higher at $4.43. The March soybean futures contract finished 3 cents higher at $13.16. March wheat futures finished 3 cents higher at $5.87 per bushel. The March soymeal futures contract closed $5.00 per short ton lower at $442.00. The March soyoil futures finished $0.52 higher at $38.23.
In the outside markets, the NYMEX crude oil is $0.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are 6 points lower.

 

Mike

-------

At 11:30am:

Less ethanol is being made, according to the Energy Information Agency's weekly report.

According to EIA data, ethanol production averaged 895,000 barrels per day (b/d)—or 37.59 million gallons daily. That is down 5,000 b/d from the week before. The four-week average for ethanol production stood at 892,000 b/d for an annualized rate of 13.67 billion gallons.
Stocks of ethanol stood at 16.7 million barrels. That is a 1.1% decrease from last week.
 
Mike
--------

At mid-session:

The March corn futures contract is trading 1 1/2 cents lower at $4.40. The March soybean futures contract is trading 2 cents lower at $13.11. March wheat futures are unchanged at $5.84 per bushel. The March soymeal futures contract is trading $6.60 per short ton lower at $440.40. The March soyoil futures are trading $0.46 higher at $38.17.
In the outside markets, the Brent crude oil is $0.06 per barrel lower, the dollar is lower and the Dow Jones Industrials are 11 points higher.

 

One analyst describes today's markets like this: "There’s really a vacuum of any usable news at the moment.  The corn market seems to have found both buyers and sellers around the $4.40 level while the soybean market appears willing to take its cue from the money flow.  Concerns over Chinese cancellations seem to have abated though tomorrow’s export sales report may offer some additional information.  In wheat, the state condition reports scared more than a few of the shorts out yesterday, a trend that seems to be continuing today."

 

Mike

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At the open:

The March corn futures contract is trading 1/2 of a cent lower at $4.41. The March soybean futures contract is trading 1 3/4 cents lower at $13.11. March wheat futures are 4 1/2 cents lower at $5.80 per bushel. The March soymeal futures contract is trading $3.80 per short ton lower at $443.20. The March soyoil futures are trading $0.09 higher at $37.80.
In the outside markets, the Brent crude oil is $0.20 per barrel higher, the dollar is unchanged and the Dow Jones Industrials are 4 points lower.

 

Mike

---------

At 8am:

--USDA announced Wednesday that 236,728 tons of U.S. corn was sold  to an 'unknown' buyer.

 

Mike

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Well, if shoveling snow (for the 20th time) doesn't make you irate, try this piece suggesting corn trading with a 2 in front of it in 2015:

 

Here's the link: http://www.agriculture.com/news/crops/say-it-aint-so-200-cn-in-2015_2-ar41656

 

Mike

---------

At 7:30am:

Early calls: Corn is seen 1-2 cents lower, soybeans 4-6 cents lower, and wheat 2-4 cents lower.

Trackers:
Overnight grain, soybean markets=Trading lower.

Crude Oil=$0.20 per barrel higher.
Dollar=Lower.

Wall Street=Seen lower.

World Markets=Asia/Pacific stocks were mixed-to-lower, Europe stocks mostly lower.

 


More in a minute,

 

Mike

Advisor
425Cat
Posts: 1,663
Registered: ‎05-14-2010
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Re: Floor Talk February 5

Lot of ifs there in that article. IF I Step out in front of a bus I will probably get run over. If I drink diesel fuel I will probably get sick.
Esteemed Advisor
sw363535
Posts: 4,677
Registered: ‎07-18-2011
0

Re: Floor Talk February 5

Mike that article is a lot of -------------- "what if's" ---------------- I could write something as clever as that.  :smileyhappy:   And I did notice that came out of U. of Tennessee.  

 

By the end of it I was sure I could hear Randy Newman in the distance (sort of) singing "Lets drop the big one and see what happens."

sw
Esteemed Advisor
sw363535
Posts: 4,677
Registered: ‎07-18-2011
0

Re: Floor Talk February 5

Your quicker this morning 425cat.  :smileyhappy:

sw
Veteran Advisor
jennys_mn
Posts: 1,475
Registered: ‎07-19-2010

Re: Floor Talk February 5

"Say it ain't so Joe"  -  What a bunch of crap we have to digest this morning.   I suppose we could plant the whole country in just corn and get the price down to - well I guess we would have to just give it away.  Maybe farmers will wake up, and say "Maybe we'll reduce our acres across the board on all commodities and make more by making a shortage, like other companies do, and WE can set OUR price for what WE want."  There - now you've got $7.00 corn again.  See - I can do that too.

 

Jen

Veteran Contributor
aaron-neill
Posts: 67
Registered: ‎05-17-2010

Re: Floor Talk February 5

For having a BS and PHD he's not very smart because he sure doesn't understand economics!  Farmers just simply don't plant for a loss at least not here.  Lenders have to have some sort of assurances on paper with a plan.  Corn prices below $4 would reduce plantings severly here and globally to cause shortages.  Low corn prices are the worst thing that could happen to ethanol.

@cfarms76
Veteran Contributor
farmerinontaro
Posts: 87
Registered: ‎11-15-2012
0

Re: Floor Talk February 5

Stopped reading after suppose... suppose... suppose...

 

It is a bearish puff piece, trying to "plant" fear.

 

I could write the exact opposite bullish puff piece with suppose... suppose... suppose... and it would be just as valid, looking at today's date!

 

 

Esteemed Advisor
sw363535
Posts: 4,677
Registered: ‎07-18-2011
0

Re: Floor Talk February 5

Tabloid Journalism from those who publish it ???????   just saying..........  You don't suppose...............  circulation needs a boost..............

 

Let me write the fair and balanced ...........   but then that would still be .......... Tabloid Journalism.      ???????????????????

sw
Veteran Contributor
Doug N
Posts: 111
Registered: ‎09-22-2011
0

Re: Floor Talk February 5

Why does everyone have such a big problem with someone making a case for a scenario that could happen?  I wonder if anyone would have been up in arms if a story that made the case for $6 corn had been written?  What does it hurt to examine a situation that probably won't come to pass but should at least be on our radar?  And it doesn't have to be $2 corn, $3 - $3.50 corn with the basis we have in my area will put a lot of people on thin ice.

Community Manager
marketeye
Posts: 3,188
Registered: ‎05-03-2010
0

Re: Floor Talk February 5

425Cat,

 

This is what I wrote to the person that alerted me about the story:

Ray offers a lot of "ifs". It would have to be a perfect storm to go to the $2.00 range. Personally, I think the rest of the world that is trying to plant corn will find that they are just not as good at it as the U.S. is and will stick with their locally favored crops. I think the ADM guy, during a talk a few years agoin Chicago is right. He said: In the future, the bulk of the beans will be grown in South America, wheat in Europe and corn in the U.S.

 

Mike