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Floor Talk February 6

[ Edited ]

At the close:

At the close, the March corn futures settled 1 1/2¢ lower at $3.63 3/4, and new crop December 2017 futures finished 3/4¢ lower at $3.92 per bushel. March soybean futures finished 9¢ higher at $10.36, while November 2017 soybean futures ended 7 1/4¢ higher at $10.17. March wheat futures finished 7 3/4¢ lower at $4.22 1/2. March soy meal futures closed $1.20 short ton higher at $332.80. March soy oil futures closed $0.58 higher at 34.44¢ per pound.  In the outside markets, the Brent crude oil market is $0.77 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 30 points lower.

 

DeAnne Hawthorne-Lahre, StatFutures co-founder and trader, says that the crop-weather in South America could be supportive.
“The soybean strength is most certainly from rains in Argentina and Brazil that could possibly become a problem. Plus, the U.S. export buying continues to be strong. Markets are flatlined, and waiting for some guidance from WASDE, but most of the traders are waiting for the USDA Acreage report at the end of March,” she says.

 

Mike

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At 1pm:

FYI:

The Economic Research Service (ERS) releases farm income statement and balance sheet estimates and forecasts Tuesday at 12 EST.

The ERS releases these reports three times a year, including February, August and November. These core statistical indicators provide guidance to policy makers, lenders, commodity organizations, farmers, and others interested in the financial status of the farm economy.

During the webinar, ERS Economist Jeffrey Hopkins will present and discuss the February forecast for 2017. https://cc.readytalk.com/r/libhfk9dgtpx&eom

 

Mike

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At mid-session:

At mid-session, the March corn futures are 1 3/4¢ lower at $3.63, and new crop December 2017 futures are 1 3/4¢ higher at $3.91 per bushel. March soybean futures are 8 1/4¢ higher at $10.35, while November 2017 soybean futures are 5 1/2¢ higher at $10.15. March wheat futures are 3¢ lower at $4.27. March soy meal futures are $2.30 short ton higher at $333.90. March soy oil futures are $0.29 higher at 34.15¢ per pound.  In the outside markets, the Brent crude oil market is $0.56 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 6 points lower.

 

Mike

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In early trading:

At the open, the March corn futures are 2¢ higher at $3.67, and new crop December 2017 futures are 1 3/4¢ higher at $3.94 1/2 per bushel. March soybean futures are 10 3/4¢ higher at $10.37, while November 2017 soybean futures are 9¢ higher at $10.18. March wheat futures are 1 1/4¢ higher at $4.31. March soy meal futures are $3.20 short ton higher at $334.80. March soy oil futures are $0.28 higher at 34.14¢ per pound.  In the outside markets, the Brent crude oil market is $0.07 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points lower.

 

Mike

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Soybeans and grains were higher in overnight trading on signs of demand for some products. China is reportedly in the market for soymeal due to the increased tariff on DDGs it imposed last month, and ethanol producers are kicking out the product at a record pace. Beans were up 8 cents and corn gained a penny. Wheat was modestly higher as well. Money managers were less bullish on grains and beans last week. 


Here's what happened overnight:

 

Brent Crude Oil = 0.1% higher.  

West Texas Intermediate Crude Oil = 0.1% higher.

Dollar = up 0.2%.

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

World Markets = Global stocks little changed as well.