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Community Manager
marketeye
Posts: 3,097
Registered: ‎05-03-2010
0

Floor Talk January 2

[ Edited ]

At the close:

The March corn futures contract settled 1 1/2 cents lower at $4.20. The March soybean futures contract finished 22 cents lower at $12.70. March wheat futures finished 8 cents lower at $5.97 per bushel. The March soymeal futures contract closed $10.70 per short ton lower at $406.30. The March soyoil futures settled $0.33 lower at $38.80.
In the outside markets, the NYMEX crude oil is $2.52 per barrel lower, the dollar is higher and the Dow Jones Industrials are 134 points lower.

 

Mike

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At mid-session:

The March corn futures contract is trading 1 1/2 cents higher at $4.23. The March soybean futures contract is trading 18 cents lower at $12.76. March wheat futures are 8cents lower at $5.97 per bushel. The March soymeal futures contract is trading $8.90 per short ton lower at $408.10. The March soyoil futures are trading $0.21 lower at $38.92.
In the outside markets, the NYMEX crude oil is $1.92 per barrel lower, the dollar is higher and the Dow Jones Industrials are 125 points lower.

 

Mike

-------

At 10am:

The March corn futures contract is trading 2 3/4 cents higher at $4.24. The March soybean futures contract is trading 16 cents lower at $12.76. March wheat futures are 5 3/4cents lower at $5.99 per bushel. The March soymeal futures contract is trading $7.80 per short ton lower at $409.20. The March soyoil futures are trading $0.06 lower at $39.07.
In the outside markets, the NYMEX crude oil is $2.03 per barrel higher, the dollar is higher and the Dow Jones Industrials are 96 points lower.

 

Dustin Johnson, eHedger Inc. analyst, weighs in with these thoughts on today's markets: "For a long time, soybeans have been strong while corn has been weak due to intra-commodity spreading.  We believe this is a reversal of that spread to start positioning for 2014.  South American production is expected to replenish world soybean supply with a record crop, this is the main fundamental reason for the shift in long term intra-commodity spreads.

We also have to consider the strength in the US Dollar index as a bearish factor for soybean exports," Johnson says
.

 

 Meanwhile, Pete Meyer, a New Jersey-based agribusiness consultant and publisher of farm commodity newsletter Opening Print, says the market is digesting index rebalancing.

"Meal is leading beans lower.  While South American weather has indeed moderated, the drop in DDG prices, as a result of Chinese rejections, has weighed on the meal market and in turn forced bean prices lower.  Meal is down over $25.00 from the highs on Tuesday.  The corn market is being held up by the short Non-Commercial position and the Index rebalancing in my opinion.  The Indexers must buy approximately 120K corn futures contracts between the 5th and 9th trading day of January.  With the WASDE/Crop Production/Quarterly Stocks reports all scheduled to be released on the 7th trading day of the month, there’s very little interest in selling any more corn from the speculative community before Friday the 10th.  I see beans continuing to display a weak-ish tone going into the reports while corn should stabilize, but not travel too far from $4.25."

 

Mike

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At the open:

The March corn futures contract is trading unchanged at $4.24. The March soybean futures contract is trading 5 1/4 cents lower at $12.87. March wheat futures are 1 cent lower at $6.03 per bushel. The March soymeal futures contract is trading $2.70 per short ton lower at $414.30. The March soyoil futures are trading $0.15 lower at $38.98.
In the outside markets, the NYMEX Brent crude oil is $0.11 per barrel higher, the dollar is higher and the Dow Jones Industrials are 52 points lower.

 

Mike

----------

At 7:15am:

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

Trackers:
Overnight grain, soybean markets= Did not trade overnight.
Brent Crude Oil=$0.11 per barrel higher.
Dollar=Higher.

Wall Street=Seen lower.

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

 


More in a minute,

 

Mike

Veteran Contributor
redrotor
Posts: 68
Registered: ‎05-26-2010
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Re: Floor Talk January 2

What time do markets open?

Community Manager
marketeye
Posts: 3,097
Registered: ‎05-03-2010
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Re: Floor Talk January 2

8:30am CT
Veteran Advisor
roarintiger1
Posts: 1,550
Registered: ‎04-29-2011
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Re: Floor Talk January 2

[ Edited ]

This Syngenta thing has cost farmers millions of dollars in the corn market.  Now, with the DDG thing it's lowering the bean meal and in turn, the soybean market.  Syngenta has cost the American farmer millions.

Will this issue be resolved?  Yes........eventually.  But in the meantime, their products are no longer welcome on my farm.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Senior Contributor
Pat in CMO
Posts: 157
Registered: ‎05-13-2010
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Re: Floor Talk January 2

Syngenta did nothing different than any other company has done when introducing new traits. China has just drug their feet on approval. This works to their advantage in marketing. Plus there is basically nothing we can do about it because they own too much US debt.  Patrick

Veteran Advisor
jennys_mn
Posts: 1,268
Registered: ‎07-19-2010

Re: Floor Talk January 2

Syngenta is getting beat up right now, no doubt about it.  But it's nothing compared to what could happen to them from the chemical front.  If you guys aren't up on it, do some reading about thiamethoxam, Imidacloprid, and neonicotinoids.  They are the class of chemicals that most of you are aware of the trade name - Cruiser, and it counterpart at Bayer, Gaucho, are being implicated in bee Colony Collapse Disorder.  

 

Maybe the Chinese have a right to be worried.  I've never considered myself to be a tree hugger, but I do have to wonder about the long term aspects of many of the things that we do in modern agriculture.  Products are put on the market in record time.   Is there anybody really watching the shop to see what the long term effect of all these chemicals - and for that matter - the bioengineering of our plants - is going to do to us in the long run?  I for one, am becoming more and more concerned as to who has control of the rudder of our ship.  

 

Jen

Senior Advisor
ECIN
Posts: 2,005
Registered: ‎10-17-2012

Re: Floor Talk January 2

Boy - ome good posts on here -- RT-1 -- Pat --- Even Jenny ! :smileywink::smileyvery-happy:   Your ALL right - In my book anyway .

 

This really all started with WHO ever brought the corn to ship - They knew DAM well that it was NOT approved in China when they loaded the boats - Heres the deal - somebody was trying to make a boat load of money - like buying corn over here with a big negative basis and ship it - no matter what was in it - then there is a problem with the elevators that sold it to them - they also knew - but the chance of making a killing was to great - why would they give a chit ? They got there money -

 

China - As I would see it will NOT - for a while - approve it ? Why ?? It's a ace in the hole for them .

 

How about Syngenta - Still the same deal - its all  about big money - I have no use for syngenta - got into to a BIG pizzing match with there rep. On a complete chemical failure 10 years ago - Get this - It was a guaranteed --yes a guaranteed program - rep stopped by to see what we should do - I knew him for years - even went to college with him - Said dang Ken tou have a mess --I will not post my reply to him here - Told me what I needed to spray - The fert plant manager said - so you will pick up the cost with thoughts products - Syngenta rep said -- oh no there not there ( his ) products - I told him some very bad words and to never stop by again - or here would have a hard time walking around with a size 11 redwing - high top - steel toed boot in his azz -

 

Sorry here for the rant - but blame Rt 1 PAt and Jenny

 

Now on to the insecticides ! Boy them guys take the cake - if you want more info . on the bee deal look up on the chat'n'chew  cafe on a artical from Christian Krupke on this subject - it was one of the most interesting Articals  I have read - heck I was in the first class to hear it first hand - even with his finding the chemical companies -- NOW say -- we ( the farmers ) need better training - better training huh ??? Boy I sure could go on a bad word rant on them - Sorry . We need better training - to help control the dust with THERE products that can kill off target bugs , Boy I love the shift of blame on that one - Makes US look like the bad guys here ! as untrained - GIVE ME A BREAK

 

Heres the bottom line - we are on the bottom of the chain here - they are in for the big bucks to pay a CEO 50 mill. a year - plus bonus's AND so many hours on the corp. jet . Do what you have to do - They don't worry about what will happen when something happen's like the MR162 corn deal , The second bottom line ??? THERE ALL SNAKES 

 

Theres plenty of blame to be spread - but the only losers are us - the farmer - Not bad odds - huh

 

Senior Contributor
jput
Posts: 1,108
Registered: ‎02-05-2013
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Re: Floor Talk January 2

If the ChiComs don't want Syngenta corn,  then surely they should be willing to pay a premium for those bins of non-Syngenta corn that many farmers have on their farms right now??????

 

Pay a premium for identity preserved non-Syngenta corn and there's a lot of farmers who will open the bins.    Oh dang,  this is really about China playing games,  not about some not-quite approved traits.

 

 

Veteran Contributor
unlgrad
Posts: 92
Registered: ‎06-08-2010
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Re: Floor Talk January 2

The vac planters create the dust that moves off target.  They have known this for years, dust from finger pickup is minute compared to vacuum planters.  So, we the farmer could be part of the problem. If bees would disappear, then we will have food issues in the world, worse than we do now..

Veteran Advisor
Shaggy98
Posts: 3,886
Registered: ‎06-19-2011
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Re: Floor Talk January 2

Crop residue is another determinant for dust.  My vacuum planter created large quantities of dust when I was conventional tilling, now that I am 100% no-till that same planter creates very little dust.