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Community Manager
marketeye
Posts: 3,188
Registered: ‎05-03-2010
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Floor Talk January 24

[ Edited ]

At the close:

The March futures corn contract settled 3 cents higher at $7.24. The March soybean futures contract ended 1 cent lower at $14.35. March wheat futures settled 6 cents lower at $7.68 per bushel. The March soyoil futures contract finished $0.08 higher at $52.11. The March soymeal futures finished $1.80 per short ton lower at $414.70. 


In the outside markets, the NYMEX crude oil is $0.71 per barrel higher, the dollar is lower and the Dow Jones Industrials are 59 points higher.

 

The markets are squarely focused on rain or no rain scenarios in Brazil. On Thursday, I received word from our counterparts with Gazeta do Povo newspaper in Curitiba, Brazil. They are currently traveling throughout the country, reporting on harvest and the continued growing season. Here is the latest from the Crop Expediton Tour:

 

"I don´t have doubt that the harvest will be a record. At this moment,  soybean potential is estimated at 82.27 million metric tons and corn (summer or first crop) at 35.83 million metric tons, according to Crop Expedition (Expedição Safra)."

 

So, from the ground, the crop still looks like a record crop.

 

Mike

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At mid-session:

The March futures corn contract is trading 1 1/4 cents lower at $7.19. The March soybean futures contract is trading 13 cents lower at $14.24. March wheat futures are trading 10 cents lower at $7.64 per bushel. The March soyoil futures contract is trading $0.10 lower at $51.93. The March soymeal futures are trading $6.40 per short ton lower at $410.11. 


In the outside markets, the NYMEX crude oil is $1.04 per barrel higher, the dollar is lower and the Dow Jones Industrials are 48 points higher.

 

Mike

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At the open:

The March futures corn contract is trading 5 cents lower at $7.15. The March soybean futures contract opened 18 cents lower at $14.18. March wheat futures opened 10 cents lower at $7.64 per bushel. The March soyoil futures contract opened $0.42 lower at $51.67. The March soymeal futures opened $7.10 per short ton lower at $409.30. 


In the outside markets, the NYMEX crude oil is $0.71per barrel higher, the dollar is lower and the Dow Jones Industrials are 70 points higher.

 

A wetter forecast for Argentina is trumping the huge export soybean sale to China announced Thursday.

 

Mike

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At 9am:

 

--USDA announces Thursday that China bought a whopping 510,000 tons of U.S. soybeans for 2013-14 delivery.

--USDA announces Thursday that an 'unknown' purchased 113,000 tons of U.S. soybeans for 2013-14.

 

WOW!!! China can sure make some noise when they want to can't they?

 

Mike

-----------

At 7am:

--Russia to sell all Intervention Grain by July, according to the Doew Jones Newswire.

 

Mike

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At 6:55am:

Early calls:  Corn is seen 2-4 cents lower, soybeans 10-12 cents lower, and wheat 2-4cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.20per barrel higher.
Dollar=Lower.
Wall Street=Seen mixed

World=Asia/Pacific stocks are mixed and Europe's stocks are mixed.

 

 

 

More in a minute,

 

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,594
Registered: ‎04-29-2011
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Re: Floor Talk January 24

Will the wetter forcast in Argentina even produce 1/2 as much as was just sold to China?   Doubtful.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Frequent Contributor
noreaster
Posts: 61
Registered: ‎01-24-2012
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Who gives a dang???

With China's seemingly unbiased approach to cancelling purchase orders as of late, does it really matter till they are loaded???

 

Just saying...

 

Doesn't seem like Chicago is too worked up about it anyways!

Veteran Advisor
c-x-1
Posts: 3,259
Registered: ‎06-26-2012

Re: Floor Talk January 24

Mike,

 

i'm reading on different threads and articles about "when are the traders going to realize or catch a clue to the ACTUAL economic and drought situation."  My take on this is "when are the sheep or masses/funds" going to get with the program. Very fascinating.

 

there is alot of uncertainty spun by the media which creates fear and ultimately inaction or "sidelines"

 

my perspective is this will be an exceptionally opportunistic year for farmers. The end users, media and USDA will not be able to keep the lid covering reality forever as i believe Palouser would agree.

thx.

Veteran Advisor
roarintiger1
Posts: 1,594
Registered: ‎04-29-2011
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Re: Floor Talk January 24

"keep the lid covering reality"     Gotta love it!

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Veteran Advisor
c-x-1
Posts: 3,259
Registered: ‎06-26-2012
0

Re: Floor Talk January 24

........or is it simply a screen???