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Community Manager
marketeye
Posts: 3,218
Registered: ‎05-03-2010
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Floor Talk January 31

[ Edited ]

At mid-session:

The March futures corn contract is trading 2 cents lower at $7.37. The March soybean futures contract is trading 10 cents lower at $14.62. March wheat futures are trading 7 cents lower at $7.79 per bushel. The March soyoil futures contract is trading $0.28 lower at $52.32. The March soymeal futures are trading $6.10 per short ton lower at $426.60. 


In the outside markets, the NYMEX crude oil is $0.79 per barrel lower, the dollar is lower and the Dow Jones Industrials are 33 points lower.

 

One analyst says, "After  grains rallied to new highs on the week Tuesday off dry conditions in South America we saw month end profit-taking into midsession. Beans were up 66 cents off last weeks low, corn 40 and wheat 30 cents so there was a lot of profit to take. Many funds have clauses in their contracts that they can pay bonuses on profits taken if taken before month end. We saw corn drop to down 6 cents , beans 23 and wheat 13 cents before buying re-entered. Traders await Friday weather updates to determine whether they will go long or short into the weekend. Current south American forecast are leaning dry for the next 10 days."

 

Mike

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At 11am:

Informa will release updated South America production estimates Friday morning.

 

Mike

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At the open:

The March futures corn contract is trading 1 cent lower at $7.38. The March soybean futures contract is trading 11 cents lower at $14.67. March wheat futures are trading 4 cents higher at $7.82 per bushel. The March soyoil futures contract is trading $0.37 lower at $52.23. The March soymeal futures are trading $3.80 per short ton lower at $428.90. 


In the outside markets, the NYMEX crude oil is $0.76 per barrel lower, the dollar is lower and the Dow Jones Industrials are 4 points higher.

 

Mike

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At 7:50am:

The USDA released bullish soybean Weekly Export Sales numbers, but neutral corn sales.

 

Corn= 253,000 vs. the trade's expectations of 200 to 400,000 metric tons.

Soybeans= 1.253 million metric tons vs. the trade's expectations of 600,000-900,000 mt.

Wheat=387,000 mt vs. the trade's expectations of 300,000-500,000 mt.

 

Mike

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At 7:25am: 

Early calls:  Corn is seen 1-2 cents lower, soybeans 9-11 cents lower, and wheat 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.26 per barrel lower
Dollar=Higher. 
Wall Street=Seen lower as investors see carryover from yesterday's lower GDP. Also, btoday the U.S. Jobless Report will be released.

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

 

 

 

More in a minute,

 

 

Mike

Advisor
425Cat
Posts: 1,688
Registered: ‎05-14-2010
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Re: Floor Talk January 31

Give us the export number please. Thanks

Contributor
vzapletin
Posts: 12
Registered: ‎01-14-2013
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Re: Floor Talk January 31

Advisor
giolucas
Posts: 1,149
Registered: ‎06-25-2010
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Re: Floor Talk January 31

Mike,

 

What gives?  Bullish soybean numbers and we are still down 10cents.       Hopefully, end of day we get back up.  

Senior Contributor
highyields
Posts: 792
Registered: ‎06-04-2010
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Re: Floor Talk January 31

at least we are exporting corn,  that means demand is totally gone. 

Senior Contributor
GoredHusker
Posts: 1,709
Registered: ‎05-13-2010
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Re: Floor Talk January 31

Beans are down because of better rains than expected in Argentina according to AgResource. 

Veteran Advisor
roarintiger1
Posts: 1,602
Registered: ‎04-29-2011
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Re: Floor Talk January 31

It appears that almost every week,  the export numbers are being ignored by the traders.  Folks may be surprised come June, July, & August at how low these export numbers can go.......and just an FYI, it won't be because the price is too high.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Advisor
giolucas
Posts: 1,149
Registered: ‎06-25-2010
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Re: Floor Talk January 31

Thanks for the info Gored. 

Veteran Advisor
c-x-1
Posts: 3,263
Registered: ‎06-26-2012
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Re: Floor Talk January 31

after 4 consecutive up days, the last one being a range expansion ($$ pile on day)  breakout day, I would guess beans just needed to test support of the down-trendline they busted out from.................keep the faith and be patient   

 

mkt has exploded pretty convincingly off that support.

Advisor
425Cat
Posts: 1,688
Registered: ‎05-14-2010
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Re: Floor Talk January 31

Man I was getting  a bit nervous until she bounced off it