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Community Manager
marketeye
Posts: 3,218
Registered: ‎05-03-2010
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Floor Talk January 7

[ Edited ]

At the close:

The March corn futures contract finished 1 3/4 cents lower at $4.26. The March soybean futures contract settled 3/4 of a cent lower at $12.76. March wheat futures closed 3 1/4 cents lower at $6.02 per bushel. The March soymeal futures contract ended $2.00 per short ton higher at $415.80. The March soyoil futures settled $0.19 lower at $37.93.
In the outside markets, the NYMEX crude oil is $0.37 per barrel higher, the dollar is higher and the Dow Jones Industrials are 114 points higher.

 

Mike

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At mid-session:

The March corn futures contract is trading 1/4 of a cent higher at $4.28. The March soybean futures contract is trading 1 1/4 cents higher at $12.78. March wheat futures are 2 cents higher at $6.07 per bushel. The March soymeal futures contract is trading $3.20 per short ton higher at $417.00. The March soyoil futures are trading $0.19 lower at $37.93.
In the outside markets, the NYMEX crude oil is $0.43 per barrel higher, the dollar is higher and the Dow Jones Industrials are 104 points higher.

 

Mike

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At 10am:

--USDA announces that the U.S. sold 350,000 tons of soybeans to China for 2013-14 delivery.

 

Mike

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In early trading:

At 9:30am, the March corn futures contract is trading 1/2 of a cent higher at $4.28. The March soybean futures contract is trading 1 1/4 cents lower at $12.75. March wheat futures are 2 1/4 cents higher at $6.08 per bushel. The March soymeal futures contract is trading $0.40 per short ton higher at $414.20. The March soyoil futures are trading $0.11 lower at $38.01.
In the outside markets, the NYMEX crude oil is $0.18 per barrel higher, the dollar is higher and the Dow Jones Industrials are 114 points higher.

 

 

Mike

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At the open:

Corn opened 1/2 of a cent lower, soybeans fell 3 cents, and wheat 3/4 of a cent lower.

 

 

Mike

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At 7:45am:

Al Kluis, Kluis Commodities, sees the USDA raising U.S. 2013 soybean production estimates in this Friday's WASDE Report. But, he thinks it's possible the government will lower soybean ending stocks, finally, to below 150 million bushels.

 

Plus, here are estimates from FC Stone Intl:

 

          USDA Jan Yield Estimates (bpa):

Corn: 161.2 / 159.8-163.3 / 160.4
•    USDA Jan Prod Estimates (bln bu): Corn:

14.066 / 13.897-14.255 / 13.989 •    

 

Avg Est / Est Range / Nov USDA Beans:

43.3 / 42.7-44.0 / 43.0
Avg Est / Est Range / Nov USDA Beans:

3.279 / 3.240-3.330 / 3.258

 

USDA ’13/14 C/O Estimates (bln bu):
Corn: 1.861 / 1.654-2.054 / 1.792
Wheat: 0.557 / 0.460-0.586 / 0.575 •    

 

USDA Dec 1 Stocks (bln bu):
Corn: 10.790 / 10.025-11.250 / 8.033
Wheat: 1.400 / 1.305-1.768 / 1.671 •    

 

Winter Wheat Seedings (mln ac):
All Winter: 43.5 / 42.5-44.6 / 43.09
SRW: 9.5 / 8.25-10.4 / 10.019 •    

Export Inspections (mln bu):

Avg Est / Est Range / Dec USDA Beans:

0.149 / 0.118-0.180 / 0.150
Avg Est / Est Range / Dec 1 2013 Beans:

2.161 / 2.027-2.266 / 1.966

 

 

Now, it's your turn. What do you think the Friday report will tell us?

 

Mike

-----------

At 7:00am:

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.
Brent Crude Oil=$0.57 per barrel higher.
Dollar=Lower.

Wall Street=Higher.

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

 


More in a minute,

 

Mike

Senior Contributor
hanktbd
Posts: 246
Registered: ‎01-08-2013
0

Re: Floor Talk January 7

[ Edited ]

Going out on a limb here. I am guessing that after 2 years of fudging the corn numbers higher, the USDA takes this opportunity to move toward rebalancing the inventory books and through some combination of lower yield, less acres, or more usage, and magically loses about 300 million bushels dropping the carryout to about 1.5 B. Leastways thats what I would do if I were in their shoes, since we have plenty of corn now and need to get the price up just a bit to ensure a big crop is planted this spring.

Advisor
farmerguy89
Posts: 1,227
Registered: ‎06-30-2012
0

Re: Floor Talk January 7

Beans Are gonna be tighter. They just have to.

A surprise in the corn market is possible. But even then it's gonna only give you a few cents if it's anything positive
Senior Contributor
luisvieira
Posts: 248
Registered: ‎04-24-2012
0

Re: Floor Talk January 7

New estimates for soybeans in Brazil:

 

Consultancy Clarivi projected that the total soybean production in 2014 will be 89.95 million tons through an area of 73.5 million acres. Also, according to a study authored by the Center of Advances Studies of Applied Economics from the University of São Paulo, the coming months tend to bring lower soybean prices as a result of record crop in Brazil. The average earnings generated by soybeans would range this year from 56 percent to 77 percent. These news were broke at agrosouth-news.com

Esteemed Advisor
Hobbyfarmer
Posts: 4,131
Registered: ‎01-10-2012
0

Re: Floor Talk January 7

"Beans Are gonna be tighter. They just have to."

 

Not so sure I agree that "they have to"

 

Just put a few ship loads from SA in the mix and "all is good"

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."