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Community Manager
marketeye
Posts: 3,252
Registered: ‎05-03-2010
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Floor Talk March 15

[ Edited ]

At 12:45pm:

--USDA announced Friday that China bought 165,000 tons of U.S. soybeans for 2013-14 delivery.

 

Mike

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At mid-session:

The May futures corn contract is trading 1 cent higher at $7.18. The May soybean futures contract is trading 6 cents lower at $14.28. May wheat futures are trading 3 cents lower at $7.21 per bushel. The May soymeal futures are trading $6.10per short ton lower at $418.90. The May soyoil futures are trading $0.61 higher at $49.95.


In the outside markets, the NYMEX crude oil is $0.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are 27 points lower.

 

One analyst says that soybeans were in a recovery mode early today, after the trashing this week.
"But, the soybeans sold off again once the NOPA crush came out less than expected.  The China purchase this morning did not do much for futures because it was new crop.  Soybeans have a problem right now, as ideas are that export demand is not shifting here from South America and the domestic demand was not as strong as expected," he says. 
Bull spreads are weakening, not a good sign for the bulls, he says.  Corn and wheat are a little lower, but the volumes traded are not real big. 
"Corn, perhaps, is the biggest disappointment right now, after finally punching to new highs for the move and then unable to keep it going.  Both seem to be a congestion trade right now.  But not a high volume day anywhere from what I can see," he says.

 

 

Mike

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In early trading:

 

The May futures corn contract is trading 1 cent lower at $7.15. The May soybean futures contract is trading 2 cents higher at $14.37. May wheat futures are trading 1cent lower at $7.23 per bushel. The May soymeal futures are trading $0.90 per short ton lower at $424.10. The May soyoil futures are trading $0.53 higher at $49.87


In the outside markets, the NYMEX crude oil is $0.07 per barrel higher, the dollar is lower and the Dow Jones Industrials are 49 points lower.

 

Mike

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At 6:10am: 

 

Early calls:  Corn is seen 1-2 cents lower, soybeans 5-7 cents higher, and wheat 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.36 per barrel higher
Dollar=Lower. 
Wall Street=Seen opening lower, as it awaits a slew of U.S. economic news. Also, the S&P is nearing a record, today.

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

 

More in a minute,

 

Mike

Senior Contributor
luisvieira
Posts: 255
Registered: ‎04-24-2012
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Re: Floor Talk March 15

Brazil still struggles to ship its soybeans...

Community Manager
marketeye
Posts: 3,252
Registered: ‎05-03-2010
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Re: Floor Talk March 15

Did you all see the U.S. Planting Intentions numbers from Allendale Friday?

 

Here they are:

 

                    USDA 2012  USDA AGFORUM   ALDL 2013    Vs. 2012
Corn                97.155         96.5                         96.956      -0.199
Soybeans            77.198      77.5                        78.324      +1.126
Total Wheat         55.736      56.0                        56.261      +0.525
Winter Wheat        41.324                                   42.029      +0.705
Durum Wheat          2.123                                     2.176      +0.053
Other Spring Wheat  12.289                               12.056      -0.223

 

Mike

Advisor
giolucas
Posts: 1,160
Registered: ‎06-25-2010
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Re: Floor Talk March 15

Mike,
any news on the planned strikes down south .?
Senior Contributor
luisvieira
Posts: 255
Registered: ‎04-24-2012
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Re: Floor Talk March 15

With the excuse of Mike, I will answer. They cancelled the strike permanently. The government promised to attend at least part of the workers demands.

Advisor
giolucas
Posts: 1,160
Registered: ‎06-25-2010
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Re: Floor Talk March 15

Luis,

 

Thank you for the information.  

Contributor
BrookfieldTwp
Posts: 42
Registered: ‎05-25-2010
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Re: Floor Talk March 15

Senior Contributor
luisvieira
Posts: 255
Registered: ‎04-24-2012
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Re: Floor Talk March 15

They cancelled on the 14th and will hold a meeting with the president Dilma Roussef next Tuesday, says Reuters.