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marketeye
Posts: 3,180
Registered: ‎05-03-2010
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Floor Talk March 16

[ Edited ]

Farmers talk about this year's planting plans, while marketwatchers say the market will be eyeing planting progress.

Read (full story).

 

Mike

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At the close:

The July corn futures closed 3 1/4 cents higher at $6.70 1/4. The July soybean contract clolsed 5 1/4 cents higher at $13.80 3/4. The July wheat futures ended 4 3/4 cents higher at $6.77 3/4.  The July soymeal futures settled $3.00 per short ton higher at $375.70. The July soyoil futures finished $0.04 higher at $55.89.

In the outside markets, the NYMEX crude oil is $1.49 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 4 points.

 

Mike

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At mid-session:

The July corn futures trade 1 1/4 cents higher at $6.68 1/4. The July soybean contract is trading 5 1/4 cents higher at $13.80 3/4. The July wheat futures are trading 1 1/4 cents lower at $6.71 1/4.  The July soymeal futures are trading $1.60 per short ton higher at $374.30. The July soyoil futures are trading $0.03 lower at $55.82.
In the outside markets, the NYMEX crude oil is $0.49 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 5 points.

 

One analyst says, "The markets are acting similar to how they did on recent Friday's. We closed higher the last several Friday's. So. theres' really no large sellers, with selling limited to profit-takin," he says.  
March futures expired and May, now the front month, needs to firm up a little as it was lower, he says.
"Farmers see 70 degrees or higher all of next week, with warmer and largely dry conditions expected thru month end. Therefore, traders expect field work to really tighten up the grain coming to market, pushing cash next week higher along with futures prices," he says.

Separately, a floor trader says, "We are seeing major put an put spread buying in bead and corn. Major WK, WU and WZ straddle selling. Markets looks better than it feels. Plenty of era logs could pressure into the close but crude and euro continue to act bullish."

Yet another floor trader, says, "The market activity is fairly quiet. There is nothing really going on today.  The grains are higher due to a weak U.S. dollar and higher equity and energy markets," she says.

 

Mike

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At the open:

The July corn futures trade 3/4 of a cents lower at $6.66 1/4. The July soybean contract is trading 1 cent higher at $13.76 1/2. The July wheat futures are trading 2 3/4 cents lower at $6.69 3/4.  The July soymeal futures are trading unchanged. The July soyoil futures are trading nearly unchanged.
In the outside markets, the NYMEX crude oil is $0.72 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 2 points.

 

Mike

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At 8:45am:

Allendale Inc. surveyed farmers on their planting intentions and the results are in. Here they are with commentary from the Allendale folks:

 

"Corn planting intentions of 95.012 million acres would be the largest since 1944 when 95.475 million acres were planted. The recent high in acreage was 93.527 million in 2007. Using Allendale Inc.’s estimate of harvested acreage, and our 161.36 bushel/acre trend yield, it would imply record production of 14.092 billion bushels. Last year’s production was 12.358 billion bushels.
Soybean planting intentions are seen at 74.495 million acres. This is well off the record 77.451 million planted in 2009. Using Allendale Inc.’s estimate of harvested acreage, and our 43.96 bushel/acre trend yield, it would imply production of 3.233 billion bushels. This production would be the third highest on record. Last year’s production was 3.056 billion bushels.
Wheat acreage is estimated at 56.609 million acres. Winter wheat acreage was seen 238,000 larger than that implied by USDA’s winter wheat seedings report. Using Allendale Inc.’s harvested acreage, and 43.50 bushel/acre trend yield, it would imply production of 2.116 billion bushels. This is above last year’s 1.999 billion bushel production," Allendale says.

 

So, what do you think? Acreage too big, no shock, way too small?

 

Mike

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At 6:15am:

Early calls: Corn 2-4 cents lower, soybeans 2-4 cents lower, and wheat 4-5 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.18 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading flat ahead of data on inflation, consumer confidence and the industrial production. All is expected to be supportive for the market. 

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

 

Sales:

--S. Korea buys Australian wheat Friday.

--Japan buys 444,900 mt of food barley.

 

 

More in a minute,

 

Mike

Senior Contributor
jec22
Posts: 420
Registered: ‎06-03-2010
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Re: Floor Talk March 16

I am wondering if Allendale would like to put their money where their mouth is.  They are projecting top yields, even with marginal ground coming into production.  So that means my farm would be blowing out all time records.  So, if they believe they are right, would they be willing to pay me for 250 bus.corn average and 75 bus. bean average on all my acres before I even put a seed into the ground?  Heck, I am even willing to sell it all at the current cash price for new crop.

Just want to know how much they believe their paper pushing.

So. IA
Veteran Contributor
vandenplas
Posts: 144
Registered: ‎07-25-2011
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Re: Floor Talk March 16

With the kinds of yields you are apparently getting (over 200 bu/ac? corn,  and over 60 bu/ac? beans, I suggest you sell that land, as it is worth much more now,  than it might be in a year or two.. 

Veteran Advisor
Palouser
Posts: 2,224
Registered: ‎05-13-2010
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Here's what's going on

[ Edited ]

SINGAPORE, March 16 (Reuters) - China's Dalian corn 
climbed to an all-time high on Friday, on track for its biggest 
weekly gain in almost a year as the market was buoyed by tight 
domestic supply that is fuelling talk of larger imports. 
The rally in China's corn market is expected to propel 
global grain prices higher as it will take at least six months 
before new-crop supplies in the United States, the world's top 
exporter, replenish stocks estimated to be at their lowest in 16 
years. 
"That the government has purchased very little indicates the 
domestic market has risen to take supplies away from the 
government," said Paul Deane, agricultural commodity strategist 
at ANZ.  ........ [end of quote]

 

In addition Chinese millers are paying $375 tn for corn to mill.