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Community Manager
marketeye
Posts: 3,058
Registered: ‎05-03-2010
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Floor Talk March 22

[ Edited ]

 Some of you read the thread I started yesterday about this question of Early planting=Higher markets. Here's the rest of the story. (Full story).

 

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At the close:

The July corn futures settled 1 1/2 cents higher at $6.42 3/4. The July soybean contract ended 5 1/2 cents lower at $13.56 3/4. The July wheat futures settled 10 cents higher at $6.55 1/2. The July soymeal futures closed $0.20 per short ton higher at $371.10. The July soyoil futures finished $0.39 lower at $54.37. 
In the outside markets, the NYMEX crude oil is $2.19 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 72 points.

 

 

Mike

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At mid-session:

The July corn futures trade 3 1/2 cents lower at $6.37 3/4. The July soybean contract is trading 7 3/4 cents lower at $13.54 1/2. The July wheat futures are trading 2 cents lower at $6.43 3/4. The July soymeal futures are trading $0.80 per short ton lower at $370.10. The July soyoil futures are trading $0.54 lower at $54.22. 
In the outside markets, the NYMEX crude oil is $2.14 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 59 points.

 

Mike

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In early trading:

At the open:

The July corn futures trade 3 cents lower at $6.38 1/4. The July soybean contract is trading 10 1/4 cents lower at $13.51 1/2. The July wheat futures are trading 2 3/4 cents lower at $6.44. The July soymeal futures are trading $2.10 per short ton lower at $368.80. The July soyoil futures are trading $0.56 lower at $54.20. 
In the outside markets, the NYMEX crude oil is $2.20 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 67 points.


At 9:30am:

USDA's Weekly Export Sales Report was bullish for corn, bearish for soybeans, and friendly for wheat.

 

Corn=917,600 mt vs. the trade's expectation of 850,000 mt.

Soybeans=532,800 mt vs. the trade's expectations of 1.1 million mt.

Wheat=541,300 mt vs. the trade's expectations of 500,000 mt.

Mike

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At 6:40am:

Early calls: Corn 3-5 cents lower, soybeans 8-10 cents lower, and wheat 3-5 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$1.21 per barrel lower.
Dollar=Higher.
Wall Street=Seen trading lower on a weak manufacturing report out of China .

World Markets=Asia/Pacific is mixed, while Europe's stock market is lower.

 

China has everyone worried this morning. All factors are negative for soybeans Thursday. We'll see if the Weekly Export Sales at 7:30am can provide any support. There is also talk of Australia feed-wheat sales and South American corn sales to China, that pulled the corn market down overnight.

 

 

 

More in a minute,

 

Mike

Veteran Advisor
roarintiger1
Posts: 1,511
Registered: ‎04-29-2011
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Re: Floor Talk March 22

Of course China is buying wheat this week........it must be cheaper......They'll be back next week after the corn market has dropped.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Community Manager
marketeye
Posts: 3,058
Registered: ‎05-03-2010
0

Re: Floor Talk March 22

With this news, I'm surprised the wheat market finished as strong as it did. I'm waiting with baited breath to get my daily wheat market summary from a wheat option trader. We'll see what he says.

 

Mike