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Community Manager
marketeye
Posts: 2,896
Registered: ‎05-03-2010
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Floor Talk March 22

[ Edited ]

At the close:

 

The May futures corn contract settled 6 cents lower at $7.26.The May soybean futures contract finished 8 cents lower at $14.40. May wheat futures finished 1 cent higher at $7.29 per bushel. The May soymeal futures closed $3.60 per short ton lower at $419.30. The May soyoil futures settled $0.01 higher at $50.43.

 

In the outside markets, the NYMEX crude oil is $1.24per barrel higher, the dollar is lower and the Dow Jones Industrials are 67 points higher.

 

Mike

-------------

At mid-session:

The May futures corn contract is trading 7 cents lower at $7.25.The May soybean futures contract is trading 4 cents lower at $14.44. May wheat futures are trading 3 cents lower at $7.24 per bushel. The May soymeal futures are trading $3.30 per short ton lower at $419.60. The May soyoil futures are trading $0.09 lower at $50.51.

In the outside markets, the NYMEX crude oil is $0.46per barrel higher, the dollar is lower and the Dow Jones Industrials are 77 points higher.

 

 

One analyst says, "It has been mostly a long liquidation day from specs today, on EU worries and like, I think.  Just being on the safe side.  New crop corn and beans moved a bit more on the Informa estimates that seem to be a little bearish for beans and bullish for corn, but should be mostly in line with a lot of trade ideas.  The Minn market does like the spring wheat planted area, though.  Reports of cash movement hurting nearby corn this week, bases weakened so something must have moved.  Beans starting to trickle out of Brazil.  Pretty slow trade for me today.  I figure we are sideways lower, with ideas of increasing offer potential now from SA hurting beans but tight stocks here providing support for everything and helping bull spreads in corn and soybeans but we will see."

 

Mike

-----------

The May futures corn contract is trading 7 cents lower at $7.25.The May soybean futures contract is trading 4 cents lower at $14.44. May wheat futures are trading 3 cents lower at $7.24 per bushel. The May soymeal futures are trading $3.30 per short ton lower at $419.60. The May soyoil futures are trading $0.09 lower at $50.51.

 

 

 

In the outside markets, the NYMEX crude oil is $0.46per barrel higher, the dollar is lower and the Dow Jones Industrials are 77 points higher.

At the open:

 

The May futures corn contract is trading 7 cents lower at $7.25.The May soybean futures contract is trading 4 cents lower at $14.44. May wheat futures are trading 3 cents lower at $7.24 per bushel. The May soymeal futures are trading $3.30 per short ton lower at $419.60. The May soyoil futures are trading $0.09 lower at $50.51.

 

In the outside markets, the NYMEX crude oil is $0.46per barrel higher, the dollar is lower and the Dow Jones Industrials are 77 points higher.

 

Mike

---------

t 8:12am:

The pre-USDA Report estimates are beginning flow. A record amount of soybean acreage is expected, according to a Bloomberg News survey, according to numbers sent to me by a grain analyst.

 

Corn=Avg. analysts estimate a range between 96.5-98.5 million acres.

Soybeans= Avg. analysts estimate between 77.0-80.0 million acres.

All Wheat=55.6-57.3 million.

 

How do these numbers hit you?

 

 

Mike

-------

At 8am:

--Japan buys 67,188 tons of food wheat, barley Friday.

--China's April soybean imports are estimated at less than 4.5 million metric tons, due to the Brazilian port congestion issue, a China trade firm announced Friday. China's March soybean imports are estimated at less than 4.0 million metric tons, while the country needs much more than that for crushing purposes. Hmmm, where will they get the other soybeans that they need so badly? Hmmm...any guesses?

--Pre-weekend profit-taking is expected to rule today's markets.

 

Mike

--------

At 7:55am:

Here are the musings of Jeff Coleman, Trean Group analyst and CME Group pit trader, regarding today's upcoming market. In his own words:

 

"Well we didn’t get the action that was expected in the overnight session as corn, soybeans and wheat all struggling to remain unchanged in light trading. All three were around 3-4 cents lower throughout the night as we head into the day trading session. Surely the bean rally of the last two days caught some traders short and short covering may have slightly overblown yesterday’s power rally. Today we may see this grain market take a Friday breather today as traders look forward to the USDA report coming out March 28th. Grains look weaker for the opening but we have seen lower openings turn around once traders get their morning coffee and the day session begins. European worries lead by the Cyprus situation continue to dominate the equities markets. After the slide in the stock market yesterday and no real economic numbers coming out today the whole trading world could use this Friday to start a synthetic three day weekend," he says.

 

Mike

--------

At 7:40am

 

Early calls:  Corn is seen 2-4 cents lower, soybeans 5-7cents lower, and wheat 3-5 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.54per barrel higher
Dollar=Lower.
Wall Street=Seen opening higher, despite a scheduled vote today by the Cyprus bank officials on its plan to tax depositors.

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

 

More in a minute,

 

Mike

Senior Contributor
luisvieira
Posts: 201
Registered: ‎04-24-2012
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Re: Floor Talk March 22

In Brazil, the preoccupation is not only about the cancellations of China's purchases. Now, the worry is about transportation of soybeans in Rio Grande do Sul. The pictures below are from Santana do Livramento, one of the new areas with soybeans that I have been talking about. The photos were captured from TV Globo, the major Brazilian network. .

 

escoamento_1.jpg

 

 

 

 

Community Manager
marketeye
Posts: 2,896
Registered: ‎05-03-2010
0

Re: Floor Talk March 22

[ Edited ]

Follow me for a moment, would you? As we get ready for the anticipated March Planting Intentions Report, next Thursday, the acreage chatter is all abuzz. I'm hearing that U.S. South farmers are having a hard time getting into the fields, too cold, too wet, etc. C-x-1 is reporting that some corn in Texas is already up, but the temps are heating up. And on top of all of those factors, you have price. It's been mentioned on this site before that cotton prices are strengthening. Thus, some analysts are now talking about the southern farmers may be switching corn acres to cotton. Well, the proof is in the pudding. Can these two charts tell us the whole story? Take a look. It does appear the decision for switching acres is a no-brainer. What do you think?

 

Since November 2012, while corn has trended lower

 

chart(40).png

 

 

Cotton prices have shot up.

 

chart(39).png

 

So, will we see this reflected in next week's USDA Report?

 

Thanks,

 

Mike

 

Senior Contributor
highyields
Posts: 750
Registered: ‎06-04-2010
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Re: Floor Talk March 22

We all know that most of the expanded acres of crop ground came from "fringe" acres.   not in the high yielding midddle of the corn belt.  I guess that stupid trend line yield which for some reason no matter how low the past year was it is still around 160 bushels an acre, doesn't mean much anymore.    The outter acres can produce corn but with no sub soil mositure one hot week and our corn crop is done.  we can't get enough rain in my area to rebuild sub soil moisture before June.  and if we did try to get that much moisture we won't have it planted on time anyway.  

the numbers are probably pretty close 97 corn 78 beans,   is my guess.   I think we will push the bean number a little higher by planting time though since the planting season is beginning in modest pace.  

Senior Contributor
Slim123
Posts: 176
Registered: ‎01-20-2012
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Re: Corn Belt

File:Corn belt.svg