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Community Manager
marketeye
Posts: 3,050
Registered: ‎05-03-2010
0

Floor Talk March 24

[ Edited ]

At the close:

The May corn futures contract settled 11cents higher at $4.90. The Dec. corn futures settled 7 3/4 cents higher at $4.87. The May soybean futures contract closed 16 1/4 cents higher at $14.25. November soybean futures finished 6 3/4 cents higher at $11.84. May wheat futures ended 21 1/4 cents higher at $7.14 per bushel. The May soymeal futures contract settled $6.10 per short ton higher at $462.00. The May soyoil futures closed $0.18 lower at $40.84.
In the outside markets, the NYMEX crude oil is $0.42 per barrel higher, the dollar is lower and the Dow Jones Industrials are 14 points lower.

One market analyst describes today's rally like this: "Funds long and making money, adding to positions on dips. Stock market weaker, buy more commodities.  Brazilian crop estimates shrinking due to prolonged wet weather in MG and dry weather in other pockets.   Concerns about late planting season in the US due to extended cold.  Puts corn in particular into higher heat risk during pollination.

 

Meanwhile, another market source says that cynics would also say we need to get the market nice and overbought before Friday, in order to have a limit down on the 31st.   

 

------

Mike

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At mid-session:

The May corn futures contract is trading 8 3/4 cents higher at $4.87. The Dec. corn futures are trading 5 1/4 cents higher at $4.85. The May soybean futures contract is 11 1/4 cents higher at $14.20. November soybean futures are 2 3/4 cents higher at $11.80. May wheat futures are 18 cents higher at $7.11 per bushel. The May soymeal futures contract is trading $3.10 per short ton higher at $459.00. The May soyoil futures are trading $0.05 lower at $40.97.
In the outside markets, the NYMEX crude oil is $0.03 per barrel higher, the dollar is higher and the Dow Jones Industrials are 55 points lower.

 

Mike

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At 10:30am:

USDA Weekly Export Inspections:

Corn=1.142 million tons, higher than the trade's expectations

Soybeans=732,132 tons, higher than the trade's expectations.

Wheat= 524,857 tons, higher than the trade's expectations.

 

 

Mike

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At 10am:

Corn is up 6 cents, soybeans are up 4, and wheat is up 13 cents.

--China rejected another shipment of U.S. corn.

--Russia's grain exports are up 40% from a year ago

--Informa will release 2014 Acreage estimates at 10:30am Tuesday

--If you missed it, Friday's Committment of Traders Report shows that managed money funds put on 15,500 corn contracts for the week ending last Tuesday, March 18, up from 1,000 expected. 18,000 wheat contracts were added and 8,700 soybean oil contracts. Producers and merchants added 9,500 soybean contracts but went -2,500 net corn and a –10,000 net CBOT wheat on the week.

 

Mike

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At the open:

The May corn futures contract is trading 6 cents higher at $4.85. The Dec. corn futures open 4 3/4 cents higher at $4.84. The May soybean futures contract is 9 1/2 cents higher at $14.18. November soybean futures are 2 1/4 cents higher at $11.79. May wheat futures are 7 1/4 cents higher at $7.00 per bushel. The May soymeal futures contract is trading $3.50 per short ton higher at $459.40. The May soyoil futures are trading $0.06 higher at $41.08.
In the outside markets, the Brent crude oil is $0.37 per barrel higher, the dollar is higher and the Dow Jones Industrials are 44 points higher.

 

Mike

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

At 7:50am:

Early calls: Corn is seen 2-4 cents higher, soybeans 8-10 cents higher, and wheat 7-9 cents higher.

Trackers:
Overnight grain, soybean markets=Trading higher.

NYMEX Crude Oil=$0.45 per barrel higher.
Dollar=Higher.

Wall Street=Seen higher.

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

 


More in a minute,

 

Mike

Senior Contributor
Wind
Posts: 312
Registered: ‎05-13-2010
0

Rising ethanol again!

Mike, I don't want to sould like a "broken record" here but April Ethanol is at $3.102 and Unleaded gasoline is at $2.918.  Some one is going to soon cry "foul play" and it will not be the ethanol plants.

Do we need more rail tankers, tanker trucks, or build more ethanol plants?

Esteemed Advisor
Hobbyfarmer
Posts: 3,658
Registered: ‎01-10-2012
0

Re: Rising ethanol again!

Mike tomorrow is turn a round Tuesday, maybe it'll be a down doy and you will feel better.

 

Today must have been a real "bummer".

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."
Senior Contributor
luisvieira
Posts: 218
Registered: ‎04-24-2012
0

Re: Rising ethanol again!

Here is the latest about Mato Grosso:

 

According to an estimate of the Brazilian Institute of Geography and Statistics, the soybean area Brazil as a winter crop will grow to 301,468 acres. That is six times more than last year.

Evidently, that happens for a market reasons. However, worries start to grow as crop rotation becomes less popular among Mato Grosso farmers. For Carlos Fávaro, president of the Association of Corn and Soybean Growers of Mato Grosso, there is no law prohibiting farmers of doing that, but they have to keep in mind that there are negative consequences for other growers. “We have to be cautious because the limit is when we harm (the land) our neighbors”, he told Brazil’s portal G1.

Senior Contributor
Farmerjoe79
Posts: 398
Registered: ‎04-02-2012
0

Re: Floor Talk March 24

Hobby it sounds like mike is shorting the market. Why would you print the market has to go up a little so it can be limit down on Friday.
Senior Contributor
Farmerjoe79
Posts: 398
Registered: ‎04-02-2012
0

Re: Floor Talk March 24

I feel sorry for people that take advice like that and print something so stupid. Mike what market source made that comment?
Veteran Advisor
roarintiger1
Posts: 1,504
Registered: ‎04-29-2011
0

Re: Floor Talk March 24

Well, even though for the last 2 months, the SA harvest and the China cancellations thingy haven't worked to tank the market.  There are some folks out there who will try anything.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Contributor
FARM4FOOD
Posts: 16
Registered: ‎12-05-2010
0

Re: Floor Talk March 24

I said it before we will not get the real news until the traders in Chicago get there positions bought it is not about free trade it is us aginst them they are all about the money trouth or free trade are foul language to them