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Community Manager
marketeye
Posts: 3,124
Registered: ‎05-03-2010
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Floor Talk March 5

[ Edited ]

VIDEO: March 9 WASDE Report Preview

 

Mike

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At the close:

The May corn futures settled 5 3/4 cents higher at $6.60 3/4. The May soybean contract ended 8 cents lower at $13.25. The May wheat futures settled 2 1/2 cents lower at $6.72.  The May soymeal futures finished $0.90 per short ton lower at $358.20. The May soyoil futures settled $.35 lower at $53.73.
In the outside markets, the NYMEX crude oil is $0.06 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 29 points.

 

Mike

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At 1pm:

Two separate Brazilian consultancy firms Monday have lowered their soybean output figures for that country.

Safras Mercado sees Brazil's soybean crop at 68.23 mmt while Celeres dropped its estimate by 3.1% to 69.83 mt.

 

Mike

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At mid-session:

The May corn futures trade 6 3/4 cents higher at $6.61 3/4. The May soybean contract is trading is unchanged at $13.33. The May wheat futures are trading 3 1/4 cents lower at $6.71.  The May soymeal futures are trading $0.40 per short ton higher at $359.50. The May soyoil futures are trading $.17 higher at $54.25.
In the outside markets, the NYMEX crude oil is $0.10 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 63 points.

 

One analyst says, "Pretty slow start to the week.  The corn rally seems to be chart-based, as all the demand news was over in wheat.  Plus, the Chinese said over the weekend that near term demand is not in the cards unless prices drop quite a bit.  I heard of some farmer-selling up here in the US in the beans, I can’t confirm it but it is possible as the rally has been pretty impressive.  Wheat is having trouble even with some demand news but chart patterns are generally positive.  It is hard to get too excited about the upside looking at the fundamentals, but both corn and wheat act like they want to run.  On the other hand, soybeans act like maybe they need to relax a bit.  So we will see who wins, but my bet is on a choppy and weaker week."

 

Mike

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At 10:48am:

Hmmm...I wonder if anything changes for the floor traders in an all electronic market? CME Group announces electronic prices will soon be used to settle the corn and soybean futured markets, according to this story on the Dow Jones Newswire.

 

Mike

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At 10:45am:

All farm markets are turning higher. Corn and soybeans are up, wheat is working its way there.

 

Mike

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At the open:

The May corn futures trade 2 cents higher at $6.57. The May soybean contract is trading 2 1/4 cents lower at $13.31. The May wheat futures are trading 3 1/4 cents higher at $6.71 1/4.  The May soymeal futures are trading $0.40 per short ton higher at $359.50. The May soyoil futures are trading $.06 lower at $54.02.
In the outside markets, the NYMEX crude oil is $0.22 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 86 points.

 

Mike

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At 7:35am:

News & Notes (noise):

 

--China lowered its 2012 grain production estimates Monday. For 2012, the country's total grain production is set at 500 mmt, down 12% from 2011. This is quite a bit lower than what the USDA has pegged for China as well. Did China just  feed the corn bulls breakfast?

--Putin is back. The new Russian President may unload some of that country's grain supplies on the export market to reign in domestic prices, according to market talk.

--Russia has halted grain loading at its main port, due to weather. No ships will be loaded today. The shutdown started yesterday, according to the Dow Jones Newswire.

--Iraq wants to buy wheat. A weekend announcement did not clarify where the wheat will come from. It's said that the U.S. may be in the running, with a purchase amount to be over 50,000 mt.

--The market is keeping one eye on the world's wheat weather.

 

 

Mike

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At 6:32am:

Early calls: Corn 3-5 cents higher, soybeans 1-2 cents lower, and wheat 2-4 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Crude Oil=$0.50 per barrel lower.
Dollar=Lower.
Wall Street=Seen trading lower after China announced that its growth target could reach an 8-year low.

World Markets=Lower. China's news drops global markets.

 

 

More in a minute,

 

Mike

Veteran Advisor
Jim Meade / Iowa City
Posts: 2,432
Registered: ‎04-30-2010
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Re: Floor Talk March 5

I suppose China had this built into the grain orders they placed a few weeds ago in Iowa.  Did the rest of the market figure it out then or are we just learning now?   

Senior Contributor
Blacksandfarmer
Posts: 887
Registered: ‎08-04-2010
0

Re: Floor Talk March 5

Mike I have a friend that emptied his soybean bins last week. I made a nice new crop soybean sale as well last week.. Do you believe this market has 94 million acres of corn already factored into the price, or will we have limit up or down in the next report?