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Community Manager
marketeye
Posts: 3,101
Registered: ‎05-03-2010
0

Floor Talk March 6

[ Edited ]

Notice: Recently, I have visited with a number of traders and analysts in Chicago. Nearly all of them, without me even asking about it, have said the trade volume remains off since the MF Global bankruptcy. Here's a full story on the slow business in ag-traded products on the futures exchange.

 

See full story with video.

 

Mike

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At the close:

The May corn futures settled 6 3/4 cents lower at $6.54. The May soybean contract ended 10 1/4 cents higher at $13.35 1/4. The May wheat futures ended 18 cents lower at $6.55 3/4.  The May soymeal futures finished $7.70 per short ton higher at $365.90. The May soyoil futures settled $0.45 lower at $53.28.
In the outside markets, the NYMEX crude oil is $1.90 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 215 points.

 

Mike

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At mid-session:

The May corn futures trade 6 1/4 cents lower at $6.54 1/2. The May soybean contract is trading 4 3/4 cents higher at $13.29 3/4. The May wheat futures are trading 12 3/4 cents lower at $6.59 1/4.  The May soymeal futures are trading $3.20 per short ton higher at $361.40. The May soyoil futures are trading $0.21 lower at $53.52.
In the outside markets, the NYMEX crude oil is $1.75 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 182 points.


One analyst describes today's markets like this: "Well, soybeans are rallying in large part to technical factors. They hit resistance on the charts yesterday, so funds sold. Today, they hit support ponts, so they bought. Funds are 90% technical, with fundamental knowledge only on the monthly crop reports. Funds were poised to take profits prior the Friday crop report.  And with two month highs hit yesterday, it was a easy decision as the longs had the profits and therefore the risk into the report. But no one has lost site of the big picture that’s very bullish for corn and beans. So, breaks remain buying opportunities," he says.

 

Mike

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At 10:20am:

The May corn futures trade 2 3/4 cents lower at $6.58. The May soybean contract is trading 7 1/2 cents higher at $13.32 1/2. The May wheat futures are trading 8 1/2 cents lower at $6.63 3/4.  The May soymeal futures are trading $3.90 per short ton higher at $362.10. The May soyoil futures are trading $0.01 lower at $53.72.
In the outside markets, the NYMEX crude oil is $1.43 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 149 points.

 

Mike

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At the open:

The May corn futures trade 10 3/4 cents lower at $6.50. The May soybean contract is trading 7 1/2 cents lower at $13.17. The May wheat futures are trading 14 cents lower at $6.57.  The May soymeal futures are trading $1.50 per short ton lower at $356.60. The May soyoil futures are trading $0.20 lower at $53.53.
In the outside markets, the NYMEX crude oil is $1.66 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 164 points.

 

Mike

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

At 8am:


USDA announces Tuesday  that South Korea bought 126,000 mt of U.S. corn for 2011-12 delivery.

 

Mike

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At 7:52am:

--China says it won't need to import 'big' amounts of corn, due to sufficient stockpiling efforts. Also, China is using more wheat to replace corn in feed and importing lower-priced sugar to replace corn in sugar processing. Marketwatchers say this news is certainly bearish for corn.

 

Mike

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At 6:40am:

Early calls: Corn 7-9 cents lower, soybeans 3-5 cents lower, and wheat 10-12 cents lower.

 

Trackers:
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.60 per barrel lower.
Dollar=Higher.
Wall Street=Seen trading lower as lower global growth concerns take center stage for investors. This week's China announcement of a growth target that could reach an 8-year low is not helping sentiment.

World Markets=Lower.

 

 

More in a minute,

 

Mike

Veteran Advisor
Nebrfarmr
Posts: 6,808
Registered: ‎10-25-2010
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Re: Floor Talk March 6

I sold 3K bushels yesterday just before the close. 

Sorry I flooded the market, LOL.   Usually, when I sell, that is a signal for the prices to go up. 

Senior Contributor
Canuck_2
Posts: 4,044
Registered: ‎05-10-2010
0

Re: Floor Talk March 6

Must have been the 2 of us together.

Had a bid in to sell 25 tonne at $245 and it got hit yesterday.

 

Does not look like i will sell the next bid of 50t. at $250, for a while anyway.

Knowledge is knowing a tomato is a fruit.
Wisdom is knowing not to put it in a fruit salad.
Veteran Advisor
roarintiger1
Posts: 1,553
Registered: ‎04-29-2011
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Re: Floor Talk March 6

China talking about importing less corn now..........It means they will be buying soon.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Frequent Contributor
Redpower410280
Posts: 46
Registered: ‎05-13-2010
0

Re: Floor Talk March 6

My thoughts also
Community Manager
marketeye
Posts: 3,101
Registered: ‎05-03-2010
0

Re: Floor Talk March 6

You could be exactly right. It could be there way of talking the market down. Some analysts are already mentioning that in their wires to customers.

 

Mike

 

Frequent Contributor
lln50nwin
Posts: 44
Registered: ‎07-06-2010
0

Re: Floor Talk March 6

They seem to do it all the time year after year! Smart manipulators and the traders and analysts eat it everytime, hook, line and sinker!