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Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Floor Talk March 6

[ Edited ]

If you haven't had a chance yet, I invite you to check out our new international page:

 

Your World In Agriculture

 

Here are a few steps to find it and use it:

 

1. Go to the Markets tab on the homepage. When you get the dropdown, you will see Your World In Agriculture listed.

2. Click on Your World in Agriculture page.

3. Once on that page, you scroll down to the second half of the page and you will see photos of all of the writers.

4. Click on the writer's photo to be taken to his stories.

 

Each writer will contribute two articles each month. We will be adding a Canadian writer soon. So, with five separate writers contributing two articles each month, will give us a nice rotation of worldly ag-information for the entire month. The writers will also begin to take part in the Marketing Talk discussion page. So, watch for them to drop in there, from time to time.

 

I hope this helps. Let me know if it doesn't. And, I will walk you through it. Meantime, bookmark this url:

 

http://www.agriculture.com/promotion/your-wld-in-agriculture_536-pr42063

 

 

Mike

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

At 12:50pm:

Kacey Birchmier, a co-editor at Agriculture.com, found differing opinions on Ukraine's crisis impact on grain sales. Here's the full story: Mixed grain views on Ukraine

 

Mike

---------

At the close:

The May corn futures contract closed 9 cents higher at $4.91. The May soybean futures contract settled 17 cents higher at $14.38. May wheat futures finished 3 1/2 cents higher at $6.46 per bushel. The May soymeal futures contract ended $1.30 per short ton higher at $450.90. The May soyoil futures finished $1.09 higher at $44.49.

 

Mike

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At mid-session:

The May corn futures contract is trading 5 3/4 cents higher at $4.87. The May soybean futures contract is 12 1/2 cents higher at $14.33. May wheat futures are 1/4 of a cent higher at $6.42 per bushel. The May soymeal futures contract is trading $0.50 per short ton higher at $450.10. The May soyoil futures are trading $0.93 higher at $44.33.
In the outside markets, the ICE Brent crude oil is $0.01 per barrel higher, the dollar is lower and the Dow Jones Industrials are 80 points higher.

 

Jack Scoville, PRICE  Futures Group vice-president, says the export sales are helping the markets rally.
"Export sales were above expectations and that is what sent the market higher.  Moderating temps and the chance of a little light precip in the Great Plains keeping the wheat down," Scoville says. 
He adds, "On the price action, what I said yesterday applies, we need to see the beans keep going.  If not, beans could be toast." 
Corn made new highs and we see the close, but getting much over $5.00 level might be hard, he says.  "There is still corn around, after all.  The funds are buying less today, but the funds own lots of grains and soybeans after the huge buying they did this week, and the farmer owns less of them."
The market is entering an important period to find out if the rally keeps going or if it's nearing some tops, Scoville says.

 

Mike

----------

At the open:

The May corn futures contract is trading 3 cents higher at $4.85. The May soybean futures contract is 15 cents higher at $14.35. May wheat futures are 3 cents lower at $6.39 per bushel. The May soymeal futures contract is trading $4.30 per short ton higher at $453.90. The May soyoil futures are trading $0.61 higher at $44.01.
In the outside markets, the ICE Brent crude oil is $0.37 per barrel higher, the dollar is lower and the Dow Jones Industrials are 39 points higher.

 

Mike

-----------

At 8:20am:

USDA Weekly Export Sales Numbers:

 

Corn=1.684 million tons vs. the trade's thoughts of 600,000-1,000,000 metric tons.

Soybeans= 1.029 million tons vs. the trade's expectations of 800,000-1,300,000 metric tons.

Wheat=600,500 vs. the trade's expectations of 250,000-750,000 metric tons.

Soymeal=260,000 tonsvs. the trade's thoughts of 120,000-375,000 metric tons.

 

 

Mike

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

 

At 8:00am:

Early calls: Corn is seen 1-2 cents higher, soybeans 10-12 cents higher, and wheat 1-2 cents lower.

Trackers:
Overnight grain, soybean markets=Trading mixed.

ICE Brent Crude Oil=$0.37 per barrel higher.
Dollar=Lower.

Wall Street=Seen higher.

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

 


More in a minute,

 

Mike

Advisor
giolucas
Posts: 1,160
Registered: ‎06-25-2010
0

Re: Floor Talk March 6

Pretty bullish numbers.  I know they are in line, corn is very bullish.

Veteran Advisor
roarintiger1
Posts: 1,633
Registered: ‎04-29-2011
0

Re: Floor Talk March 6

[ Edited ]

Mike, I've been hearing rumblings of Asian soybean rust in South America......Have you heard any news or concerns on this from your contacts or Luis?

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Re: Floor Talk March 6

roarintigeer1,

 

It's always there. I wouldn't be surprised. I will check on the severity of it, for sure.

 

Mike

Veteran Advisor
Palouser
Posts: 2,402
Registered: ‎05-13-2010
0

Re: Floor Talk March 6

Still trying to run down comment from yesterday regarding a possible change in China's reserve policies mentioned by you. Got a lead? Thanks

Community Manager
marketeye
Posts: 3,250
Registered: ‎05-03-2010
0

Re: Floor Talk March 6

roarintiger1,

 

Here is the latest on soybean rust:

So far, according to Embrapa, we have 348 confirmations, compared to 429 a year ago. The second half of February was very wet in some areas and an "outbreak feeling" is possible in those areas. The state of Goias, for example, has many more cases this year than in 2013.
The biggest concern right now is about the "safrinha" - not "safrinha" corn, but "safrinha" soybeans. Several farmers planted soybeans again after the main harvest, because of the high prices, and those areas might have a real outbreak in March.

Veteran Advisor
roarintiger1
Posts: 1,633
Registered: ‎04-29-2011
0

Re: Floor Talk March 6

Mike, Thank you!

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Veteran Advisor
c-x-1
Posts: 3,263
Registered: ‎06-26-2012

Re: Floor Talk March 6

[ Edited ]

US needs net-net-net minus 50 mil bu - export cancellations - remainder of yr (other factors - feed, dom usage, etc - unch) to have a carryout above 100 mil bu.......so a sale of 1 bushel is bullish.

 

 

corn might be fighting to keep a bil carryout.

 

remember when all the talk was 2 bil carryout in corn - seemed like just yesterday.

Friend
johnmagn
Posts: 2
Registered: ‎03-06-2014
0

Re: Floor Talk March 6

[ Edited ]

Yes, so true. But, things are always changing. A week ago, no one was talking about soy meal starting to pile up in China with problems of bird flu and a retraction in hog numbers. Or rains at harvest in Brazil. Trouble with all these facts is they change every day and everyone has a bias or a reason why they see the numbers as they do.. So, who owns the best guess on Brazil/Argentinia soy production? How much weight should we put on the infrastructure problems down south, when all the beans do not need to get on the ships all at once? I guess that is what the markets are for and why there are buyers and sellers. Egads, I only wish I knew who to believe. Monday comes the best new USDA reports. The gospel truth till someone comes up with a better guess.