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Community Manager
marketeye
Posts: 3,188
Registered: ‎05-03-2010
0

Floor Talk March 7

[ Edited ]

Alert: Soybean prices have gone up $1.75 in less than a month! Are you scraping some of this off of the table?

 

Mike

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At the close:

The May corn futures settled 15 1/4 cents lower at $6.38 3/4. The May soybean contract ended 8 1/2 cents lower at $13.26 3/4. The May wheat futures closed 18 1/2 cents lower at $6.39 1/4.  The May soymeal futures settled $1.40 per short ton lower at $364.50. The May soyoil futures finished $0.30 lower at $52.98.
In the outside markets, the NYMEX crude oil is $1.67 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 82 points.

 

Mike

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At mid-session:

The May corn futures trade 9 1/2 cents lower at $6.44 1/2. The May soybean contract is trading 1 1/4 cents lower at $13.34. The May wheat futures are trading 14 3/4 cents lower at $6.43.  The May soymeal futures are trading $1.40 per short ton lower at $364.50. The May soyoil futures are trading $0.40 higher at $53.32.
In the outside markets, the NYMEX crude oil is $1.09 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 77 points.

 

One analyst describes today's market as follows:  "Nothing much going on today, which I think is the problem.  No confirmation of talk China was buying soybeans yesterday, and I think we are seeing some spec long liquidation.  Corn and wheat news is also quiet, and I think specs are selling there as well.  Farmers are quiet, or at least they are not burdening their brokers with orders.  People look for bullish numbers on Friday, but we want to see demand coming here instead of somewhere else for all markets, and so far no news from USDA makes one wonder where the demand is.  Economic news was positive today but we seem to be ignoring it so far.  Waiting on bigger data later this week as well.  So, I think people are getting out and waiting for the end of the week," he says.

 

Mike

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At the open:

The May corn futures trade 1 3/4 cents lower at $6.52 1/4. The May soybean contract is trading 1 3/4 cents lower at $13.33 1/2. The May wheat futures are trading 2 1/4 cents lower at $6.55 1/2.  The May soymeal futures are trading $1.70 per short ton lower at $364.20. The May soyoil futures are trading $0.24 higher at $53.52.
In the outside markets, the NYMEX crude oil is $0.18 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 24 points.

 

Mike

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At 7:10am:

--Japan seeks 320,000 mt of feed barley and wheat from Can., Aust., France, and U.S.

--Japan bought 153,300 mt of feed barley Wednesday, wheat from those same countries.

 

Mike

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At 6:40am:

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

 

Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Crude Oil=$0.47 per barrel higher.
Dollar=Lower.
Wall Street=Seen trading higher with U.S. payroll data to couterbalance negative vibe from the Greek debt problems.

World Markets=Asia/Pacific stocks lower, but Europe's stocks are higher.

 

 

More in a minute,

 

Mike

Senior Contributor
tree fmr
Posts: 382
Registered: ‎06-04-2010
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Re: Floor Talk March 7

The yen is getting weeker against the dollar, today a bit over 80 yen to the $ vs 75 about 10 days ago (where it has been for the past few months).  Could it be Japan is buying because it will be cheaper for them now vs in the near future?

Community Manager
marketeye
Posts: 3,188
Registered: ‎05-03-2010
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Re: Floor Talk March 7

[ Edited ]

I suspect. Japan has been doing a lot of buying of wheat and feed barley for a year now.

 

The other thing that seems interesting is the lower economic outlooks worldwide. Just this week, China, Brazil and now Australia have lowered their GDP growth rates. There's word that India has not capitalized on their economic surge the past few years. Russia has a new President, so we'll see how that country's growth plays out in the future. But, there you have the BRIC developing countries and three of the four seem to be retracting.

 

Mike

Senior Advisor
kraft-t
Posts: 10,784
Registered: ‎05-10-2010
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Re: Floor Talk March 7

From february 6 2012 to march 6 2012 cash beans at the local co-op has gone up 97 cents. I guess the BOT forgot to tell our coop manager about the other 78 cents.

Veteran Advisor
Palouser
Posts: 2,258
Registered: ‎05-13-2010
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No, I already sold ......

.... all my beans after all the warnings that I should take the scrapings earlier before the market took the inevitable big dump. I was trying to avoid the humongous hyper inflation and over production and crop reports that were surely going to devastate prices (not to mention the numerous technical indicators of doom). Who knew? :smileywink:

Advisor
rayjenkins
Posts: 687
Registered: ‎05-13-2010
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Kraft-T---don't have a heart attack

my march bean futures chart shows a change of 81 cents in that period of time you listed....

 

 

Senior Advisor
kraft-t
Posts: 10,784
Registered: ‎05-10-2010
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Re: Kraft-T---don't have a heart attack

Maybe it hit a low Ray within that time frame and the $1.75 is from that low to now..

Advisor
rayjenkins
Posts: 687
Registered: ‎05-13-2010
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Re: Kraft-T---don't have a heart attack

The low in that time period was only 15 less than it was on the starting date...

 

now, if you go back to the middle of December---beans have rallied over $2

Community Manager
marketeye
Posts: 3,188
Registered: ‎05-03-2010
0

Re: Kraft-T---don't have a heart attack

A farmer just called me, yelling into the phone that his corn margin has dwindled a lot. He's nervous that soybeans are gaining so much.

 

Mike

Senior Contributor
Blacksandfarmer
Posts: 897
Registered: ‎08-04-2010
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Re: Kraft-T---don't have a heart attack

Mike I don't think that guy will be the last. I know a guy who last week sold every soybean he had left in his bins. I made my largest new crop soybean contract last week at a price of $12.30. The story at the elevator was pretty much the same with a lot of new crop or December soybean sales coming in with very few corn contracts being made. I am around 20% forward sold on average corn crop at a price of $5.06.... That wont be the high but at this point it wont be a low for this year either. This market really needs to hold together a while longer or we will see more beans and less corn than expected this year.