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From the floor February 4

[ Edited ]

At the close:

The March corn futures settled 16 cents higher at $6.78 1/2. The March soybean contract closed 2 cents lower at $14.33 1/4.  The March wheat futures ended 5 1/4 cents lower at $8.53 1/4. March soybean meal futures settled $3.20 lower per short ton at $383.20. The March soyoil futures closed $0.20 higher at $58.98.


In the outside markets, the NYMEX crude oil is $1.59 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 10 points.


News: U.S. Grains Council returned recently from a trip to China. They report that their group was given estimates that China is short 10-15 million metric tons (394-591 million bushels) in corn stocks and will need to purchase corn this year. China may battle South Korea as the top corn importer.
The group learned the Chinese government normally keeps stocks at 30 percent, but currently that level is just over 5%. This is why they say China may need imports of 3-9 million tons (118-354 million bushels). The news did impact the corn market Friday, helping it reach a 30-month high.

 

I'm being told by my Brazilian contacts that a