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Senior Contributor
marketeye
Posts: 378
Registered: ‎07-21-2010
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From the floor January 31

[ Edited ]

At the close:

The March corn futures settled 15 1/2 cents higher at $6.59 1/2. The March soybean contract closed 15 cents higher at $14.13.  The March wheat futures closed 15 cents higher at $8.40 3/4. March soybean meal futures closed $3.30 higher per short ton at $380.30. The March soyoil futures closed $0.61 higher at $57.88.

 

In the outside markets, the NYMEX crude oil is $2.58 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 68 points.

 

Separately, one broker told me today that he is already hearing of corn seed shortages in the Delta. A lot of complaints about high fertilizer prices. These may be early signs, for the market, of this spring's acreage battle.

Mike

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

At mid-session:

The March corn futures are 11 1/4 cents higher at $6.55 1/4. The March soybean contract is 14 1/2 cents higher at $14.12 1/2.  The March wheat futures are 20 1/2 cents higher at $8.46. March soybean meal futures are $3.50 higher per short ton at $380.50. The March soyoil futures are $0.44 higher at $57.71.


In the outside markets, the NYMEX crude oil is $1.36 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 41 points.

 

Mike

-----------

At 10:40am:

As the markets remain higher, here is what one analyst is saying. "It's all about foreign food needs in the gains for grains today. All the pre-opening talk is of Middle Eastern countries expanding their grain purchases that began two weeks prior, as governments try to stabilize tension over unemployment, food shortages and inflation. Wheat is the
leader, as it's turned into food for human consumption quickly.

 

 

Yet another broker/analyst says, "The markets are higher in part on the weaker dollar. But, I think mostly all this talk of food inflation and demand and what is going on in Africa is helping prices. There has been a lot of demand created out of the Egyptian turmoil, especially for wheat. And ideas are that more is coming and since supplies are tight, away we go.  Not as much rain in Argentina as expected, although some coming now-and-then, maybe late next weekend, but overall a much dicier situation than expected late last week.  So, I can see the upside.  I don't think it is the world's biggest volume day, at least I am quiet.  Maybe the funds are pounding on this, but my guys are not!"

 

Mike

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

At the open:

The March corn futures are 6 3/4 cents higher at $6.50 1/2. The March soybean contract opened 10 cents higher at $14.08.  The March wheat futures opened 15 3/4 cents higher at $8.41 1/2. March soybean meal futures opened $0.50 higher per short ton at $377.50. The March soyoil futures opened $0.47 higher at $57.74.


In the outside markets, the NYMEX crude oil is $0.10 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 21 points.

 

Mike

-----------

At 7am:


Early calls: Corn up 5-7 cents, soybeans 8-10 cents higher and wheat 12-14 cents higher.


Trackers:

Overnight grain markets=Trading higher.

Crude Oil=$0.41 higher.

Dollar=Lower.

Wall Street=Seen opening highe as robust corporate earnings trump the Egypt uprising.

World Markets=Lower.

 

News:

--All ports in Egypt have closed due to the raging protests, according to the Dow Jones Newswire.

--It was mostly dry in Argentina, over the weekend. The corn/soybean growing areas will get light rain for the next few days,  but the rest of the week is seen hot/dry.


 

It looks like January will go out like a lion.

 

More in a minute,

 

Mike

Contributor
north ia farmer
Posts: 12
Registered: ‎07-30-2010
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Re: From the floor January 31

[ Edited ]

marketeye,your Argentina news of being dry is going to be old stuff soon.So can you find something different to hold these market up for the month of Feb as this will make a big differents for our INS.

Senior Contributor
marketeye
Posts: 378
Registered: ‎07-21-2010
0

Re: From the floor January 31

I won't need to hold up the prices. It looks like you are getting help from all around the world. Egypt, Algeria, Argentina, Australia, soon the Brazil harvest, ethanol demand, fund buying and fund selling, crude oil, the U.S. Dollar. And did you notice, I didn't even mention the C word.

 

Mike

Veteran Contributor
docharing
Posts: 130
Registered: ‎05-14-2010
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Re: From the floor January 31

Mike,

C-word ?  Carryover.

Senior Contributor
p-oed Farmer
Posts: 396
Registered: ‎05-04-2010
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Re: From the floor January 31

Mike..... I would say that based on todays price action........And the rain that has and most likely will fall over the next few days......... The market is NOT trading Argentina weather any more to any great extent........ The market has moved on to other world events........ p-oed

This information is worth what you payed for it...... :~)
Senior Contributor
marketeye
Posts: 378
Registered: ‎07-21-2010
0

Re: From the floor January 31

No, it starts with a C ends with an a.

Senior Contributor
marketeye
Posts: 378
Registered: ‎07-21-2010
0

Re: From the floor January 31

I agree the market has moved on to other world events. However, we know that a small crop gets smaller. So, when the actual harvest numbers start coming in from Argentina, you could see the market react to that. In that regard, the South America story is not over yet.

 

Mike

Contributor
unlgrad
Posts: 6
Registered: ‎09-12-2010
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Re: From the floor January 31

[ Edited ]

I never knew that Canada had so much influence in today's markets.   I Almost said CHINA, but they hardly seem to be mentioned every day.

  I hope you all got that as a sarcastic comment, so I thought I had better clarify.

Senior Contributor
marketeye
Posts: 378
Registered: ‎07-21-2010
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Re: From the floor January 31

Nice. I like it. Hey Husker fan, are you seeing the beginnings of this huge snowstorm yet? I hear Sw Iowa schools have been closing.

 

Mike

Advisor
jrsiajdranch
Posts: 2,100
Registered: ‎05-03-2010
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Re: From the floor January 31

LOL  I thought it was CYA! HE HE.