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marketeye
Veteran Advisor

Floor Talk December 14, 2020

At the close:

 

At the close, the March corn futures settled 1/2¢ higher at $4.24. May corn futures ended 3/4¢ higher at $4.27 1/4.

January soybean futures settled 9¢ higher at $11.69 1/2. March soybean futures closed 8 1/2¢ higher at $11.74 1/4.

March wheat futures finished 18¢ lower at $5.96 3/4.


Jan. soymeal futures closed $0.40 per short ton higher at $380.70.


Jan. soy oil futures closed 0.49 of a cent higher at 38.73¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.34 per barrel higher (+0.73%) at $46.91. The U.S. dollar is lower, and the Dow Jones Industrials are 7 points lower (-0.03%) 30,038 points.

 

Mike

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At midsession:

 

At midsession, the March corn futures are 1/2¢ lower at $4.23. May corn futures are 1/2¢ lower at $4.26.

January soybean futures are 7¢ higher at $11.67. March soybean futures are 6 1/4¢ higher at $11.72 1/4.

March wheat futures are 16 3/4¢ lower at $5.97 3/4.


Jan. soymeal futures are $0.90 per short ton lower at $379.40.


Jan. soy oil futures are 0.68 of a cent higher at 38.92¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.27 per barrel lower (-0.58%) at $46.30. The U.S. dollar is lower, and the Dow Jones Industrials are 65 points higher (+0.65%) 30,112 points.

Jack Scoville, PRICE Futures Group, says today's markets have seen a wild day with buying seen in the overnight markets then collapsing after the reopen.

“At midsession, the markets are coming back a bit. We are still concerned about dry weather and the lack of sizeable Chinese demand in our markets right now. The South American weather is still mostly dry, but some areas are getting some significant rains in northeastern Argentina as well as some areas in central Brazil. Just about all areas are likely to get some rain over the next couple of weeks, but ideas are it will still be dry," Scoville says.

Scoville added, "The export inspections were strong for beans and improved for corn but wheat was a dog. We need to see the grains start moving along with the beans. I think funds are on both sides of the market and producers are quiet. Industry might be buying a bit but not so sure about that," Scoville says.

 

Mike

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At 8:45am:

Soybean investors push up the market, Monday.

Meanwhile, 

David Tolleris, WxRisk.com meteorologist, says Brazil's soybean crop will get more rain this week.
"In Brazil, it was again a wet weekend with widespread rain in most areas (only southeast Brazil missed out on the rain) with normal temperatures. For Argentina, it was mostly dry with temps getting up to 100 degrees in many areas," Tolleris stated in a note on Kluis Advisors morning wire to customers.

"Now, a look at this week. The weather models are in good agreement that more rain will move across 70% of Brazil. Argentina stays dry in most areas with 100 degree temps continuing," Tolleris stated in the daily note to customers.

Tolleris added, "In the week two forecasts, the models are not in good agreement. The GFS model says Brazil gets some rain, while the European model brings more rain into most of Brazil with 50 to 70% coverage, with 1-2-inch rains in most areas. Argentina stays mostly dry."

 

What say you?

 

Mike

 

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1 Reply
wrightcattle
Veteran Advisor

Re: Floor Talk December 14, 2020

I say corn to $8 plus and beans to $14 Plus..... And I'm thinking  bout 3 years at the new levels too.  Well see. 

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