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Veteran Advisor

Floor Talk December 22

 

At the close:

 

The March corn futures settled 1 1/4 cents higher at $4.11 3/4 per bushel.
March soybean futures finished 7 1/4 cents higher at $10.45 1/2.

 

 

 

March wheat futures ended 6 1/2 cents lower at $6.25 3/4. The March soybean meal futures closed $5.20 per short ton higher at $357.20. March soyoil futures closed $0.01 higher at $32.17.

 

 

 

In the outside markets, the crude oil market is lower by $1.61, the U.S. Dollar is lower and the Dow Jones Industrials are 103 cents higher.

 

Matt Connelly, Futures International LLC floor trader, says that the farmers are being given a nice post-harvest rally. "Think markets reacting to export inspections  this am.  Very good # again for beans.  Wheat has been active last few weeks with Russian export issues tied to big moves in crude and the ruble. Corn strong of late being pulled by wheat and talk acres in Jan report could be below WASDE est.   Overall, think producer has been given nice post  harvest rally.  SA weather looks ok, think after first of the year rallies might be tougher to sustain," Connelly says.

 

Mike

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At mid-session:

The March corn futures are trading 1 1/2 cents higher at $4.12 per bushel.
March soybean futures are trading 7 cents higher at $10.45 1/2.

 

March wheat futures are trading unchanged to $6.32. The March soybean meal futures are trading $5.90 per short ton higher at $357.90. March soyoil futures are trading $0.04 lower at $32.12.

 

In the outside markets, the crude oil market is lower by $1.63, the U.S. Dollar is lower and the Dow Jones Industrials are 92cents higher.

 

What's going on with this rally? One analyst offers up these thoughts:

"Wheat actually started things off on the higher side today.  I think it was just the Egyptian biz that went to France and Russia, plus reports of new restrictions and tariffs on wheat exports from Russia.  But, that news has faded and wheat is down on the day now.  Soybeans now the leader to the upside after strong export inspections.  No other reason for beans to be up that I can see.  Weather could not be better in SA and no real problems here that I can find out about.  I think people are kind of surprised by the strength, I know I am.  Dollar not doing anything, either.  Not hearing much in the way of new demand out there, either.  But, yes, a nice rally for sure."

 

Mike

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At the open:

The March corn futures are trading 1/4 of a cent higher at $4.10 3/4 per bushel.
March soybean futures are trading 2 3/4 cents lower at $10.28.

 

March wheat futures are trading 4 1/2 cents higher to $6.36. The March soybean meal futures are trading $1.60 per short ton higher at $353.60. January soyoil futures are trading $0.02 higher at $32.18.

 

In the outside markets, the crude oil market is lower by $0.88, the U.S. Dollar is lower and the Dow Jones Industrials are 78 cents higher.

 

Mike

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At 8:10am:

If you missed it, here's a summary of the CFTC Report:

Net moves for the managed money: corn’s 5k net gain below daily trade estimates—similar to oil and CBOT wheat’s net gains of around 6k and 12k, respectively. Beans lost
3.5k and meal –6k on the week in that category. Producers & merchants lost 8.8k net corn and 15k wheat, while adding small amounts of beans and meal.

 

Also Friday, Informa released 2015 U.S. Acreage estimates:

 

Corn= 88.0 million, down 320,000 from last month and now 2.9 million below 2014.

Soybeans=  88.8 million, up 450,000 from November and 4.6 million above 2014.

 

 

 

Mike

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At 8am:

 

Private exporters reported to the U.S. Department of Agriculture export sales of 166,600 metric tons of corn for delivery to unknown destinations during the 2014/2015 marketing year. 

 

The marketing year for corn began Sept. 1.

 

Mike

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At 7:45am:

 

Early calls: Corn is 1-2 cents lower, soybeans 2-4 cents lower and wheat 4-6 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Crude Oil = $0.11 lower per barrel.
Dollar = Higher
Wall Street =Higher with the end of year rally insight.

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

 

I'm back to help strike up a rally. Thanks to Jordan and Jeff for filling in.

 

 

More in a minute,

 

Mike

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9 Replies
Highlighted
Senior Contributor

Re: Floor Talk December 22

Caterpillars are striking out in southern Brazil!

 

IMG_0695.jpeg

 

IMG_1163.jpeg

 

IMG_1167.jpeg

 

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Honored Advisor

Re: Floor Talk December 22

I sure wish we could have some of that blue sky.

 

So far this month two mostly clear days early in the month , followed by four days with An hour or two of Sun. 

 

Starting to remind me of '92.  End of summer flood followed by dreary winter then the wonderfulness of the summer of 1993.

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Advisor

Re: Floor Talk December 22

The sun is up there Hobby and the days are getting longer now.  Hopefully it will soon shine so we can avoid getting Seasonal Affective Disorder (SAD) - lack of sunshine and vitimin D.

I going to make sure I soak some in when it shines.

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Senior Contributor

Re: Floor Talk December 22

These caterpillars did not generate losses yet. The earworms came as a result of late planting and high temperatures last week. Rio Grande do Sul is the last state in Brazil to end planting. Currently, planting progress is at 92% in the state. Typically, it plants soybeans over wheat. There was a storm this weekend here. The data on losses will be unveiled on Friday, after Christmas.

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Senior Contributor

Re: Floor Talk December 22

The agronomist that sent me those pictures, Carlos Dellavalle Filho, told me that most farmers do biological control to fight that caterpillar Helicoverpa Armigera. The problem is that they tend to worry too much about the earworm and forget about controlling fungical diseases and Rusta...

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Honored Advisor

Re: Floor Talk December 22

Mike Connelly....."farmers are being given a nice post-harvest rally."

 

Being given?  Nice choice of words..End users have been given an abundant supply of grain at sale prices.

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Senior Contributor

Re: Floor Talk December 22

Seeing those green beans and blue sky and white puffy clouds sure makes me wish I could farm year round.
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Veteran Advisor

Looking dry from the close up ground photo, Luis.

...........or am I seeing things // is this an illusion??

 

thanks

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Senior Contributor

Re: Looking dry from the close up ground photo, Luis.

Not an illusion, Sir.

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