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Veteran Contributor

Floor Talk December 28

At the close:

At the close, the March corn futures settled 6 3/4¢ lower at $3.48 1/4, May closed 6 1/2¢ lower at $3.54 3/4 and new crop Dec. '17 corn closed 6¢ lower at $3.78 1/4. January soybean futures finished 8¢ lower at $10.06 3/4, while March soybean futures finished 7 3/4¢ lower at $10.16 1/2 and new crop November '17 futures closed 6 1/2¢ lower at $9.96. March wheat futures closed 8¢ lower at $4.01 1/2. March soy meal futures ended $1.30 short ton lower at $320.30. March soy oil futures finished $0.28 lower at 35.12¢ per pound.  In the outside markets, the Brent crude oil market is $0.34 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 93 points lower.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 4 3/4¢ lower at $3.50 1/4. January soybean futures are 7 1/4¢ lower at $10.07, while March soybean futures are 7 1/4¢ lower at $10.17. March wheat futures are 7 1/2¢ lower at $4.02. March soy meal futures are $0.70 short ton lower at $320.90. March soy oil futures are $0.43 lower at 34.97¢ per pound.  In the outside markets, the Brent crude oil market is $0.28 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 46 points lower.

 

Mike

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At 9am:

At 9:00am, the March corn futures are 2¢ lower at $3.53. January soybean futures are 5 1/2¢ lower at $10.09, while March soybean futures are 5¢ lower at $10.19. March wheat futures are 1 1/2¢ lower at $4.08. March soy meal futures are $0.60 short ton lower at $321.00. March soy oil futures are $0.38 lower at 35.02¢ per pound.  In the outside markets, the Brent crude oil market is $0.22 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points lower.

 

 

Mike

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Soybeans were higher amid a lack of rain in Argentina, but corns and wheat were lower in overnight trading. Beans were up about 3 cents while corn was down about 1.5 cents. Trump appointee Carl Icahn told Bloomberg News yesterday that he and several members of the new administration are critical of the U.S. ethanol mandate. That's not shocking as it's been widely reported and several nominees have ties to the oil industry. 

 

Here's what happened overnight:

 

Brent Crude Oil = 0.2% higher.

West Texas Intermediate Crude Oil = 0.1% higher.

Dollar = up 0.4%.

Wall Street = U.S. stock futures slightly higher in overnight trading.
World Markets = Global stocks modestly higher, again following oil.

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11 Replies
Veteran Advisor

Re: Floor Talk December 28

Hedgers would like it if you included new crop prices for corn, soybeans and wheat.  Would that be much trouble to include?

 

Nearby numbers are OK for those waiting to sell old crop on  a bounce, but new crop sellers are ignored.

Veteran Advisor

Re: Floor Talk December 28

Jim,

 

You talking about Dec '17 and Nov '17 prices?

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Honored Advisor

Re: Floor Talk December 28

yes that became new crop a while back.....  In locations in Southwest Ks new crop bids are available in the $4+ range....

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Veteran Contributor

Re: Floor Talk December 28

SW can you clarify which crop a new crop bid of $4+ is available ?  

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Honored Advisor

Re: Floor Talk December 28

Soybeans..........Smiley Wink

Veteran Contributor

Re: Floor Talk December 28

I had to log back in to LOL that response !!

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Veteran Advisor

Re: Floor Talk December 28

Local elevator is bidding $3.33 on new crop corn.  Is the $4.00 + at e-plant or feedlot?

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Honored Advisor

Re: Floor Talk December 28

Seaboard Foods, Rolla, Ks....... was offering yesterday a bid on new crop 17 corn, if delivered  to one of their feed mills in months in Jan, feb, Mar  2018 could return a price over $4....  

 

 

 

 

 

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Honored Advisor

Re: Floor Talk December 28

i got the message from a banker.......... He said they had a customer or two looking at taking them up on it as a place to start......

 

Now if you consider it requires storage and after harvest delivery it is not as good.  And today probably knocked it below $4.

 

I think the biggest thing to note is the fact that a local banker is watching it..... He is a friend and I know he is very concerned about cash flowing 2017...

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