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Veteran Advisor

Floor Talk December 29, 2020

At the close:

At the close, the March corn futures finished 9 1/2¢ higher at $4.66. May corn futures settled 9¢ higher at $4.66.

January soybean futures closed 40 1/4¢ higher at $12.95 1/4. March soybean futures finished 38 3/4¢ higher at $12.96.

March wheat futures closed 4 1/4¢ higher at $6.18 1/4.


March soymeal futures finished $11.60 short term higher at $424.30.


March soy oil futures closed 0.70 of a cent higher at 41.75¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.39 per barrel higher (+0.82%) at $48.01. The U.S. dollar is lower, and the Dow Jones Industrials are 22 points lower (-0.07%) 30,381 points.

Mike

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At midsession:

 

NOTE: I'm told that beans will be in the teens by Thursday.

At midsession, the March corn futures are 9 1/2¢ higher at $4.66. May corn futures are 8 1/4¢ higher at $4.65 1/4.

January soybean futures are 21 1/2¢ higher at $12.76 1/4. March soybean futures are 20 1/4¢ higher at $12.77 1/4.

March wheat futures are 8 1/2¢ higher at $6.22 1/4.


March soymeal futures are $4.60 short term higher at $417.30.


March soy oil futures are 0.32 of a cent higher at 41.37¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.45 per barrel higher (+0.94%) at $48.07. The U.S. dollar is lower, and the Dow Jones Industrials are 3 points higher (+0.01%) 30,407 points.

 

Marketeye

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At 8:45am:

Soybeans jump 10¢, corn is up too Tuesday.

 

What say you?

 

Marketeye

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5 Replies
Honored Advisor

Re: Floor Talk December 29, 2020

http://www.soybeansandcorn.com/news/Dec8_20-Early-Weather-Concerns-Impact-Soybean-Production-in-Mato...

 

"Imea indicated that the soybean price in 2020 averaged R$ 111.06 per sack ($9.70 per bushel), which was a 65% increase over 2019. The highest price for the year was approximately R$ 170.00 per sack (approximately $14.85 per bushel). It is estimated at about 60% of the forward sales were made when prices were much lower than the current prices."

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Senior Advisor

Re: They keep talking about getting in Brazil, they don't get it.

At some point, it'll be too late.

n.30day.figb.gif
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Honored Advisor

Re: They keep talking about getting in Brazil, they don't get it.

The 7 day is relatively bleak

Argentina is worse

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Honored Advisor

Re: They keep talking about getting in Brazil, they don't get it.

Getting a real snow storm down here in southern Iowa. 2" a hour.

Nice run up in grain prices on top of good prices today.

 

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Honored Advisor

Re: They keep talking about getting in Brazil, they don't get it.

Hey Hobby,  Please keep that snow out there.   We don't need that in Ohio.   

As far as the markets go........... You can stick your neck out and look down the tracks.   But by all means, don't stand on the tracks.   This train is gaining speed.

Who, in their wildest dreams would've believed what we are seeing in these grain markets?

I've always believed that the more crops that are contracted ahead, the higher the prices can go later.   I think that I believe some reports that farmers were 80% or more sold on beans.  

If there was a way to cancel some previous bean sales to China and make them buy at these higher prices, I would be in favor.  

Just wondering how close China is to reaching their agreement with the President?  Some things are worth waiting for....I guess.  It's too bad it came so late that a lot of farmers can't take advantage for previously sold crops.

Not sure I'd be selling any new crop quite yet.  Although, many of the market advisors I'm sure, are pleading for guys to get something sold..........before prices crash.    They certainly can't wait to get more on their books to make up for maybe one of the most dismal years of selling of their marketing advice ever.

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