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marketeye
Veteran Advisor

Floor Talk December 29

At the close:

The March corn futures settled 2 cents lower at $4.12 3/4 per bushel.
March soybean futures finished 5 1/4 cents lower at $10.48 3/4.

 

March wheat futures closed 4 3/4 cents lower to $6.15 1/2. The March soybean meal futures settled $3.50 per short ton lower at $358.30. March soyoil futures closed $0.34 higher at $32.93.

 

In the outside markets, the crude oil market is lower by $1.42, the U.S. Dollar is higher and the Dow Jones Industrials are 4 cents lower.

 

Mike

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At 12-Noon:

Farm futures markets are still lower, Monday. Jack Scoville, PRICE Futures Group vice-president, says watch out for the close.

"The rally was something about flooding in Malaysia supporting SBO and the beans. But, soymeal finally is getting kicked under the table a bit.  Brazil is selling on this rally, so beans are moving.  We need to see green in the beans at the close, otherwise it might be a failure.  Wheat is supported by the weather, getting real cold in the Plains and in Russia too, but both areas got some snow and should be ok at the end.  Probably going to be a sale real soon.  Corn trying to go higher with beans and wheat but no interest there at all.  I think today is a big day for how things close.  We need a higher cloese in the beans for a breakout, a weak close and we might kick this south on liquidation going into the end of the year.  A strong close though and we could see more buying.  Exports were super for corn but not for the rest of the markets, not a super bullish bean report for this year anyway and too soon to get overly concerned for next year.  A lot of opeople expect beans to head south now sooner ratheer than later, producers should make sure the sales are where they want them," Scoville says.

 

Mike

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At mid-session:

 

The March corn futures are trading 3 1/4 cents lower at $4.11 per bushel.
March soybean futures are trading 1 3/4 cents lower at $10.52.

 

March wheat futures are trading 1 1/2 cents lower to $6.09. The March soybean meal futures are trading $3.80 per short ton lower at $358.00. March soyoil futures are trading $0.56 higher at $33.15.

 

In the outside markets, the crude oil market is higher by $0.12, the U.S. Dollar is unchanged and the Dow Jones Industrials are 5 cents higher.

 

Mark Bowman, The Hightower Report, wrote in a daily wire to customers that weakness in the soybean complex is afoot.
"The soybean market experienced solid gains on Friday, with strength in palm oil and active buying in soybean oil helping to support," Bowman stated.
However, it should be noted that soybean oil-led rallies in the oilseed complex historically suggest momentum to the upside in soymeal and soybeans will slow, and that rallies will become selling opportunities, he says.
"Soymeal-led rallies are historically more favorable to the bulls. Also, heavy flooding in Malaysia has traders concerned with the impact on vegetable oils, due to a steep drop in December and early January palm oil production," Bowman writes.
Palm futures are up for the 8th session in a row today, as the worst flooding in 20 years could result in a drop of near 18% from November or more if the flooding continues, he says.

 

Also, cold weather moving into the Plains this week has soymeal spreads firming.
.

 

Mike

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At the open:

 

The March corn futures are trading 2 cents higher at $4.16 per bushel.
March soybean futures are trading 5 cents higher at $10.59.

 

 

 

March wheat futures are trading 9 cents higher to $6.20. The March soybean meal futures are trading $1.90 per short ton higher at $363.70. January soyoil futures are trading $0.29 higher at $32.88.

 

 

 

In the outside markets, the crude oil market is higher by $0.71, the U.S. Dollar is lower and the Dow Jones Industrials are 24 cents lower.

 

Mike

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At 7:20am:

Market things that I'm watching:

--Russia's next move on grain export tariffs

--The Dollar

--The Ruble

--U.S. Exports

--Farmer-selling and pricing, as the Dec. 2015 corn market rallies from $3.64, the harvest low, to $4.34.

--Rain in South America.

--Mickey Mouse Clubhouse.

 

What are you watching?

 

Mike

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At 6:45am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Crude Oil = $0.79 higher per barrel.
Dollar = Lower
Wall Street =Lower after setting record highs.

World Markets = Europe stocks were mostly lower, Asia/Pacific stocks were mostly lower.

 

 

 

More in a minute,

 

Mike

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4 Replies
sw363535
Honored Advisor

Re: Floor Talk December 29

Well Mike ----- howdy

 

Sounds like you got a box of humor for Christmas.

Great --- I packaged and gave away some of mine but it was a little on the rough side ---- It was a difficult year.

 

Those corn export numbers finally got recorded.  Somebody worked hard the weak of Christmas, or numbers have been saved up for a few weeks.

 

Maybe Santa just brought some extra O's to usda.

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luisvieira
Senior Contributor

Re: Floor Talk December 29

Hey,

 

Some economists are forecasting a dollar value in Brazil in the first months of 2015 at R$ 2.80. That means that soybeans will grow even more in the importance for our economy. Brazil is not being able to export industrialized goods to many countries - significant volumes go to Argentina and Venezuela.

 

I may remind that by April the dollar value here was R$ 2.24 (as reported: http://www.agriculture.com/markets/analysis/corn/brazils-cn-production-drop-seen_9-ar42882). So it is a significant jump. As of right now, a dollar buys R$ 2.69. So how do you guys see the competition in the grain markets in this scenario?

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too close for comfort
Senior Contributor

Re: Floor Talk December 29

Isn't the Mickey Mouse clubhouse on recess till next week?

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marketeye
Veteran Advisor

Re: Floor Talk December 29

sw,

 

Gotta keep laughter in my life. We shouldn't take ourselves too seriously, right? It helps with my levitation.

 

Mike

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