Happy New Year!
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At the close:
The March corn futures settled 9 1/2 cents lower at $3.97 per bushel.
March soybean futures closed 20 1/2 cents lower at $10.23 1/2.
March wheat futures finished 12 1/2 cents lower to $5.89. The March soybean meal futures closed $6.10 per short ton lower at $347.60. March soyoil futures ended $0.93 lower at $32.14.
In the outside markets, the crude oil market is $1.26 lower per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 86 cents lower.
One trader says, "I have had a lot of liquidation, as people set profits and losses for the end of the year. That has been most of my action today and I am sure I am not alone. The weather in South America is good and they have been offering corn and beans on the rally. I think US farmers are selling, too. FND today with bean deliveries and beans show a small carry, so the burden is increasingly on the bull to justify rallies. Charts are negative, placing further pressure on bulls to get out of the way."
Mike
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At mid-session:
The March corn futures are trading 4 1/2 cents lower at $4.02 per bushel.
March soybean futures are trading 18 cents lower at $10.26.
March wheat futures are trading 8 1/4 cents lower to $5.93 3/4. The March soybean meal futures are trading $6.60 per short ton lower at $347.10. March soyoil futures are trading $0.57 lower at $32.50.
In the outside markets, the crude oil market is $1.09 lower per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 13 cents higher.
Dustin Johnson, EHedger LLC analyst says, farmer-selling is lowering markets.
“I think it could be farmer selling for the new year. Either that or the market is pricing it in before hand. We also have crude oil at new cycle lows and a stronger Dollar Index that could be weighing on the rest of the commodity sector.”
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Mike
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At the open:
The March corn futures are trading 3/4 of a cent lower at $4.05 per bushel.
March soybean futures are trading 9 cents lower at $10.35.
March wheat futures are trading 3 cents lower to $5.99. The March soybean meal futures are trading $2.80 per short ton lower at $350.90. March soyoil futures are trading $0.33 lower at $32.74.
In the outside markets, the crude oil market is $1.87 lower per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 34 cents higher.
Mike
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At 7:30am:
Early calls: Corn is 1-2 cents lower, soybeans 5-6 cents lower and wheat 2-4 cents lower.
Trackers:
Overnight grain, soybean markets = Trading lower.
Crude Oil = $1.76 lower per barrel.
Dollar = Higher
Wall Street =Higher with U.S. Jobless Report on-tap.
World Markets = Europe stocks were higher, Asia/Pacific stocks were mixed.
More in a minute,
Mike
