Floor Talk December 31

[marketeye]

Did you see this? China dismantled as No. 1 U.S. ag export customer.

Here's Chuck Abbott's full story.

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At the close:

At the close, the March corn futures finished 1/4 of a cent lower at $3.58 3/4. January soybean futures finished 6 cents lower at $8.64 1/4. 
March wheat futures closed 1/4 of a cent lower at $4.69 1/2. January soymeal futures ended $2.00 per short ton lower at $265.60. Jan. soyoil futures closed $0.32 lower at $30.96.  
In the outside markets, the Brent Crude oil market is $0.89 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 129 points lower.

Mike

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At mid-session:

At mid-session, the March corn futures are trading 1/4 of a cent higher at $3.59. January soybean futures are trading 4 1/2 cents lower at $8.65. 
March wheat futures are trading 1 1/2 cents higher at $4.71. January soymeal futures are $1.50 per short ton lower at $266.10. Jan. soyoil futures are trading $0.30 lower at $30.77.  
In the outside markets, the Brent Crude oil market is $0.25 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 58 points lower.

Jack Scoville, The PRICE Futures Group, Senior Market Analyst, says that every investor is waiting for the sure thing.  
“The market is trading today but it is very quiet. My latin American customers are around, but not really trading and my farmers have call called and now are doing whatever it is that farmers do on NYE. I expect a slow and sideways trade today, with interest mostly in SA weather. The forecasts keep calling for very beneficial rains in N BRZ, but the rains always seem to disappoint.  And, all kidding aside I think investors are willing now to go through the holiday and start next week with a clean slate."

Mike

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At 10:40am:

The corn market is slightly lower, soybeans are down 4 cents, and wheat unchanged. Light volume trading on this shortened trading day.

What are you watching, in regards to the fundamental and technical factors of the markets?

Thanks,

Mike

[crophugger]

Propaganda

[elcheapo]

"whatever farmers do on NYE"................jerk.........yes we are second class citizens anymore...but here better realize who

is feeding him.......i think we need a new market person, if that is his attitude about farmers........would he care to know what

we think he does on NYE............opps........can't print that here, this is a family show

[WCMO]

Just curious, has anyone calculated how much China's 'reduction' in ag imports from the US is represent in bushels, and not just in total dollars?  With the reduction in corn/soybean prices over past couple of years, it might be reasonable that their ag imports are lower in total $$$, even if there might not be a large decline in bushels.

Also on China, a growth rate of 6% on an economy not all that much different in size than ours, is still a GROWTH rate of 6% PER YEAR.  Yes, it is not 10%, however, it also is not an actual reduction, it is still an increase, and a healthy one at that, if it can be sustained.

[k-289]

What makes you believe either the   6   or  10   - Kinda like we are exporting more beef - what does  ''more '''  accutally mean - oh  $$$ or lbs ?

[WCMO]

Well, the 6 or 10% growth rates could both be wrong.  My point is that anything above -0- is still growth, not decline, just not growing so fast.

On the ag exports -- for example, if they anticipate a reduction of 25% in terms of dollars, but the price has declined 25%, then is there really a net reduction in product exported?  This goes along with the growth rate, which still indicates China's economy is growing, probably faster than the US, assuming their (and our) numbers/rates are at least somewhat truthful or accurate.

[crophugger]

Remember they will do or say anything to buy it cheaper

[ECIN]

Now , Now , Now cheapo - lol  Jack has a good question there - As most have not a clue about what farmers are and what we do - they only know that they get there food from the super market and thats as close as they get to our business .  It's easy for us to give somebody grief over a statement like Jack's - because we do have a clue - like some will be feeding the cattle - hogs - Some Milking - just like they do every day 2 to 3 times - Yes it may be NYE yet its just another day to them . Some last minute tax deals - Wheeling and dealing with fert. plants . and some doing marketing - or writing about it - what ever that is   Even the people envoled in Ag have No idea about todays ag and " What we do " on NYE or any other day .

Now as for this famer On NYE - It was a day that started at the surgons office then finished prepay on some products , Training for Dobie , Stopped by MTG and BSed with them for a minute , Had a few beers for elbow pain , and did see 8:30 but not 9 - LOL

[rayjenkins]

Happy New Year all

Like you ECIN, it has been many a year since I have actually seen the clock strike midnight!

Ray J