Floor Talk February 1, 2021
At the close:
At the close, the March corn futures finished 2 1/4¢ higher at $5.49. May corn futures settled 1¢ higher at $5.48. New crop December corn futures ended 1 1/4¢ higher at $4.47 3/4.
March soybean futures settled 4 3/4¢ lower at $13.65 1/4. May soybean futures closed 4 1/2¢ lower at $13.62 3/4. New crop November futures closed 11¢ higher at $11.54.
March wheat futures closed 12¢ lower at $6.51.
March soymeal futures closed $0.50 short term lower at $430.50.
March soy oil futures finished 0.35 higher at 44.97¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.45 per barrel higher (+2.78%) at $53.65. The U.S. dollar is higher, and the Dow Jones Industrials are 307 points higher (+1.03%) at 30,289 points.
At midsession, the March corn futures are 5 3/4¢ lower at $5.41 1/4. May corn futures are 5 1/2¢ lower at $5.42. New crop December corn futures are 1 1/2¢ lower at $4.43 3/4.
March soybean futures are 16 1/2¢ lower at $13.53 1/4. May soybean futures are 15 1/2¢ lower at $13.51 3/4. New crop November futures are 1/4¢ lower at $11.42 3/4.
March wheat futures are 15¢ lower at $6.48.
March soymeal futures are $4.60 short term lower at $426.40.
March soy oil futures are 0.03 higher at 44.65¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.48 per barrel higher (+0.92%) at $52.68. The U.S. dollar is higher, and the Dow Jones Industrials are 162 points higher (+0.54%) at 30,144 points.
Britt O'Connell, ever.ag, says that the markets have had a quiet session, to start the week.
"Corn and soybean markets started the overnight session high with March corn establishing a new high at $5.55 before moving lower. As we move towards mid-session, old crop and new crop markets are lower in both commodities. We've mentioned that volatility will likely remain a fixture in our marketplace and today it is showcasing that very thing. China's corn purchases last week must have gotten others into the mood of buying. This morning, it was announced that Mexico, typically our largest corn purchaser, stepped into the market and bought 126 mmt of old crop corn. Another familiar face in the mix was Japan, recording a 110 mmt buy.
O'Connell added, "It's worth noting that Brazil is getting a lot of rain right now, slowing down harvest and delaying its massive 8.5 mmt of soybeans that are set to leave the port in the month of February. Pair that with a trucker strike that started today and time will be of the essence, lost days cannot be regained, especially when you're aiming at record exports," O'Connell says.
Re: Brazil didn't get ...
Brazil (nor Argentina) didn't get much rain last week and there isn't much in the forecast..They'll start harvesting soybeans soon, we'll see how much they get, and then they'll try to plant corn. No matter what, there isn't much moisture in the soil profile and we all know what that means, they'll be depending on whatever rain they get during the growing season.
They don't call it rainfed agriculture for anything.
Brazil (or Argentina) didn't get much rain last week and the forecast is for mostly dry the next two weeks. They'll start harvesting soybeans soon, we'll see how that goes, and then we'll see how the corn planting goes. No matter what, they're going into corn planting without a lot of moisture in the soil profile.