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marketeye
Veteran Advisor

Floor Talk February 10, 2021

At the close:

At the close, the March corn futures finished 21 3/4¢ lower at $5.34 1/2. May corn futures ended 21 1/2¢ lower at $5.32 1/2. New crop December corn futures settled 7 3/4¢ lower at $4.48.

March soybean futures closed 47 3/4¢ lower at $13.54. May soybean futures finished 46 1/4¢ lower at $13.52 3/4. New crop November futures closed 27 1/4¢ lower at $11.63 1/4.

March wheat futures closed 14¢ lower at $6.35 1/2.


March soymeal futures finished $16.40 short term lower at $422.30.


March soy oil futures closed 0.83 lower at 45.69¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.31 per barrel higher (+0.53%) at $58.67. The U.S. dollar is lower, and the Dow Jones Industrials are 81 points higher (+0.26%) at 31,457 points.

 

 

Mike

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At midsession:

At midsession, the March corn futures are 15¢ lower at $5.41. May corn futures are 15 1/2¢ lower at $5.38 1/2. New crop December corn futures are 9 3/4¢ lower at $4.46 3/4.

March soybean futures are 38¢ lower at $13.63 3/4. May soybean futures are 37 1/4¢ lower at $13.61 3/4. New crop November futures are 24 1/2¢ lower at $11.66 1/4.

March wheat futures are 16 3/4¢ lower at $6.32 1/2.

March soymeal futures are $12.10 short term lower at $426.60.


March soy oil futures are 0.85 lower at 45.67¢ per pound.

 

In the outside markets, the NYMEX crude oil market is $0.43 per barrel higher (+0.74%) at $58.79. The U.S. dollar is lower, and the Dow Jones Industrials are 11 points higher (+0.04%) at 31,387 points.

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At 8:45am:

 

Soybeans shave off 24¢ Wednesday.

 

Mike

 

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9 Replies
sw363535
Honored Advisor

Re: Floor Talk February 10, 2021

I can't open the page  but it might be my wifi

 

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KY_TOBDirt
Senior Contributor

Re: Floor Talk February 10, 2021

Don't look SW, down $0.40 now makes you want to puke. Might have should have sold out Monday

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Hobbyfarmer
Honored Advisor

Re: Floor Talk February 10, 2021

Blank, blocked

Is all that comes up

Only needed one word to sum it up so far this AM...

 

Ouch

 

 

Or as another used to post...

 

C R O O K S

roarintiger1
Honored Advisor

Re: Floor Talk February 10, 2021

It certainly looks like a Chinese market manipulation plan.......and thus, a buying opportunity for them.

Other end users, take note. If you bought yesterday, you goofed. 

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Canuck_2
Senior Contributor

Re: Floor Talk February 10, 2021

Not sure why so many are upset with price going down.

Prices have risen for some time and are still good.

Take your profit and move on a market that had gone up for so long and so high was going to turn down sooner or later and tops usually form quick and drop like a stone.

Record high fund [positions gave us all an opportunity to cash in, if you have not taken that opportunity yet do it now while there is still profit on the table.

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illinifarmer
Advisor

Re: Floor Talk February 10, 2021

Upset would be an understatement.  If the export numbers are even close to accurate, why would they lower prices? Let’s give them a discount on a product they already can’t buy enough of.  This is a very obvious ploy by the usda and the traders feeding the greed buy back fire, to level out the rise in the markets. So obvious in fact I’m not even the first to point out that the Crookss are making a move. Tax season, pre-planting predictions, soon to be some record acre planting fantasies, same game another year.  These fellas need a new playbook, before us farmers form are own teachers union and demand retribution and reparations.

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timetippingpt
Honored Advisor

Re: Floor Talk February 10, 2021

When export sales are cancelled, it seems likely prices will go down.

Plus, Purdue did a nice webinar today that showed the current ethanol forecast usage is awfully high, as is the corn export forecast. So, corn demand may be over-stated a bit, and we still have a 1.5 bil carryout. The market might be over-valued 🙂

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ddtfarm1
Frequent Contributor

Re: Floor Talk February 10, 2021

Looks like the market is working as it always has since I can recall, moving in the direction that causes the most pain to the most participants. Nothing new here, no reason to get upset at these levels.

sw363535
Honored Advisor

Re: Floor Talk February 10, 2021

that article on SF by the Chinese mouthpiece Reuters.......concerning china finding 4 or 8 seed producers in china that were using illegal gmo technology............................

just wait...... that is setting up the process of finding ships to condemn, reject, and resell to others quietly........ blaming the US for selling bad grain to them and dropping the markets so they can buy brazils crop cheaper.

If we had anyone in leadership with sense enough and a butt that wasn't owned by china already..... we would be riding the Covid release from the military laboratory in Wuhan like a rented mule..... Daily releases reminding the world who is responsible for all those deaths world wide....Who is falsely reporting their own death losses...... Who failed to inform anyone about the virus until pictures and video started leaking out of Wuhan......  Who continued to send workers into Iran and Italy who were sick with the virus....

This is not batmitton or slap jack........... this is market manipulation for the big dollars, not those little millions on the side to the swiss bank account of individual elected officials.  

So keep your eyes open china has started its game of "ouch that's getting too expensive"

 

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