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Veteran Advisor

Floor Talk February 12

At the close:

At the close:

At the close, the March corn futures settled 2 3/4 cents lower at $3.83 per bushel.
March soybean futures finished 6 cents higher at $9.83 3/4.

March wheat futures settled 4 1/2 cents lower to $5.21 1/4. The March soybean meal futures closed $0.90 per short ton higher at $330.50. March soyoil futures ended $0.26 higher at $32.01.

In the outside markets, the NYMEX crude oil market is $1.90 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 88 points higher.

 

Mike

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At mid-session:

At mid-session, the March corn futures are trading 1 3/4 cents lower at $3.84 per bushel.
March soybean futures are trading 3 1/2 cents higher at $9.81.

March wheat futures are trading 5 cents lower to $5.20. The March soybean meal futures are trading $0.60 per short ton higher at $330.20. March soyoil futures are trading $0.17 higher at $31.92.

In the outside markets, the Brent crude oil market is $1.79 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 82 points higher.

 

Mike

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At 10:20am:

Everything is lower, at this moment.

 

Mike

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At the open:

At the open, the March corn futures are trading 1/2 of a cent lower at $3.85 per bushel.
March soybean futures are trading 3 cents higher at $9.80.

March wheat futures are trading 1/4 of a cent higher to $5.26. The March soybean meal futures are trading $2.00 per short ton higher at $331.60. March soyoil futures are trading $0.08 higher at $31.83.

In the outside markets, the Brent crude oil market is $0.97 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 44 points higher.

 

Mike

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At 8:10am:

On Wednesday, Brazil‟s Conab dropped its 2014/15 soybean production estimate to 94.6 million tones from 95.9. Above last season‟s previous record 86.1 MMT crop.
Conab sees exports of 47.8 mmt this season, down from its previous estimate of 49.6 mmt.  Soybean stocks are seen more than doubling to 4.8 mmt. Corn output for 2014/15 was cut from 79.1 to 78.4 mmt.

 

Mike

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At 7:40am:

USDA Weekly Export Sales Report Thursday shows that corn and soybeans beat expectations:

 

Corn= 1.12 million metric tons vs. the trade's expectations of between  600,000-1,100,000 metric tons,

Soybeans=  746,200 mt vs. the trade's expectations of between 300,000-550,000 metric tons.

Wheat= 418,800 mt vs. the trade's expectations of between 300,000-650,000 metric tons,

Soybean meal=  234,500 mt vs. the trade's expectations of between 150,000-300,000 metric tons. 

 

Mike

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At 6:30am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $1.06 higher per barrel.
Dollar =Lower. 
Wall Street = Seen higher, as earnings trump the unrest with the Greek credit standoff.

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

 

 

 

More in a minute,

 

Mike

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6 Replies
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Honored Advisor

Re: Floor Talk February 12

Mike you really started something.  

I am having these goofy dreams of large buildings in Chicago sitting empty like Detroit as commerce moves to the new technology.  The miracle mile could become an easy drive.  Or million $ mile, or what ever it is called--- the place with all the starbucks side by side in Chicago.

 

I have been expecting it to happen to small town main street Kansas, and it is, but never thought about it happening to the big cities.

 

How soon will congress just meet in a chat room from home?  Now that is a more pleasant picture.

 

Washington DC has now abandoned the post office officially, our FSA newsletters come email.  The post office is soon to be 6 sorting machine locations.  Deliveries are taking longer and longer in our area.

 

 

Are the stock exchanges close behind?  

 

Will these all become museums??

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Veteran Advisor

Re: Floor Talk February 12

sw363535,

 

You are on the right track, my man. Think back about what the Industrial Revolution to some labor forces. Now, I understand that mechanizing some of that fieldwork such as cotton picking, even corn picking, wheat  gathering, harvesting nuts, apples, oranges, you name it, and a lot of other industries that saw machines eventually do away with jobs, was welcomed. And in some cases, created jobs for other sectors of the economy. But, that is what is happening with the Electronic Revolution, to a certain point. People are losing their jobs, being replaced by an algorithim, computerized methods, a robot, etc.

 

It's interesting what one trader told me in Chicago. "In four years, the CME will be probably mad at themselves that they didn't shut the whole place down in 2015."

 

You've seen those silly commercials where the guy is sitting on the beach working on a laptop. Well, that's not so silly anymore is it?

 

Mike

 

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Honored Advisor

Re: Floor Talk February 12

Absolutely Mike,  I thought that was a great quote.

 

I spoke to a college careers class a few days ago about ag production.  Another career that used to be "just a" job and now pays better than many professional jobs.

It was a good hour of sharing information.  But I walked away wondering where these kids will end up.  Because their primary question was "what do we do to make ourselves be more prepared for the jobs we need?"  -- and I am still struggling with the question.---- could be 

 

The industrial revolution was a shocking transformation socially, but the future jobs were better and visible enough to move masses to cities.  Too many now are asking where is there a place for me in the future?  They can't see it and they need all the encouragement they can get in a very stressful time.  Job hunting itself is a transformed process. 

 

My theme was back to basics,  There are two sets of basics the world economy still runs on    1.  Math and sciences..the nuts and bolts ...  2. communications..reading to acquire information ASAP..languages and the ability to express yourself in writing or vocally to take full advantage of technology.  

I am continually impressed with how many tech skills young people have and how few basic skills they have.

 

Beyond that thought I wonder where their future is with so many transformations happening so fast.

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Veteran Advisor

Re: Floor Talk February 12

Sw,

 

As you know, education for me is the key to success and I have also spoken at some classes and see all these kids that do not have a clue.   Not a clue.  It saddens me to see that even simple percentages cannot even be computed, even when they have a calculator in front of them.  Just sad.    

 

Also, after a good year of being entrenched in the pubic schools and private ones, I can say that teaching is not what it was before.  Teaching is just a way to have the kids memorize the items on the state exams in order to get more funding for the schools.  Politically, state Representatives are behind education but they do not make calls on your behalf if they are not getting compensated in some form or fashion.  

 

Yes, it is sad. 

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Honored Advisor

Re: Floor Talk February 12

Mike there have been few times in history when labor and employees were treated as badly as the 1990-2005 tech boom.  How many degreed workers took on tech jobs to have their jobs terminated within 6-10 years.  And after that see themselves and their friends displaced by the technology they built.  

 

They need to get their heads out of the cell phones and enjoy life. 

 

GioLucas,

I tried to get this across too ---- The two most influential people in education are Parents and the Student.  All others are minor.

Not that long ago kids were learning in one room school houses.  People get the education they desire and money has very little to do with it.  

 

 

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Veteran Contributor

Re: Floor Talk February 12

In a 100 yrs time, we've gone from Latan being offered at high schools to remedial reading now offered at the college level...