Floor Talk February 13

[marketeye]

It's Friday the 13th. And there are no markets Monday. Weird start to the long weekend.

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At the close, the March corn futures settled 4 1/4 cents higher at $3.87 per bushel.
March soybean futures finished 6 3/4 cents higher at $9.94. With May, July and August futures trading over $10.00, it was July that held on to close at $10.00 per bushel even. November soybean futures settled at $9.71.

March wheat futures closed 11 3/4 cents higher to $5.33. The March soybean meal futures settled $1.80 per short ton higher at $332.30. March soyoil futures ended $0.39 higher at $32.40.

In the outside markets, the Brent crude oil market is $1.15 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 29 points higher.

Jack Scoville, PRICE Futures Group vice-president, says that today's nice rally is being led by beans. 

"China buying 110,000 tons again after a positive export sales report yesterday, plus the beans seem to be moving higher out of a bull flag formation on the charts that targets maybe 1010 or 1015 March.  Finally seeing some BRZ selling showing up thank God, so there is selling on the rally and that seems to be putting a lid on the market for now.  Corn definitely a follower and has no real interest in going higher it seems.  Wheat higher and is becoming a weather market.  I think CWG is promoting the potential for some winterkill in the next few days, and it has been dry in the central and southern Great Plains as the crops come out of dormancy, at least in the south.  Been spec buying across the board, commercial selling on the rally," he says.

Mike

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 At mid-session:

At mid-session, the March corn futures are trading 4 1/2 cents higher at $3.87 per bushel.
March soybean futures are trading 10 3/4 cents higher at $9.94. July and August futures are trading over $10.00. November soybean futures are trading at $9.74.

March wheat futures are trading 10 cents higher to $5.31. The March soybean meal futures are trading $4.10 per short ton higher at $334.60. March soyoil futures are trading $0.44 higher at $32.45.

In the outside markets, the Brent crude oil market is $1.78 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 33 points higher.

Mike

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At 9:50am:

Soybeans and wheat are still up 9 and 7 cents, respectively. Corn has also turned slightly higher.

Mike

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At the open:

At the open, the March corn futures are trading 2 cents higher at $3.85 per bushel.
March soybean futures are trading 7 cents higher at $9.91.

March wheat futures are trading 7 cents higher to $5.28. The March soybean meal futures are trading $3.20 per short ton higher at $333.70. March soyoil futures are trading $0.14 higher at $32.15.

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 8:20am:

Private exporters reported to the U.S. Department of Agriculture export sales of 110,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year. 

The marketing year for soybeans began Sept. 1.

Mike

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At 7:15am:

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

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $.80 higher per barrel.
Dollar =Higher. 
Wall Street = Seen higher, as the Eurozone beat growth forecasts.

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

More in a minute,

Mike