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Veteran Contributor

Floor Talk February 19

At 3:35pm:

Funds sold 3,000 soybean and wheat contracts, and bought 4,000 soymeal contracts. No corn was bought or sold.

 

Mike

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At the close:

At the close, the March corn futures settled unchanged at $3.65 1/2. March soybean futures finished 1 1/2 cents lower at $8.78 1/4. 
May wheat futures ended 1/2 of a cent lower at $4.61 3/4. March soymeal futures closed $1.00 per short ton higher at $264.50. March soyoil futures closed $0.44 lower at $31.39.  
In the outside markets, the Brent Crude oil market is $0.78 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 67 lower.

 

Mike

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At mid-session:

At mid-session, the March corn futures are trading 1 1/4 cents higher at $3.66. March soybean futures are 1 1/4 cents higher at $8.81. 
May wheat futures are trading 1/4 of a cent lower at $4.68. March soymeal futures are $2.00 per short ton higher at $265.50. March soyoil futures are trading $0.32 lower at $31.51.  
In the outside markets, the Brent Crude oil market is $1.37 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 41 lower.

 

Mike

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At the open:

At the open, the March corn futures are trading 1/2 of a cent higher at $3.66. March soybean futures are 1 1/2 cents lower at $8.78. 
May wheat futures are trading 1/4 of a cent lower at $4.68. March soymeal futures are $0.30 per short ton higher at $263.80. March soyoil futures are trading $0.25 lower at $31.58.  
In the outside markets, the Brent Crude oil market is $1.10 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 112 lower.

 

On Friday, private exporters reported sales of 101,600 metric tons of corn for delivery to Japan during the 2015/2016 marketing year, the U.S. Department of Agriculture said on Friday. The marketing year for corn began Sept. 1.

 

Separately, the USDA Weekly Export Sales Report Friday favored corn prices.

 
 Export sales of corn jumped in the week that ended on Feb. 11 as overseas buyers took advantage of a weakened dollar and low prices to make purchases

 

U.S. exporters sold 1.05 million metric tons of corn, up considerably from the prior seven-day period, according to the Department of Agriculture. Analysts had forecast sales from 600,000 to 1 million tons. 

 

Colombia was the big buyer, purchasing 285,300 tons of the grain, the USDA said. Mexico wasn't far behind, buying 231,000 tons.

 

Soybean sales fell 15% from the prior week to 567,000 tons, according to the agency. That's still up 4% from the previous four-week average. China, of course, was the big buyer, purchasing 346,000 tons.

 

Wheat sales were disappointing at 253,600 tons, though still within the range of analyst estimates for 200,000 to 400,000 tons. Purchases were down 4% from the prior week, but still up 3% from the prior four-week average, the USDA said. 

 

 

Mike

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Good morning. It's Friday! So we got that going for us, which is nice. 

 

Wheat fell overnight on skepticism about Egypt's worth as a trading partner. The country has rejected two cargoes of wheat recently -- one Canadian and one French -- over what it says are unacceptable levels of fungal disease ergot. The shippers insist the shipments met specifications. 

  

At 6:15 am:

 

Early calls:

Wheat 1-2 cents lower, soybeans 1-2 lower and corn unchanged to 1 lower. 

 

Trackers:

Overnight wheat lower, soybeans and corn little changed. 

 

Brent Crude Oil = 2% lower.

West Texas Intermediate Crude Oil = 2.1% lower.

Dollar = down 0.1%.

Wall Street = Stock futures fall overnight as oil declines. 
World Markets = Global stocks decline as investors jump after short rally.

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