Floor Talk February 2, 2021
At the close:
At the close, the March corn futures finished 6 1/4¢ lower at $5.43. May corn futures closed 6 1/2¢ lower at $5.42 1/4. New crop December corn futures ended 3/4¢ lower at $4.47.
March soybean futures closed 10 1/2¢ lower at $13.54 1/4. May soybean futures closed 11 3/4¢ lower at $13.50 3/4. New crop November futures finished 3 1/2¢ lower at $11.50 1/2.
March wheat futures finished 6 1/4¢ lower at $6.44 1/2.
March soymeal futures closed $2.50 short term lower at $428.00.
March soy oil futures settled 0.65 lower at 44.32¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.16 per barrel higher (+2.17%) at $54.71. The U.S. dollar is higher, and the Dow Jones Industrials are 592 points higher (+1.96%) at 30,803 points.
At midsession, the March corn futures are 4 3/4¢ lower at $5.44. May corn futures are 5 1/2¢ lower at $5.43 1/4. New crop December corn futures are 1/2¢ lower at $4.47.
March soybean futures are 11¢ lower at $13.54 1/4. May soybean futures are 12¢ lower at $13.50. New crop November futures are 2¢ lower at $11.52.
March wheat futures are 6 1/4¢ lower at $6.44 1/2.
March soymeal futures are $3.30 short term lower at $427.20.
March soy oil futures are 0.48 lower at 44.49¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.31 per barrel higher (+2.45%) at $54.86. The U.S. dollar is higher, and the Dow Jones Industrials are 600 points higher (+1.99%) at 30,812 points.
Private exporters reported to the USDA export sales of 115,000 metric tons of corn for delivery to Mexico during the 2020/2021 marketing year.
The marketing year for corn began Sept. 1.
Bob Linneman, Kluis Advisors, says that investors want to see if the markets pullback through today.
“Could we see grain prices consolidate through Tuesday? The sole reason could be that the funds want to avoid making a big move that will be reported on the Friday afternoon Commitments of Traders report. The recent price action does not quite translate to traders’ idea of sub-8% stocks-to-use ratio in corn and sub-3% in soybeans,” Linneman stated in a daily note to customers.
Linneman added, "Crude oil pushed to new highs overnight. March crude is now at the highest level since February 20, 2020 (on the continuation chart). The next upside target would be near $65.65. If crude is preparing for a bull run, will ethanol be able to follow the same path?"