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Veteran Contributor
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Registered: ‎09-09-2014
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Floor Talk February 2

[ Edited ]

At the close:

At the close, the March corn futures settled 3/4¢ lower at $3.67 1/2, and new crop December 2017 futures finished 1 3/4¢ lower at $3.94 1/2 per bushel. March soybean futures closed 1/2¢ higher at $10.37 1/4, while November 2017 soybean futures finished 6 1/2¢ higher at $10.18 1/2. March wheat futures closed 3/4¢ higher at $4.34 1/2. March soy meal futures are $2.20 short ton lower at $333.80. March soy oil futures closed $0.28 higher at 34.59¢ per pound.  In the outside markets, the Brent crude oil market is $0.40 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points lower.

 

Mike

 

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At mid-day:

At mid-day, the March corn futures are 1¢ higher at $3.69, and new crop December 2017 futures are even at $3.96 per bushel. March soybean futures are 1 1/2¢ higher at $10.38, while November 2017 soybean futures are 6 1/4¢ higher at $10.18. March wheat futures are 2¢ higher at $4.315 March soy meal futures are $1.60 short ton lower at $334.40. March soy oil futures are $0.28 higher at 34.59¢ per pound.  In the outside markets, the Brent crude oil market is $0.010 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 2 points lower.

 

Dustin Johnson, EHedger grain analyst, says that the soybean market was bull spreading while trending lower a few days ago and now it is bear spreading in an upward market today. Not quite sure how to empathize with the market participants that are moving price action right now. Otherwise corn and wheat are just flat, nothing to write home about there either.

 

Mike

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In early trading:

At 9am, the March corn futures are 1 1/2¢ lower at $3.66, and new crop December 2017 futures are 2¢ lower at $3.94 per bushel. March soybean futures are 4 1/2¢ lower at $10.32, while November 2017 soybean futures are 1 1/4¢ lower at $10.10. March wheat futures are 2 1/2¢ lower at $4.31. March soy meal futures are $2.30 short ton lower at $333.70. March soy oil futures are $0.11 lower at 34.20¢ per pound.  In the outside markets, the Brent crude oil market is $0.05 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points lower.

 

On Thursday, the USDA Weekly Export Sales Report showed that corn sales reached the high end of expectations, soybeans beat.

 

Wheat= 510,200 metric tons, vs. the trade’s expectation of between 300,000-600,000 mt.

 

Corn= 1.14 million mt. vs. the trade’s expectations of between 850,000-1,400,000 mt.

 

Soybeans= 975,000 mt. vs. the trade’s expectations of between 400,000-900,000 mt.

 

Soybean meal= 395,900 mt. vs the trade’s expectations of between 150,000-300,000 metric tons. 

 

Separate from the Weekly Export Sales Report, the USDA announced Thursday a fresh sale of corn.

  • Export sales of 110,000 metric tons of corn for delivery to Japan during the 2016/2017 marketing year.
  • Export sales of 140,000 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for corn began September 1.

 

Mike

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Soybeans and grains were lower overnight after rising in the day session on Wednesday -- seems to be a bit of a trend lately. Beans lost about 2 cents and corn was down just over a penny. Wheat was off by about 3 cents. Ethanol producers increased production to a record last week, the fourth time in five weeks. That's good news as, not surprisingly, corn use by makers of the biofuel jumped to a record. 


Here's what happened overnight:

 

Brent Crude Oil = 0.3% higher.  

West Texas Intermediate Crude Oil = 0.2% higher.

Dollar = down 0.2%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks increase along with crude futures. 

Esteemed Advisor
Posts: 2,496
Registered: ‎04-29-2011
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Re: Floor Talk February 2

Crop insurance price discovery month.............This would be a great time for a rally.     Smiley Wink

 

Of course, we would take a rally anytime.

Advisor
Posts: 3,977
Registered: ‎05-03-2010
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Re: Floor Talk February 2

February is the month crop insurance rates are set. And, it's the month we crown state champions in Iowa High School Wrestling. A very crucial month.

 

Mike

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Honored Advisor
Posts: 5,329
Registered: ‎01-10-2012

Re: Floor Talk February 2

Yep gotta keep the priorities straight.

Any thing to do with sports and a few elite students is all that is important

Never mind the other 99.85%.
Advisor
Posts: 3,977
Registered: ‎05-03-2010
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Re: Floor Talk February 2

Because so many are in attendance, farmer-selling falls during those three days in February. Market moving events that follow China's Lunar New Year.

 

Mike

 

Honored Advisor
Posts: 7,659
Registered: ‎07-18-2011
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Re: Floor Talk February 2

[ Edited ]

Does the ins price set high help the producer or usda?

Doesn't the higher price also increase the premium?

 

I'd like the low price this month and the $13 one at harvest.

I got a better chance of raising a crop than an insurance claim.

 

Bad basis might be here to stay