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Veteran Advisor

Floor Talk February 23

At 2:45pm:

On Tuesday, the Funds sold 16,000 corn contracts, 13,000 soybean contracts, and 7,000 wheat.

 

Mike

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At the close:

At the close, the March corn futures settled 5 3/4 cents lower at $3.66 1/2. May soybean futures clolsed 11 1/4 cents lower at $8.73. 
May wheat futures ended 8 1/4 cents lower at $4.55 3/4. May soymeal futures closed $1.80 per short ton lower at $264.30. May soyoil futures closed $0.73 lower at $31.01.  
In the outside markets, the Brent Crude oil market is $1.56 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 168 lower.

 

Mike

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At mid-session:

At mid-session, the March corn futures are trading 4 cents lower at $3.68. May soybean futures are 11 1/4 cents lower at $8.73. 
May wheat futures are trading 4 1/4 cents lower at $4.59. May soymeal futures are $2.20 per short ton lower at $263.90. May soyoil futures are trading $0.59 lower at $31.15.  
In the outside markets, the Brent Crude oil market is $1.54 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 164 lower.

 

Mike

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At 10:25am:

Soybeans have droppe4d 12¢, corn is down 4¢, and wheat down 5¢. Whoa!

 

The soybean market is falling hard, after hitting the top of a 4-month range, considering to be over bought, one CME Group floor trader, requesting anonymity. “After 4 months of waiting, we finally have confidence in large crops in South America. Plus, the market is watching Argentina’s Peso make a new low which we assume will inspire grains to move. Brazil meal basis down 11 dollars in 4 days, so harvest is coming on. And, the US is not competitive for export.
He adds, “My implied range with the fear stocks-to-use will grow to 490 is $8.90-$7.90 soybean price range.”
The Ag Outlook Conference may imply larger U.S. soybean acres, as well, the trader says. “USDA’s total acreage on the Dec numbers were a little low, if you assume normal planting progress and weather. If you delay corn planting you get even more soybean acres. Informa, the private analyst firm, has soybean acres at 85 million bean on their early survey.”

 

 

Mike

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At the open:

At the open, the March corn futures are trading 1 1/34 cents lower at $3.66. March soybean futures are 5 3/4 cents lower at $8.78. 
May wheat futures are trading 1/2 of a cent higher at $4.64. May soymeal futures are $0.70 per short ton lower at $265.40. May soyoil futures are trading $0.41 lower at $31.33.  
In the outside markets, the Brent Crude oil market is $0.59 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 39 lower.

 

Mike

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6 Replies
Advisor

Re: Floor Talk February 23

Up 2 down 7 just another day
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Veteran Contributor

Re: Floor Talk February 23

Down 12 what the heck is going on Mike
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Veteran Advisor

Re: Floor Talk February 23

I'm checking.

 

 

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Veteran Contributor

Re: Floor Talk February 23

Not the explanation I was hoping for, a system malfunction would have been much better
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Honored Advisor

Re: Floor Talk February 23

Don't worry.   The malfunction is happening.........It's just that it is happening with most of the folks that are setting the prices for our crops.

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Honored Advisor

Re: Floor Talk February 23

We are just getting more competitive. The "experts" have been saying for years we are too high priced, well this is one way to fix that. 

 

My preference would have been for the rest of the world's farmers to have gotten a price rise. Of course when they did a few years ago look what they did...shot us all in the foot. 

 

It was the rest of the worlds farmers that caused this new poverty level priceing. Just a few years ago 60 was the Brazilian record output on beans and corn was mostly consumed internally. Now they are approaching double on the beans and a serious corn exporter. 

 

Our corn "excesses" are still the same or smaller than ten years ago. The increased production has been soaked up in fuel production. We here are not the problem. We just get the credit.

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