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marketeye
Veteran Advisor

Floor Talk February 26

At the close:

At the close, the May corn futures settled 4 3/4 cents higher at $3.88 per bushel. The Dec. corn futures settled 4 3/4 cents higher at $4.13 3/4.
May soybean futures finished 15 3/4 cents higher at $10.26 3/4. The November soybean futures contract ended 10 1/4 cents higher at $9.97.

May wheat futures finished 3 1/4 cents higher to $5.00 1/2.

The May soybean meal futures are trading $2.90 per short ton higher at $342.70. The May soyoil futures are $0.22 higher at $32.13.

In the outside markets, the Brent crude oil market is $2.88 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points lower.

 

Mike

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At mid-session:

At mid-session, the May corn futures are trading 4 3/4 cents higher at $3.88 per bushel.
May soybean futures are trading 12 1/4 cents higher at $10.23.

May wheat futures are trading 1/2 of a cent lower to $4.96.

The May soybean meal futures are trading $2.90 per short ton higher at $342.70. The May soyoil futures are $0.22 higher at $32.13.

In the outside markets, the Brent crude oil market is $0.67 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points lower.

 

Jack Scoville, PRICE Futures Group vice-president, says the Brazilian truckers strike is still supporting the bean market.

"I think the truckers strike is supporting the beans, especially the nearby.  We got some buying related to ideas that some BRZ sales will come here.  I am not hearing that going on, but that is the speculation.  I heard last night from some people in BRZ that the strike is ending, but wire reports suggest that it is and isn’t depending on where and who.  It is not a called stroke, it is kind of a wildcat action, so this one is not like the stevedores who decide to go on vaca and then settle a couple of weeks later.  But ideas in BR are that the government will force the movement as they basically need to get things moving, not only for ag but for everyone.
 
Corn up with beans and on decent export sales, some spec buying but not much farm selling showing up.  I am not hearing much about corn today.  It seems content to get a little love from soybeans and meal and not much else
 
Wheat can’t find a direction today.  Typically kind of bad export sales and the IGC data implying good world crops and the poor response in price to the Egyptian demand earlier in the week shows that this market is probably not ready to be bought yet.  Weather is fine here in the US right now as there is plenty of snow for the cold here in the Midwest and there has been some very timely and beneficial precip over the last week in the Great Plains."
.

 

Mike

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At the open:

At the open, the May corn futures are trading 2 3/4 cents higher at $3.86 per bushel.
May soybean futures are trading 2 cents higher at $10.13.

May wheat futures are trading 3 cents lower to $4.94.

In the outside markets, the Brent crude oil market is $0.43 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points lower.

 

Mike

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At 7:40am;

USDA Weekly Export Sales Thursday came in either below or at low end of expectations for corn and beans:

 

Corn= 856,000 million metric tons vs. the trade's expectations of 900,000-1.3 million metric tons,

Soybeans=  495,400 mt vs. the trade's expectations of 350,000-650,000 metric tons.

Wheat= 459,000 mt vs. the trade's expectations of 150,000-425,000 metric tons,

Soybean meal= 97,800  mt vs. the trade's expectations of between 100,000-300,000 metric tons.

 

 

Mike

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At 7:00am:

 

Early calls: Corn 2-4 cents higher, soybeans 4-5 cents higher, and wheat 1-2 cents lower.

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.35 higher.
Dollar =Higher. 
Wall Street = Seen higher, as investors welome Fed Chairman Yellen's speech indicating patience on raising interest rates. 

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

 

 

 

More in a minute,

 

Mike

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5 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk February 26

Kind of a glass half empty deal?

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ECIN
Senior Advisor

Re: Floor Talk February 26

Now - Now -Now Hobby -  Half empty ?? I'm going with the half full deal- just to be the a- hole you know I am - lol

 

856 on corn is a lot better than - say 456 and beans at 495 are a whole lot better than 295 - Smiley Happy

 

BTW   Thanks for sending your -- your -- dang snow this way !  J. is hauling concrete up to Lafayette for the New GE Turbine plant and it took him over 2 hours just to get to 65 north bound - from where he picked up his load - most times it would only take 45 minutes to 65 .

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giolucas
Veteran Advisor

Re: Floor Talk February 26

When the exports sales are great the market goes down.  When the export sales are not great the market goes up.  

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vandenplas
Senior Contributor

Re: Floor Talk February 26

Are you recommending that as a trading strategy?  Or stating what has happened a couple of times recently? 

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giolucas
Veteran Advisor

Re: Floor Talk February 26

Not a recommendation, just my observation.
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