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marketeye
Veteran Advisor

Floor Talk February 28

At the close:

The May corn futures settled 8 3/4 cents higher at $6.57 1/4. The May soybean contract closed 10 cents higher at $13.12 1/2. The May wheat futures ended 15 1/2 cents higher at $6.68 1/4.  The May soymeal futures finished $5.70 per short ton higher at $349.30. The May soyoil futures settled $0.06 lower at $54.80.
In the outside markets, the NYMEX crude oil is $1.80 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 15 points.

 

One analyst says, "End-of-month profit-taking could hit the market Wednesday.
"Tomorrow is the last day of February. So, we can't be surprised if some of these fat, long positions take profits. Support on May corn is $6.48 and May beans have support at $13.00," he says.
With the March 9 and March 30 government reports ahead, traders continued to build their base-bull structure from the crop supply/demand uncertainties."

 

Mike

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At mid-session:

The May corn futures trade 3 cents higher at $6.51 1/2. The May soybean contract is trading 6 cents higher at $13.08 1/2. The May wheat futures are trading 8 1/2 cents higher at $6.61 1/4.  The May soymeal futures are trading $3.50 per short ton higher at $347.10. The May soyoil futures are trading $0.19 lower at $54.67.
In the outside markets, the NYMEX crude oil is $0.63 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 28 points.

 

One floor trader says, "The market is in a holding pattern until March 9 WASDE and March 30 Planting Intentions Reports. Lately, the markets have been influenced by the soybean and corn acreage fight. If we hold $6.50, corn should test old highs of $6.67. Also, today is first 'position' trade day, resulting in a lot of spread volume."

 

Mike

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At the open:

The May corn futures trade 2 cents higher at $6.50 3/4. The May soybean contract is trading 7 3/4 cents higher at $13.10 1/2. The May wheat futures are trading 8 cents higher at $6.60 1/2.  The May soymeal futures are trading $2.70 per short ton higher at $346.50. The May soyoil futures are trading $0.05 higher at $54.91.
In the outside markets, the NYMEX crude oil is $0.37 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 8 points.

 

Mike

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At 7:25am:

News & Notes (noise):

--Russia and Japan are in the market for wheat, barley.

--Iran is thinking seriously about buying 3.0 mmt of wheat from India.

--Brazil's lower soybean production is sure causing a stir in this week's soybean market.

 

 

Mike

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At 6:45am:

Early calls: Corn 3-5 cents higher, soybeans 5-7 cents higher, and wheat 7-9 cents higher.

 

Trackers:
Overnight grain, soybean markets=Trading higher.
Crude Oil=$0.26 per barrel lower.
Dollar=Lower.
Wall Street=Seen trading higher ahead of numerous economic reports Tuesday.

World Markets=Higher. On Monday, Germany approved Greece's bailout.

 

 

 

More in a minute,

 

Mike

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10 Replies
marketeye
Veteran Advisor

Re: Floor Talk February 28

As of this morning, Dec '12 corn is trading $5.58, while Nov. '12 beans are trading at $12.87. Last night, I had a neighbor-farmer tell me his crop insurance agent has already given him the prices that will be used to figure his insurance rates. I thought that information wouldn't be known for a few more days?

 

What say you?

 

Mike

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SouthWestOhio
Senior Contributor

Re: Floor Talk February 28

The agent is making an educated guess. It's a 30 day average and it's unlikely the last two days will effect it very much.

 

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marketeye
Veteran Advisor

Re: Floor Talk February 28

And that's what I thought. I just thought since the bean market was rallying this week, (hitting a 5-month high into the teens yesterday), that waiting for all of the numbers to come in would be prudent. But, maybe that's why I'm not a CI agent. I do realize this week's numbers won't sway the rest of the month's prices all that much.

 

I think my farmer-neighbor said it's going to cost him about $66 per acre for crop insurance this year.

 

Mike

p-oed Farmer
Senior Contributor

Re: Floor Talk February 28

He must be buying GRIP........?

 

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rusureofit
Frequent Contributor

Re: Floor Talk February 28

I was in yesterday to the insurance agent and signed up also.   With only yesterday and today to be figured in the average price for february, it won't change more than a cent or two.  As of Yesterday the estimated price for corn was $5.69 and soybeans were $12.49.   I was able to lock in $840 per acre guarantee on corn and $450 on beans.   Now if I can just contract my 2012 crop for $5.69 corn and $12.49 for the beans it would be a sure thing......A real quarantee not just a hypothetical salespitch by the insurance agent.  For example if I contract my 2012 corn production today at the new crop bid of $4.98 then I only get $737 per acre.   $103 less than the insurance coverage says is guaranteed, since the coverage is based on chicago's price not my local cash price or the price I contract for.   So Marketeye......and others........keep your bearish news to yourself and scream the bullish news all over the net!  Please.....Smiley Wink 

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Nebrfarmr
Veteran Advisor

Re: Floor Talk February 28

New crop here is $5.14 for harvest, $5.27 for March at Cargill.

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weedman
Veteran Contributor

Re: Floor Talk February 28

Cargill Blair $5.58 Mar 2013

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giolucas
Veteran Advisor

Are Soybeans getting Overbought????

Is it time to short the Soybean Market. 

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Nebrfarmr
Veteran Advisor

Re: Are Soybeans getting Overbought????

I don't know about that, but I do know a lot of old crop corn got sold locally. 
I had a sell offer at Cargill for $6.50, for some of my unpriced bushels, as did about everyone else I know that had corn left to sell.  I just got the call, that the price hit, and the corn is contracted, $6.50 for July delivery.

 

Now I'm about 90% sold, and am wondering if to sell all I dare, or hold out and gamble with it?

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