Floor Talk February 28
At the close:
The March corn futures contract closed 9 cents higher at $4.63. The May soybean futures contract closed 24 cents higher at $14.14. May wheat futures finished 13 cents higher at $6.02 per bushel. The May soymeal futures contract settled $6.10per short ton higher at $457.70. The May soyoil futures finished $0.64 higher at $41.79.
In the outside markets, the NYMEX crude oil is $0.15 per barrel higher, the dollar is lower and the Dow Jones Industrials are 25 points higher.
The March corn futures contract is trading 6 1/2 cents higher at $4.61. The May soybean futures contract is 15 cents higher at $14.05. May wheat futures are 10 3/4 cents higher at $6.00 per bushel. The May soymeal futures contract is trading $3.30per short ton higher at $454.90. The May soyoil futures are trading $0.50 higher at $41.65.
In the outside markets, the ICE Brent crude oil is $0.22 per barrel higher, the dollar is lower and the Dow Jones Industrials are 117 points higher.
In early trading:
At the open:
The March corn futures contract is trading 2 cents higher at $4.56. The May soybean futures contract is 9 1/2 cents higher at $13.99. May wheat futures are 8 cents higher at $5.97 per bushel. The May soymeal futures contract is trading $1.30 per short ton higher at $452.90. The May soyoil futures are trading $0.31 higher at $41.46.
In the outside markets, the ICE Brent crude oil is $0.23 per barrel lower, the dollar is lower and the Dow Jones Industrials are 41 points higher.
--USDA announces that 120,000 tons of optional origin soybeans were sold to Egypt.
--USDA announces that 101,600 tons of U.S. corn was sold to an unknown buyer for 2013-14 delivery.
Early calls: Corn is seen 1-2 cents higher, soybeans 6-8 cents higher, and wheat 5-7 cents higher.
Overnight grain, soybean markets=Trading higher.
ICE Brent Crude Oil=$0.23 per barrel lower.
Wall Street=Seen lower, Sears surprises, and the U.S. economy expanded 2.4% in the 4th Quarter.
World Markets=Asia/Pacific stocks were lower, Europe stocks lower.
More in a minute,
Re: Floor Talk February 28
It's been a HUGE couple of weeks for me on the stock market. Looking at the weekly S&P and the DOW 30 Ind, it looks like a reversed head & shoulders pattern. The way I have them drawn, it predicts the Dow going to 18000+ and the S&P going to 1950. I suspect it's going to do it in relatively short order. I think we could see both those values into mid summer.
3 weeks ago I had a net loss in the stock market of around $2000 since I sold the farm. I'm back up over $50,000 ahead. It's all been a wild ride, but I am not as worried about our economy as I was before our housing crash. I do feel we have a recovery underway, and I think come spring - if it ever comes - we will see some big moves to the positive. For now - I stay invested.
Re: Floor Talk February 28
Careful there Jen. Glad to hear your stocks are doing well but I think money flow from IRA's, 401k safe harbors, and frontier market money returning home have been driving demand for the past several weeks, and most of that ends by mid March. I have been slowly shifting some stock money back to conservative stuff like money markets and short dated bond funds (much as I hate them right now) due to that expectation of lost money flow. Sell in May and go away may be too little too late this year.