cancel
Showing results for 
Search instead for 
Did you mean: 
marketeye
Veteran Advisor

Floor Talk February 4, 2021

At the close:

At the close, the March corn futures settled 2¢ lower at $5.50. May corn futures finished 1 1/4¢ lower at $5.47 1/2. New crop December corn futures ended 3/4¢ higher at $4.51 3/4.

March soybean futures settled 1 3/4¢ higher at $13.72 1/2. May soybean futures closed 1 3/4¢ higher at $13.69 1/2. New crop November futures finished 4¢ higher at $11.60 1/4.

March wheat futures settled 10 3/4¢ lower at $6.37 1/4.


March soymeal futures closed $2.40 short term lower at $433.10.


March soy oil futures finished 0.46 higher at 44.94¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.59 per barrel higher (+1.06%) at $56.28. The U.S. dollar is higher, and the Dow Jones Industrials are 273 points higher (+0.89%) at 30,996 points.

 

Mike

------

At 7:45am:

USDA Weekly Export Sales:

the USDA’s Weekly Export Sales Report Thursday shows very strong demand figures for corn and soybeans.

Corn= 7.43 million metric tons (mmt.) vs. the trade expectations of 6.45-8.0 mmt. Of the total, China was the biggest buyer at 5.86 mmt.

Soybeans= 1.45 mmt. vs. the trade's expectation of 600,000-2.0 mmt.

Wheat= 736,600 mt. vs. the trade's expectations of 250,000-700,000.

Soybean meal= 346,100 mt. vs. the trade's expectations of 100,000-350,000 mt.

Note: I've been on this site for over 16 years and today's export sales figure for corn is by far the highest that I've ever reported. And, the same goes for China's weekly purchases! WOW!

 

In other news:  Robert Yawger, Director of Energy Futures, Mizuho Securities USA, sent to me this morning a note reporting that Brazil’s soybean harvest is the slowest in 10 years and has caused a logjam of ships at export ports, delaying supplies to China. At terminals in Santos, Latin America’s largest port, 18 anchored vessels await cargoes for China, and half have been stuck from January 11-26, according to Bloomberg.

 

What say you?

Mike

0 Kudos
10 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk February 4, 2021

Just reiterates that Ol ma nature is in charge. 

Also the crop will not get stale in storage down there.

Local train loader is full of corn and not taking corn today as they wait for a train.

As of a few days ago their outside bunker was still full of beans. 2 unit trains worth.

E plant really fiddled with basis this week.

Went from -12 to -20 and now -13 that -20 must have shut the bin doors?

Snowing with a strong wind here, schools are closed. Supposed to do this 3 of next 4 days.

Bitter cold next 10 days.

0 Kudos
roarintiger1
Honored Advisor

Re: Floor Talk February 4, 2021

Gotta keep those ships heading to China from somewhere. The Chinese can’t let that sweet and sour pork run out of feed now can they? 

0 Kudos
cborman11
Senior Contributor

Re: Floor Talk February 4, 2021

Should be a up day but then again we are not  dealing with smart people so.

0 Kudos
Hobbyfarmer
Honored Advisor

Re: Floor Talk February 4, 2021

On another subject.

Went to Iowa ag Expo yesterday.

Lots of people there.

Very small % of the crowd wearing masks.

Booth personnel were mostly but not all.

The big players pulled out Deere, CNH, Agco. All jumped ship.

A few representative dealers brought stuff and were there in those spots.

The marketing services folks were there in force hawking their "pay us to get our secret recipe marketing ".

 The two tools and wrenches booths were doing good business. I helped them too. The tire booth also made out on me.

Food was little harder to find. But over priced as usual when we finally found it.

 

0 Kudos
Wind
Advisor

Re: Floor Talk February 4, 2021

Snowing and blowing to "beat the band" here just now.  

Had a doctor appointment this morning, office called and they offered to do that on the phone.  I said yes.

I was wondering with the huge amount of exports of grain how all the logistics would work out.  Food security seems to be in high gear.

Still have a few bu. of corn and beans left.  New crop, zero sold.  I did not get the real high prices when I sold, but I still see my banker when I look in the mirror. 

Took my folder of tax info to the tax man the other day, met the office gal at the door, gave here my folder.  No in-house meeting with my tax man this year.  He always has a few questions, not sure how it is going to work out.

Take care

 

 

 

 

Hobbyfarmer
Honored Advisor

Re: Floor Talk February 4, 2021

http://www.soybeansandcorn.com/news/Feb4_21-Wet-Weather-Slows-the-Start-of-Soybean-Harvesting-in-Par...

 

Those waiting ships will need another trip to the local  grocery store. Suppose they send out for pizza?

0 Kudos
BA Deere
Honored Advisor

Re: Floor Talk February 4, 2021

There`s flies in the snow outside the pumpout fans, in February   Smiley Happy

0 Kudos
illinifarmer
Advisor

Re: Floor Talk February 4, 2021

If these exports really are reporting these kind of numbers it only tells us one thing.  Prices are to low, they need it we have it sky is the limit.  Push to 10$ corn if they stop buying then we reinforce and shore up stock piles.

0 Kudos
cborman11
Senior Contributor

Re: Floor Talk February 4, 2021

Trader's just ignoring the huge exports what a shock 

0 Kudos