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Floor Talk February 5

[ Edited ]

At the close:

At the close, the March corn futures settled 2 3/4¢ lower at $3.58 3/4. May futures finished 3 1/2¢ lower at $3.66. March soybean futures ended 8 1/2¢ lower at $9.70.  May soybean futures finished 8 1/2¢ lower at $9.81. March wheat futures finished 4 3/4¢ lower at $4.42. March soy meal futures ended $4.30 per short ton lower at $327.10. January soy oil futures closed 0.03 higher at 32.54¢ per pound.  In the outside markets, the NYMEX crude oil market is $1.66 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 1,019 points lower. And that is not a typo.

 

Mike

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At mid-session:

At 9mid-session,  the March corn futures are 1 3/4¢ lower at $3.59 3/4. May futures are 1 3/4¢ lower at $3.67. March soybean futures are 4 1/4¢ lower at $9.74.  May soybean futures are 4 1/4¢ lower at $9.86. March wheat futures are 4 1/2¢ lower at $4.42. March soy meal futures are $2.30 per short ton lower at $329.10. January soy oil futures are 0.09 higher at 32.60¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.62 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 300 points lower.

 

Mike

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At 9:45am:

 

If you missed it, this morning, the USDA announced fresh sales.

 

Private exporters reported to the U.S. Department of Agriculture the following activity:
--Export sales of 130,000 metric tons of corn for delivery to South Korea during the 2017/2018 marketing year; and
--Export sales of 198,600 metric tons of soybeans for delivery to unknown destinations.  Of the total 132,000 metric tons is for delivery during the 2017/2018 marketing year and 66,600 metric tons is for delivery during the 2018/2019 marketing year.
The marketing year for corn and soybeans began Sept. 1.

 

Mike

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In early trading:

At 9:05am, the March corn futures are 2 1/4¢ lower at $3.59. May futures are 2¢ lower at $3.67. March soybean futures are 4¢ lower at $9.74 3/4.  May soybean futures are 4 1/4¢ lower at $9.86. March wheat futures are 2 3/4¢ lower at $4.44. March soy meal futures are $3.10 per short ton lower at $328.30. January soy oil futures are 0.19 higher at 32.70¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.76 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 146 points lower.

 

Mike

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The selloff in crop futures continues, following the broader stock and bond markets, amid more forecasts for rain in Argentina and technical selling, analysts said. Corn was down 3 cents, soybeans lost 7 cents and wheat dropped 6-7 cents overnight. Money managers cut their bearish bets on all three major contracts last week, likely on speculation that prices were oversold. That propped up futures a bit last week, for a couple of days, which led to farmer selling, also for a couple of days. In weather news, a winter storm is blowing through Iowa and northern Illinois today, and a wind chill advisory is in effect in parts of northern Wisconsin and Minnesota. Get all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-february-5 

 

Brent Crude Oil = down 0.9%.

West Texas Intermediate = down 0.6%.

Dollar = up  0.1%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks lower overnight.

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Re: Floor Talk February 5

Crooks