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marketeye
Veteran Advisor

Floor Talk February 8, 2021

At the close:

At the close, the March corn futures finished 15 1/4¢ higher at $5.63 1/2. May corn futures closed 14¢ higher at $5.62. New crop December corn futures finished 6 1/2¢ higher at $4.58 1/4.

March soybean futures closed 21 3/4¢ higher at $13.87 3/4. May soybean futures ended 20 1/4¢ higher at $13.86. New crop November futures settled 18 1/2¢ higher at $11.79 1/2.

March wheat futures ended 14 1/2¢ higher at $6.55 1/4.


March soymeal futures finished $6.10 short term higher at $436.60.


March soy oil futures settled 0.97 higher at 45.63¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.00 per barrel higher (+1.76%) at $57.85. The U.S. dollar is lower, and the Dow Jones Industrials are 138 points higher (+0.45%) at 31,287 points.

Britt O'Connell, ever.ag, says that the markets are off to the races to start the week.

"The stock market is up and the dollar is down. With details on the next round of stimulus cash driving outside markets. Undoubtedly, grains have borrowed some strength from that front as well continued struggles in the South American harvest. Beans in Monto Grosso were estimated at 11% harvested vs the 5 year average of 33%. Naturally this delays the Safhrian corn crop planting, 8% planted vs the 29% historically," O'Connell says.

O'Connell added, "Right now the world (namely China ) wants all the grain it can get. Delays and shortages, either real or perceived, are going to throw gasoline on the fire that is grains. Tomorrow we have our monthly WASDE report from the USDA. Traditionally, February doesn't carry with it much fanfare, but given the tight balance sheets, any revision lower is dramatic," O'Connell says.

Mike

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At midsession:

At midsession, the March corn futures are 15 1/4¢ higher at $5.63 1/2. May corn futures 14¢ higher at $5.61 1/2. New crop December corn futures are 7¢ higher at $4.58 1/4.

March soybean futures are 20 3/4¢ higher at $13.87 3/4. May soybean futures are 19 3/4¢ higher at $13.85 1/2. New crop November futures are 19 1/2¢ higher at $11.80 1/2.

March wheat futures are 14 1/2¢ higher at $6.55 1/4.

March soymeal futures are $6.60 short term higher at $437.10.


March soy oil futures are 0.75 higher at 45.41¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.04 per barrel higher (+1.83%) at $57.89. The U.S. dollar is higher, and the Dow Jones Industrials are 156 points higher (+0.50%) at 31,304 points.

 

Mike

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At 8:45am:

Monday's farm markets go green.

 

Mike

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7 Replies
roarintiger1
Honored Advisor

Re: Floor Talk February 8, 2021

Nice move in the grains today.  Did someone leak tomorrow's report?  

Anyway, take advantage.     I believe that I will take a cookie when the plate is passed.  

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Hobbyfarmer
Honored Advisor

Re: Floor Talk February 8, 2021

ADM Des Moines dropped bean basis to -10cents for quick ship

 

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rickgthf
Senior Advisor

Re: Took a new crop cookie.

nt

 

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KY_TOBDirt
Senior Contributor

Re: Floor Talk February 8, 2021

Just sold 5 more loads of corn.

6+ April del.

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Hobbyfarmer
Honored Advisor

Re: Floor Talk February 8, 2021

Would need chains on drivers to get out to pavement and back again

Not gonna happen.

Seems like wasde report out early?

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KY_TOBDirt
Senior Contributor

Re: Floor Talk February 8, 2021

Hobby, how much snow have you'll got the last few weeks?

Saturday night was the 3rd dusting of the white stuff that we have had so far.

Suppose to get a little more tonight, and then go under a winter storm watch Tuesday night thru Thursday morning. Rain, freezing rain, sleet and snow. Hope we don't have another 2009 ice storm!! 

Tomorrow may be last day of hauling this week..

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Hobbyfarmer
Honored Advisor

Re: Floor Talk February 8, 2021

Been getting 3 to 8 inches a week since just after Christmas.

4 to 5 over last 3 days.

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