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Veteran Advisor

Floor Talk February 8

At the close:

At the close, the March corn futures settled 3 1/2 cents lower at $3.62 1/4. March soybean futures ended 5 cents lower at $8.62 1/2. 
March wheat futures finished 8 1/4 cents lower at $4.58 1/2. March soymeal futures closed $0.50 per short ton lower at $264.50. March soyoil futures are trading $0.48 lower at $30.75.  
In the outside markets, the Brent Crude oil market is $0.96 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 358 lower.

 

Mike

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At mid-session:

At mid-session, the March corn futures are trading 2 cents lower at $3.63. March soybean futures are 3 1/2 cents lower at $8.64. 
March wheat futures are trading 5 1/4 cents lower at $4.61. March soymeal futures are $0.20 per short ton higher at $265.20. March soyoil futures are trading $0.56 lower at $30.67.  
In the outside markets, the Brent Crude oil market is $0.59 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 304 lower.

 

Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that the lower trade is macro related.
“In part with the stock market down so hard, I think the weather in Argentina and Brazil improved over the weekend with some beneficial rains in Argentina and central Brazil,” he says.
The most active traders seem to be the speculators, Scoville says.
“The Brazilians are quiet for Carnaval, the annual celebration in that country. And the producers, in the U.S., are not real interested in selling from what I can find, anyway.”
Regarding tomorrow’s USDA February Supply/Demand Report, ideas are that USDA needs to cut demand and raise ending stocks for corn wheat and soybeans, he says.
“I would say, over all, it is a slow day, judging from what is happening in this office,” Scoville says.

 

Mike

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At 9:45am:

--Russia will raise wheat exports 3%.

--Ukraine is raising its corn export forecast, due to demand.

--India's economy has just raced past China's.

--The U.S. Dollar is on the rise.

--The Baltic Freight Rate Index hit a new record-low Monday.

 

Just a few headwinds for the farm markets, Monday. Not to mention the pre-report positioning that is going on.

 

Mike

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At 9:25am:

If you missed it, the USDA Monday announced fresh corn sales.

Private exporters reported to the U.S. Department of Agriculture export sales of 100,000 metric tons of corn for delivery to Mexico during the 2015/2016 marketing year.

The marketing year for corn began Sept. 1.

 

What do you think? Will this rally the market 50¢?

 

Mike

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At the open:

At the open, the March corn futures are trading 1 3/4 cents lower at $3.64. March soybean futures are 4 cents lower at $8.63. 
March wheat futures are trading 2 3/4 cents lower at $4.64. March soymeal futures are $1.40 per short ton lower at $263.60. March soyoil futures are trading $0.17 lower at $31.06.  
In the outside markets, the Brent Crude oil market is $0.66 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 245 lower.

 

Mike

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