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Tony_Dreibus
Veteran Contributor

Floor Talk January 11

At the close:

At the close, the March corn futures finished 1/4¢ lower at $3.48 3/4. May futures ended even at $3.57. March soybean futures settled 5¢ lower at $9.50.  May soybean futures closed 5¢ lower at $9.61. March wheat futures closed 1¢ lower at $4.33 1/4. March soy meal futures finished $3.30 per short ton lower at $313.10. January soy oil futures finished 0.30 lower at 33.15¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.22 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 138 points higher.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 1/2¢ higher at $3.49. May futures are 1/4¢ higher at $3.57. March soybean futures are 3 1/2¢ lower at $9.51.  May soybean futures are 3 1/2¢ lower at $9.62. March wheat futures are 1 1/4¢ lower at $4.33. March soy meal futures are $3.20 per short ton lower at $313.20. January soy oil futures are 0.15 lower at 33.30¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.99 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 144 points higher.

 

Mike

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At 9:12am:

On Wednesday, if you missed it, the Energy Information Agency released its Weekly Ethanol Production figures. Less ethanol is being made. And I've seen charts showing less corn is being used to make ethanol.

 

According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 996,000 barrels per day (b/d)—or 41.83 million gallons daily. That is down 37,000 b/d from the week before and the first time in 13 weeks that production has fallen below 1 million b/d. The four-week average for ethanol production decreased to 1.049 million b/d for an annualized rate of 16.08 billion gallons.
 
Stocks of ethanol were 22.7 million barrels. That is a 0.4% increase from last week and the largest reserves in 32 weeks.
 
Mike
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In early trading:

At the open, the March corn futures are 1/4¢ lower at $3.48. May futures are 1/2¢ lower at $3.56. March soybean futures are 1/2¢ higher at $9.55.  May soybean futures are 1/2¢ higher at $9.66. March wheat futures are 4 3/4¢ lower at $4.29. March soy meal futures are $0.90 per short ton higher at $317.30. January soy oil futures are 0.14 lower at 33.31¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.37 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 53 points higher.

 

Mike

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At 8:30am:

USDA released its Weekly Export Sales Report Thursday. It shows weak sales.

 

Corn= 437,700 metric tons vs. the trade’s expectations of between 200,000-700,000 mt.

Soybeans=  617,400 mt. vs. the trade’s expectations of between 300,000-850,000 mt.

Wheat=  71,500 mt. vs. the trade’s expectations of between 200,000-450,000 metric tons.

Soybean meal= 209,300 mt. vs. the trade’s expectations of between 75,000-250,000 metric tons.                  

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Separately, USDA announced a fresh soybean sale Thursday.


Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for soybeans began Sept. 1.
Wheat was lower in overnight trading on speculation that the snowfall in the southern Plains and eastern Midwest might do crops some good by offering a protective layer of snow. The cold in the last week of December likely caused winterkill damage, but with this layer of snow, at least some winter varieties may be protected if temperatures drop again, which they're expected to do. Wheat was down about 2 cents. Corn and beans both moved less than a penny overnight. Ethanol production plunged to a three-month low last week, while stockpiles rise. In weather news, it's a doozy of a winter storm that's stretching from about Colorado to Maine and from Canada to Mississippi. It's going to be cold with wind chills in parts of the northern Plains as lows as minus-40, snow is falling and winds are gusting up to 45 miles an hour, according to the National Weather Service. Get all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-11.

 

Brent Crude Oil = up 0.4%.

West Texas Intermediate = up 0.6%.

Dollar = down 0.1%.

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

World Markets = Global stocks higher overnight.

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2 Replies
nutlug
Veteran Contributor

Re: Floor Talk January 11

How much of a protective layer of snowfall is going to stay ON the wheat fields when the wind is blowing 30+mph with gusts to 45 ?  The fence and tree rows will get all of this fine, dry, powdery snow.  I would like to invite whatever traders think this is going to help the wheat out for a visit.  We can tour the area so they can see their "protective blanket of snow"

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elcheapo
Veteran Advisor

Re: Floor Talk January 11

Amen
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