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Veteran Advisor

Floor Talk January 13

Reminder: After USDA number, the market focuses on Brazil's weather for direction. Tuesday night, Al Kluis, Kluis Commodities, invites all of you to join him for a 8:00pm webinar. I'll be there too. Aside from a review of what the USDA reports tell us, he'll address the five major factors that impact grain prices, and have a special guest; Brian Willott from Bahia, Brazil. Willott will take questions and offer a live report on current weather and crop conditions in Brazil. It's free. Sign-up at Kluis.com (click on Events tab).

 

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At the close:

The March corn futures settled 16 1/4 cents lower at $3.85 3/4 per bushel.
March soybean futures finished 12 cents lower at $10.04.

 

March wheat futures closed 7 1/2 cents lower to $5.48. The March soybean meal futures finished $7.60 per short ton lower at $333.60. March soyoil futures closed $0.06 lower at $32.54.

 

In the outside markets, the crude oil market is $0.14 lower per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 118 points lower.

 

Jacob Burks, Wedbush Futures grain analyst, says that the corn market dropped on traders' uncertainty of yesterday's USDA numbers. " I think this move in corn was created from question traders have with the usage numbers from yesterday’s report.  We found that we have more stocks on hand and didn’t use as much in Q1, yet we increased the expected demand for feed and ethanol.  1.88 billion bu carryout is not 2 billion but didn’t say go higher," Burks says.

 

Mike

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At mid-session:

 

The March corn futures are trading 6 1/2 cents lower at $3.95 1/2 per bushel.
March soybean futures are trading 2 1/2 cents lower at $10.13 1/2.

 

March wheat futures are trading 1 3/4 cents higher to $5.57. The March soybean meal futures are trading $2.60 per short ton lower at $338.60. March soyoil futures are trading $0.14 higher at $32.74.

 

In the outside markets, the crude oil market is $0.56 lower per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 194 points higher.

 

 

 

Mike

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At the open:

The March corn futures are trading 3 cents higher at $4.05 per bushel.
March soybean futures are trading 8 1/2 cents higher at $10.24.

 

 

 

March wheat futures are trading 9 cents higher to $5.65. The March soybean meal futures are trading $3.10 per short ton higher at $344.30. March soyoil futures are trading $0.17 higher at $32.77.

 

 

 

In the outside markets, the crude oil market is $1.40 lower per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 14 points higher.

 

Mike

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At 6:45am:

 

Early calls: Corn 1-2 cents higher, soybeans 4-5 cents higher, and wheat 7-8 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading higher.
Crude Oil = $1.40 lower per barrel.
Dollar = Higher
Wall Street = Higher, with major earnings ahead and oil drops to 6-year low.

World Markets = Europe stocks were higher, Asia/Pacific stocks were mostly lower.

 

 

 

More in a minute,

 

Mike

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Senior Contributor

Re: Floor Talk January 13

A few photos of beans from the North of Rio Grande do Sul.

 

soja1_lagoa.jpg

 

soja3_lagoa.jpg

 

soja4_lagoa.jpg

 

 

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