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Veteran Contributor

Floor Talk January 13

At the close:

At the close, the March corn futures are 1/4¢ higher at $3.58 1/2, and new crop December 2017 futures finished 1/4¢ higher $3.86 1/4 per bushel. March soybean futures finished 6¢ higher at $10.46 1/4, while November 2017 soybean futures settled 2¢ higher at $10.18 1/2. March wheat futures closed 1/4¢ lower at $4.26. March soy meal futures closed $6.00 short ton higher at $333.90. March soy oil futures ended $0.47 lower at 35.60¢ per pound.  In the outside markets, the Brent crude oil market is $0.59 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points lower at 19,867 points.

 

Alan Brugler, President Brugler Marketing & Management LLC, says that the outside investors may have their foot on the soybean ‘gas’.
“Funds are long beans, got a good rally going in meal, which supports product value of the beans.  There is a little bit of commodity price inflation betting going on, also. Chart buy signals after yesterday's rally out of a basing formation,” Brugler says.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 3/4¢ higher at $3.59, and new crop December 2017 futures are steady at $3.86 per bushel. March soybean futures are 9 1/4¢ higher at $10.49, while November 2017 soybean futures are 3 1/2¢ higher at $10.20. March wheat futures are 3¢ lower at $4.23. March soy meal futures are $6.50 short ton higher at $334.40. March soy oil futures are $0.40 lower at 35.67¢ per pound.  In the outside markets, the Brent crude oil market is $0.08 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 31 points higher at 19,922 points.

 

Mike

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At 9:35am:

If you missed the 8am USDA Report, here it is. More fresh soybean sales to bring that ending stocks number even lower.

 

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 2016/2017 marketing year.

The marketing year for soybeans began Sept. 1.

 

What say you?

 

Mike

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At 9am:

In early trading, the March corn futures are 2¢ lower at $3.56, and new crop December 2017 futures are 2¢ lower at $3.84 per bushel. March soybean futures are 3¢ lower at $10.37, while November 2017 soybean futures are 2 1/2¢ lower at $10.14. March wheat futures are 4¢ lower at $4.22. March soy meal futures are $0.40 short ton lower at $327.50. March soy oil futures are $0.24 lower at 35.83¢ per pound.  In the outside markets, the Brent crude oil market is $0.08 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 31 points higher at 19,922 points.

 

Mike

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Happy Friday the 13th. It's a bit scary in the corn and soybeans markets overnight as they turned lower, dropping after yestreday's run up amid a bullish WASDE report. Corn lost a penny while beans were down about 4 cents. A big ice storm is cutting into the central US right now and is expected to continue through the weekend, so it may be best to stay inside if you're in an affected area. Sales to overseas buyers were better than last week's marketing year lows, but were still slashed from the four-week average, not good news considering we were banking on strong demand. 
 

Here's what happened overnight:

 

Brent Crude Oil = 1.1% lower.

West Texas Intermediate Crude Oil = 1% lower.

Dollar = down 0.2%.

Wall Street = U.S. stock futures slightly higher in pre-bell trading.
World Markets = Global stocks mixed as global optimism cools. 

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3 Replies
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Veteran Advisor

Re: Floor Talk January 13

As I mentioned to sw when we met at the Red River Marketing Conference

on the last Friday the 13th, it's National Storytelling Day. 

 

Some stories will have a kernel of truth and some won't have a buck private's

worth of truth.  It's up to the listener to figure out which is which.

Since the government likes to dump info late on Fridays we'll see what story they provide today.

 

On a marketing note it appears that the local elevators and soybean processors took

advantage of yesterday's price movement to raise basis by a nickel.Smiley Mad

 

By the way = sure sign of spring = 1 month until pitchers/catchers report for camp.Smiley Happy

 

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Honored Advisor

Re: Floor Talk January 13

Beans are making the turn today....

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Honored Advisor

Re: Floor Talk January 13

I like it when there are "buy" signals...........

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