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Tony_Dreibus
Veteran Contributor

Floor Talk January 15

At 3:30pm:

The CFTC Report has been released. Funds are a record net short in both futures and options.

 

More in a minute...........

 

Mike

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At the close:

At the close, the March corn futures settled 5 1/4 cents higher at $3.63 1/4. March soybean futures finished 3 1/4 cents lower at $8.79. 
March wheat futures end 5 cents higher at $4.73 3/4. March soymeal futures closed $3.50 per short ton lower at $270.70. March soyoil futures settled $0.10 lower at $29.65.  
In the outside markets, the Brent Crude oil market is $1.75 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 472 lower.

 

Mike

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At 12:20pm:

The Dow falls over 500 points on oil sinking and China weakening. Plus, all 10 of the S & P sectors are down. And, Wal-Mart is closing stores in the U.S. and Brazil. What is going on?

 

Mike

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At mid-session:

At mid-session, the March corn futures are trading 3 3/4 cents higher at $3.61. March soybean futures are 4 cents lower at $8.78. 
March wheat futures are trading 3 3/4 cents higher at $4.72. March soymeal futures are $4.70 per short ton lower at $269.50. March soyoil futures are trading $0.10 higher at $29.85.  
In the outside markets, the Brent Crude oil market is $1.67 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 424 lower.

 

Mike

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In early trading:

At 8:45am, the March corn futures are trading 1/4 of a cent higher at $3.58. March soybean futures are 6 1/2 cents lower at $8.75. 
March wheat futures are trading 1 cent higher at $4.69. March soymeal futures are $4.50 per short ton lower at $269.70. March soyoil futures are trading $0.20 llwer at $29.55.  
In the outside markets, the Brent Crude oil market is $1.46 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 333 lower.

 

Mike

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At 6:20am:

 

Early calls:

Soybeans 3-5 cents lower, Corn unchanged to 2 cents lower, wheat 1-3 cents lower. 

 

Trackers:

Overnight grain and soybean markets are trading lower.

 

Brent Crude Oil = $1.05 lower.

West Texas Intermediate Crude Oil = $1.49 lower.

Dollar = Down 0.2%

Wall Street = Stocks lower pre-bell as crude oil prices plunge again.

World Markets = Global stocks declining as China officially in a bear market.

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5 Replies
farmer46
Senior Contributor

Re: Floor Talk January 15

I was wondering, with this sustained slow motion climb in corn prices, is this short covering? Has the market now turned the corner?

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marketeye
Veteran Advisor

Re: Floor Talk January 15

farmer46,

 

Jason Roose, U.S. Commodities in West Des Moines, Iowa, says the grains are holding their own, despite a fallout in the macro markets.
“Corn and wheat markets are finding artificial support today for some basis reasons,” Roose says. “Plus, support is coming from a lower dollar, slow farmer-selling and funds remaining short. So, short-covering with the volatile stock market continues to be the focus.”

 

I hope this helps,

 

Mike

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clayton58
Veteran Advisor

Re: Floor Talk January 15

"Artificial support today for basis reasons"??
As apposed to what being "real support"??
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marketeye
Veteran Advisor

Re: Floor Talk January 15

clayton,

 

For soybeans anyway, the NOPA crush report maybe helped the bean complex stem further losses. If you missed it, here 's what it said Friday:

 

The NOPA December crush figure was reported at 157.7 million bushels today. This is up from 156.13 in November and only slightly below analysts' expectations of 157.81 million bushels.

 

Also Friday: It was reported that Argentina wheat reached the banks of the U.S. Southeast on two barges. It's cheaper to bring it in from South America than to buy it here. No wonder the USDA has U.S. wheat exports at 44-year lows, for this year. WoW!

 

Mike

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sw363535
Honored Advisor

Re: Floor Talk January 15

They must be getting that wheat in Argentina  for a very low price if it is significantly lower than wheat here in the midwest..... Wheat is very cheap locally....

 

So basically we are saying freight from Oklahoma to the SE USA is very expensive compared to open sea barges???

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