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Veteran Contributor

Floor Talk January 18

At the close:

At the close, the March corn futures finished 1 1/2¢ lower at $3.51 1/2. May futures finished 1 1/2¢ lower at $3.61. March soybean futures ended 4 1/4¢ higher at $9.73.  May soybean futures ended 4 1/4¢¢ higher at $9.84 1/4. March wheat futures finished 3 3/4¢ higher at $4.25 1/4. March soy meal futures closed $4.10 per short ton higher at $328.40. January soy oil futures closed 0.28 lower at 32.23¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.04 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points lower.

 

Mike

 

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At mid-session:

At mid-session, the March corn futures are unchanged at $3.53. May futures are even at $3.61. March soybean futures are 3 3/4¢ higher at $9.72.  May soybean futures are 3 1/2¢ higher at $9.83. March wheat futures are 3 3/4¢ higher at $4.25. March soy meal futures are $2.60 per short ton higher at $326.90. January soy oil futures are 0.06 lower at 32.45¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.10 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 126 points lower.

 

Mike

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In early trading:

At 9:00am, the March corn futures are 1/4¢ higher at $3.53. May futures are 1/2¢ higher at $3.61. March soybean futures are 5 1/4¢ higher at $9.74.  May soybean futures are 5¢ higher at $9.85. March wheat futures are 2 3/4¢ higher at $4.24. March soy meal futures are $4.20 per short ton higher at $328.50. January soy oil futures are 0.19 lower at 32.32¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.20 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.

 

Mike

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Wheat futures were higher overnight on profit taking from investors who were short the market after prices reached the lowest in a month. Many likely felt it was a good time to exit their short positions, or bets on lower prices, as the extent of the damage from the end-of-December freeze is still unknown. Wheat was up 1-2 cents while corn and beans were down less than a penny. Brazilian ethanol producers, not shockingly, are unhappy that their government is considering eliminating the 20% import tariff on US ethanol, a move that will probably happen if the US ends its ban on Brazilian beef imports. It's a tit-for-tat world when it comes to international trade. In weather news, it's going to warm up in the southern Plains, and then cool back into the 20s overnight, which probably isn't the best thing in the world for overwintering wheat. Temperatures rise to the 60s, melting some of the protective snow, or perhaps creating a lot of water on plants, and then it freezes again and we go back to worrying about the winter wheat crop. Get all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-18.

 

Brent Crude Oil = up 0.1%.

West Texas Intermediate = down 0.1%.

Dollar = unchanged.

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

World Markets = Global stocks mixed overnight.

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