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Tony_Dreibus
Veteran Contributor

Floor Talk January 19

At the close:

At the close, the March corn futures finished 1¢ higher at $3.52 1/2. May futures ended 1 1/4¢ higher at $3.60 3/4. March soybean futures closed 4 1/4¢ higher at $9.77 1/4.  May soybean futures settled 4 1/4¢ higher at $9.88 1/2. March wheat futures finished 2 1/2¢ lower at $4.22 3/4. March soy meal futures finished $3.20 per short ton higher at $331.60. January soy oil futures settled 0.05 higher at 32.28¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.50 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 11 points lower.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 1/2¢ higher at $3.52. May futures are 3/4¢ higher at $3.60. March soybean futures are 6 1/4¢ higher at $9.79.  May soybean futures are 6¢ higher at $9.90. March wheat futures are 3 1/4¢ lower at $4.22. March soy meal futures are $4.10 per short ton higher at $332.50. January soy oil futures are 0.03 higher at 32.26¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.67 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 56 points lower.

 

Mike

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In early trading:

At 9:00am, the March corn futures are 1 3/4¢ higher at $3.53. May futures are 2¢ higher at $3.61. March soybean futures are 9¢ higher at $9.82.  May soybean futures are 8 3/4¢ higher at $9.93. March wheat futures are 1¢ lower at $4.24. March soy meal futures are $5.40 per short ton higher at $333.80. January soy oil futures are 0.04 higher at 32.27¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.38 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 8 points lower.

 

Cory Bratland, Kluis Commodities' Chief Grain Strategist, says that fundamental news out of Argentina may be partially propping up the bean market.

 

"Rumors are out that the Argentina soybean crop is smaller than analysts expect. There are still some soybean acres not planted, and some speculation they will not get planted," Bratland stated in a daily note to customers.

 

On Friday, the USDA released its delayed Weekly Export Sales Report. Because of the Martin Luther King Jr. Holiday, Monday, the governmental report was moved from Thursday to today.

 

The report shows that corn and soybean sales beat the trade's expectations.

  • Corn= 1.88 million metric tons vs. the trade expectations of between 450,000-800,000 mt.
  • Soybeans= 1.527 million mt. vs. the trade expectations of between 800,000-1,350,000 mt.
  • Soybean meal= 261,800 mt. vs. the trade expectations of between 150,000-350,000 mt.             
  • Wheat= 190,600 mt. vs. the trade expectations of between 250,000-600,000 mt.

 

Mike

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Soybean futures were higher overnight on speculation that the Argentina crop is smaller than expected and that some seed never even made it into the ground. Beans were 4 cents higher, corn was up about 2 cents and wheat gained 1-2 cents overnight. U.S. ethanol production and stockpiles, meanwhile, were higher last week. Output rose to a three-week high, which is good news for corn producers, while inventories jumped to a seven-month high, not good news for corn producers. Inventories have been building, as they tend to do, for a few weeks now. In weather news, a new round of winter weather is headed to the central Plains this weekend. As much as 8 inches of snow will go along with the system that stretches from Wyoming to Wisconsin. Get all the details in ttoday's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-19.

 

Brent Crude Oil = down 0.9%.

West Texas Intermediate = down 0.8%.

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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3 Replies
JimMeade
Veteran Advisor

Re: Floor Talk January 19

A report such as Argentine soybean acres may be less than expected is interesting, but it's hard for me to put it in perspective without some idea of the magnitude.  If at any given time we have a balance between supply and demand resulting in a price, how much does the balance shift and how much does that affect the price?

 

Short of a war, most newspaper headlines are the same size.  "Mrs. Jones Found Her Dog" and "Earthquake Sinks New Zealand" are about the same type size.  With some exceptions, one can't tell much about the true effect of the news by checking type size.

 

So, how many acres - I heard it went form 18.1 to 18.0  Is that a big deal in terms of price?  I don't know.

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roarintiger1
Honored Advisor

Re: Floor Talk January 19

For those worrying constantly about the U.S. exports of corn and soybeans, today's numbers are certainly encouraging.   Smiley Wink

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elcheapo
Veteran Advisor

Re: Floor Talk January 19

Yep more than double the highest trade guess
On corn......and what did the market do ?

Little more than fart
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