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Tony_Dreibus
Veteran Contributor

Floor Talk January 2

Special Note:

 

If you are struggling, financially, on the farm, know that there is help. We want to help you by offering up thoughts from farm financial advisors. Have courage. Reach out. You don't have to go it alone.

 

Full story:  How To Cope With Less Cash

 

 

Feel free to add your thoughts for others to consider on this topic.

 

Thanks,

 

Mike

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At the close:

At the close, the March corn futures settled 2 1/3¢ higher at $3.53. May futures finished 2 1/4¢ higher at $3.61. March soybean futures closed 3¢ higher at $9.64 3/4.  May soybean futures finished 3¢ higher at $9.75 3/4. March wheat futures closed 6 1/2¢ higher at $4.33 1/2. March soy meal futures are $1.10 per short ton higher at $317.90. January soy oil futures are 0.29 higher at 33.55¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.05 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 60 points higher.

 

 

Dustin Johnson, AgYield Senior Grain Strategist, says that the outside investors are in a selling mood.
“Funds have been selling beans for a few weeks now, and during most of that time it was coming later in the day. My guess is that is what happened this morning. Retail investors were buying out of the gate, on Argentina’s dryness concerns and funds used it as a selling opportunity. Wheat is stronger under perceived threat of winter kill, and the corn - wheat spreads are probably keeping corn in the green as a result,” Johnson says.

 

Mike

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At mid-day:

At 12:00, the March corn futures are 2 3/4¢ higher at $3.53. May futures are 2 3/4¢ higher at $3.61. March soybean futures are 1¢ lower at $9.60.  May soybean futures are 1¢ lower at $9.72. March wheat futures are 8¢ higher at $4.35. March soy meal futures are $0.10 per short ton lower at $316.70. January soy oil futures are 0.13 higher at 33.39¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.14 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 41 points higher.

 

Mike

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In early trading:

At 8:45am, the March corn futures are 1 1/4¢ higher at $3.52. May futures are 1¢ higher at $3.60. Jan. soybean futures are 4 3/4¢ higher at $9.66.  March soybean futures are 4 3/4¢ higher at $9.77. March wheat futures are 5 3/4¢ higher at $4.32. March soy meal futures are $0.60 per short ton higher at $317.40. January soy oil futures are 0.29 higher at 33.55¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.24 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 76 points higher.

 

Mike

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The markets were closed overnight on the Chicago Board of Trade due to the New Year's Holiday. In a report that was delayed by Christmas, the government said export sales of corn and wheat were mixed -- down week-to-week but up from the prior four-week average -- while sales of soybeans were well lower than last week and down from the average. Not much changed over the weekend, it's still cold out there. In fact more than half of the eastern U.S. is mired in the deep freeze with wind chill advisories stretching from Montana to the eastern seaboard and Canada to the Gulf of Mexico. Winter wheat in the southern Plains is likely taking a beating as any plants that don't have a protective layer of snow are at risk of winterkill. Get all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-2
 

Brent Crude Oil = up 0.1%.

West Texas Intermediate = up 0.1%.

Dollar = down 0.4%.

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

World Markets = Global stocks mixed overnight.

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9 Replies
lsc76cat
Veteran Advisor

Re: Floor Talk January 2

Need bigger green numbers today to make up for the basis take-away over the weekend.

Folks selling for cash after the first of the year around here lost 5 - 10 cents/bushel in this annual "event".

 

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timetippingpt
Honored Advisor

Re: Floor Talk January 2

You know, they could easily fix the basis last week and avoid the hit! 

Kind of a Forest Gump moment I suppose.

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jec22
Veteran Advisor

Re: Floor Talk January 2

Cedar Rapids just pushed basis for the first week of Jan.   $3.52   basis improvement of ten cents....

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illinifarmer
Advisor

Re: Floor Talk January 2

Local basis corn -35 soybeans -25 wheat -25 and there goes the oil again what a joke
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jec22
Veteran Advisor

Re: Floor Talk January 2

I trade you anyday.   corn  -46   soybeans  -79    why a farmer can lose $30-45 bucks an acre selling 'locally" here.

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illinifarmer
Advisor

Re: Floor Talk January 2

Corn - 166bpa soybeans -35 bpa wheat -37 bpa local avg., Still want to trade?
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northnd
Senior Contributor

Re: Floor Talk January 2

I will trade basis with most anyone.

Corn: -.80
Soybeans: -1.15
Spring Wheat: -.60
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ihtractortherap
Senior Contributor

Re: Floor Talk January 2

How do you guys make any money? What is land selling for in your area?
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northnd
Senior Contributor

Re: Floor Talk January 2

A lot of variables involved, but anywhere from $1,800-$2,400. Depends mostly upon how much old money is in immediate area, soil type, drainage, if there are wildlife easements, and if there are more than one BTO within 20 miles.
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