Floor Talk January 2
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Full story: How To Cope With Less Cash
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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.
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.
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.
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.
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".