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marketeye
Veteran Advisor

Floor Talk January 20, 2021

At the close:

At the close, the March corn futures settled 4¢ lower at $5.22. May corn futures finished 4 1/4¢ lower at $5.24.

March soybean futures settled 16 1/4¢ lower at $13.69 3/4. May soybean futures finished 16¢ lower at $13.67 1/4.

March wheat futures closed 4 1/2¢ lower at $6.67 1/4.

March soymeal futures finished $8.10 short term lower at $442.40.


March soy oil futures closed 0.84 higher at 42.54¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.30 per barrel higher (+0.57%) at $53.28. The U.S. dollar is higher, and the Dow Jones Industrials are 277 points higher (+0.90%) at 31,207 points.

Britt O'Connell, ever.ag, says that today's trade has recovered off of its lows and closed towards the top third of today's trading range.

"South American rains over the weekend put pressure on the markets, as we started the week, causing some follow through selling as we opened the trade today. Weak longs appeared to be nervous and pushed to the sidelines quickly. With more questions than answers right now on Brazilian and Argentinian yields, the market quickly found buyers. Tight U.S. stocks and strong protein demand from China helped encourage those stepping into the long side. Corn continues to play follow the leader. Without a significant storyline to grab I don't see that changing anytime soon. As soybeans go, so goes the grains complex," O'Connell says.

 

Mike

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At midsession:

At midsession, the March corn futures are 4 1/2¢ lower at $5.21. May corn futures are 5 1/4¢ lower at $5.23.

March soybean futures are 18¢ lower at $13.67 3/4. May soybean futures are 18¢ lower at $13.67 1/4.

March wheat futures are 3 3/4¢ lower at $6.68 1/4.

March soymeal futures are $8.60 short term lower at $441.90.


March soy oil futures are 0.65 higher at 42.35¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.44 per barrel higher (+0.83%) at $53.42. The U.S. dollar is higher, and the Dow Jones Industrials are 196 points higher (+0.63%) at 31,126 points.

 

Mike

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At 8:45am:

 

In early trading, the March corn futures are 11 1/2¢ lower at $5.14. May corn futures are 11 3/4¢ lower at $5.16 3/4.

March soybean futures are 32 3/4¢ lower at $13.53 3/4. May soybean futures are 33¢ lower at $13.50 1/4.

March wheat futures closed 14 3/4¢ lower at $6.57 1/4.

March soymeal futures are $10.90 short term lower at $439.60.

March soy oil futures are 0.01 higher at 41.71¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.67 per barrel higher (+1.26%) at $53.65. The U.S. dollar is higher, and the Dow Jones Industrials are 96 points higher (+0.31%) at 31,026 points.

Al Kluis, Kluis Advisors, says that the soybean market sell-offs have been big, when they happen.

“Since mid-September, we have seen a handful of sell-offs in soybeans. The declines have ranged from 45 to 61 cents and lasted between 2 and 7 days from high-to-low. The sell-off from the high last Wednesday to the overnight low (four trading days) is 84 cents. The soybean buyers that have been waiting for a pullback--will they jump in now,” Kluis stated in a daily note to customers.

Kluis added, "Keep an eye on export sales reports. There has not been much change in the news to trigger the big sell-off that started yesterday. The supply and demand picture remains in favor of the bulls."

 

Mike

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1 Reply
cborman11
Senior Contributor

Re: Floor Talk January 20, 2021

You do know the damage of no rain is already done right? Oh wait no you don't cause you or these traders know anything about farming. 

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