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marketeye
Veteran Advisor

Floor Talk January 21

Private exporters reported to the U.S. Department of Agriculture export sales of 176,000 metric tons of soybeans for delivery to China during the 2014/2015 marketing year. 

The marketing year for soybeans began Sept. 1.

 

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At mid-session:

The March corn futures closed 2 3/4 cents lower at $3.87 per bushel.
March soybean futures finished 1 1/2 cents higher at $9.83.

 

March wheat futures closed 1/4 of a cent lower to $5.36. The March soybean meal futures settled $4.00 per short ton higher at $330.50. March soyoil futures finished $0.43 lower at $32.41.

 

In the outside markets, the crude oil market is $0.04 lower per barrel, the U.S. Dollar is lower and the Dow Jones Industrials are 12 points higher.

 

Dustin Johnson, EHedger LLC, says the wheat market was likely supported from the escalation between Russia and Ukraine. "However, it could have been the early weakness in the dollar index that helped spike commodities during the am session.  We do not see this escalation resulting in any additional business shifted to the US.  Our wheat elevations have been poor and the strong dollar has been a large part of that.

Overall there was not enough fundamental news to make a difference today in my opinion, not a whole lot to trade on."

 

Mike

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At mid-session:

The March corn futures are trading 2 1/4 cents lower at $3.88 per bushel.
March soybean futures are trading 1/4 of a cent lower at $9.81.

 

March wheat futures are trading 2 cents higher to $5.39. The March soybean meal futures are trading $2.60 per short ton higher at $329.10. March soyoil futures are trading $0.30 lower at $32.54.

 

In the outside markets, the crude oil market is $0.04 lower per barrel, the U.S. Dollar is lower and the Dow Jones Industrials are 46 points higher.

 

Mike

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At the open:

The March corn futures are trading 1 cent lower at $3.89 per bushel.
March soybean futures are trading 2 3/4 cents higher at $9.84.

 

March wheat futures are trading 6 cents higher to $5.43. The March soybean meal futures are trading $3.50 per short ton higher at $330.00. March soyoil futures are trading $0.19 lower at $32.65.

 

In the outside markets, the crude oil market is $1.01 higher per barrel, the U.S. Dollar is lower and the Dow Jones Industrials are 69 points higher.

 

Mike

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At 7:25am:

 

Early calls: Corn 1-2 cents lower, soybeans 2-4 cents higher, and wheat 5-7 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading mostly higher.
Brent Crude Oil = $0.30 higher per barrel.
Dollar = Lower
Wall Street = Lower on major earnings reports and ECB action eyed.

World Markets = Europe stocks were higher, Asia/Pacific stocks were lower.

 

 

 

More in a minute,

 

Mike

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5 Replies
giolucas
Veteran Advisor

Re: Floor Talk January 21

When will the Chinese cancel those orders?

AgsPlayers
Contributor

Re: Floor Talk January 21

Not today, maybe on Friday. 

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marketeye
Veteran Advisor

Re: Floor Talk January 21

Brazil's Soybean Harvest Update:

 

Reports from early harvest activity are starting to come in. My sources in Brazil are saying that the early yields in the southern state of Parana are roughly 26.8 to- 30 bushels per acre. It was expected the yields would be 40-44. Also, in Mato Grosso, further north, the irrigated soybeans are yielding around 44.6 bushels per acre.

"Regarding the crop-weather, we had an atmospheric blocking, throughout Brazil, that began to be broken today, with some rain starting to get on the southeast and Midwest states. But, these rains are limited and irregular still," the Brazilian source, requesting anonymity, says.

Meanwhile, the safrinha corn crop is being planted. However, the activity is slower than a year ago. Plus, less corn is expected to be planted, replaced by cotton, due to lower corn prices.

 

Mike

 

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roarintiger1
Honored Advisor

Re: Floor Talk January 21

Mike, mixed signals here......Didn't the USDA expect record corn production for Brazil in their last prediction?

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roarintiger1
Honored Advisor

Re: Floor Talk January 21

In Brazil which is it today?  Less corn planted or more?   Every other day it's a different answer.

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