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Veteran Contributor

Floor Talk January 22

At the close:

At the close, the March corn futures settled 1/2¢ lower at $3.52. May futures finished 1/4¢ lower at $3.60. March soybean futures ended 7¢ higher at $9.84 1/4.  May soybean futures closed 7 1/4¢ higher at $9.95 3/4. March wheat futures finished 3¢ higher at $4.25 3/4. March soy meal futures closed $7.00 per short ton higher at $338.60. January soy oil futures closed 0.12 lower at 32.16¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.29 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 65 points higher.

 

Jason Roose, U.S. Commodities, says that investors that are performing short-covering are moving the markets higher.

"Grains are finding solid support today with short covering in all commodities," Roose says. "Plus, investors like the solid exports, weak US dollar, slow producer-selling, and a dry 6-10 day forecast for central Brazil," Roose says.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 1/4¢ lower at $3.52. May futures are 1/4¢ lower at $3.60. March soybean futures are 7 1/2¢ higher at $9.84.  May soybean futures are 7 3/4¢ higher at $9.96. March wheat futures are 2 3/4¢ higher at $4.25. March soy meal futures are $6.20 per short ton higher at $337.80. January soy oil futures are 0.03 higher at 32.21¢ per pound.  In the outside markets, the NYMEX crude oil market is $0.45 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 39 points higher.

 

Mike

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In early trading:

At 9:00am, the March corn futures are 3/4¢ higher at $3.53. May futures are 1¢ higher at $3.61. March soybean futures are 6 1/4¢ higher at $9.83.  May soybean futures are 6 1/4¢ higher at $9.94. March wheat futures are 3 3/4¢ higher at $4.26. March soy meal futures are $5.00 per short ton higher at $336.60. January soy oil futures are 0.03 lower at 32.25¢ 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 14 points lower.

 

WeatherRisk.com reported Monday that the expected weekend rains for Argentina did on live up to expectations.

 

"The rains over the weekend clearly underperformed in Argentina and did not meet forecasts expectations at all. On top of that the models on Sunday afternoon and evening are significantly drier than what they were showing on Friday. If you recall Friday it looked like significant rains over the northern third or northern half of Argentina into Paraguay and Southeast Brazil. That still shows up in the 1-5 day but the rains are further to the north and more of central and south central Argentina is dry. And that remains the case in the 610d and in the 11-15D. Not surprisingly the models are wetter in the 6-10 day and 11-15 day over most of Brazil although the GFS model continues to go bonkers with the rain over Brazil," WxRisk.com stated in a note to customers.

 

Mike

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Soybeans and corn futures were higher overnight on speculation that weather woes in Argentina and extremely large net-short positions will lead to buying by speculators. Beans are up about 8 cents, corn gained just over a penny and wheat is up 3-5 cents this morning. Speculative investors pushed their net-shorts to multi-month highs last week on what, at the time, was improved weather in Argentina. Forecasts have changed, pushing some rain from the outlook, leading some analysts to believe Argentina's crop won't be as big as previously expected. That, in turn, may drive spec buying in the markets, analysts said. In weather news, blizzard and winter storm warnings abound in the central Plains and Midwest, with 8 inches of snow and driving winds prevailing in parts of Nebraska, Kansas, Iowa and Minnesota today. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-22.

 

Brent Crude Oil = down 0.1%.

West Texas Intermediate = down 0.1%.

Dollar = down 0.1%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks higher overnight.

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