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Veteran Advisor

Floor Talk January 23

At the close:

The March corn futures settled 3 cents higher at $3.86 per bushel.
March soybean futures ended 4 cents lower at $9.72.

 

March wheat futures ended 3 3/4 cents lower to $5.30. The March soybean meal futures closed $1.40 per short ton higher at $331.50. March soyoil futures closed $0.37 lower at $31.60.

 

In the outside markets, the crude oil market is $0.14 higher per barrel, the U.S. Dollar is unchanged and the Dow Jones Industrials are 141 points lower.

 

Mike

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At mid-session:

The March corn futures are trading 3 1/4 cents higher at $3.87 per bushel.
March soybean futures are trading 2 1/4 cents lower at $9.74.

 

March wheat futures are trading 1 1/4 cents higher to $5.35. The March soybean meal futures are trading $2.20 per short ton higher at $332.30. March soyoil futures are trading $0.34 lower at $31.63.

 

In the outside markets, the crude oil market is $0.35 lower per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 62 points lower.

 

Mike

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At the open:

The March corn futures are trading 1 cent lower at $3.82 per bushel.
March soybean futures are trading 9 1/4 cents lower at $9.67.

 

March wheat futures are trading 6 cents lower to $5.27. The March soybean meal futures are trading $3.50 per short ton lower at $326.60. March soyoil futures are trading $0.09 lower at $32.07.

 

In the outside markets, the crude oil market is $0.53 higher per barrel, the U.S. Dollar is higher and the Dow Jones Industrials are 29 points lower.

 

Mike

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Whoa!   Look at the Corn Sales!

 

USDA Weekly Export Sales Thursday:

Wheat=  564,400 mt vs. the trade's expectations of between 400,000 metric tons.

Corn= 2.185 million mt vs. the trade's expectations of 900,000 metric tons,

Soybeans= 115,300 mt vs. the trade's expectations of 800,000 metric tons.

Soybean meal= 72,100 mt  vs. the trade's expectations of between 20,000-150,000 metric tons.  

 

Corn sales are a marketing year high, soybeans a marketing year low.

 

Mike

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At 7am:

Alan Brugler, President of Brugler Marketing & Management LLC says that the markets are weighed down by outside and fundamental factors. "Sideways to lower pattern due to strong dollar mostly, and concerns about the big oncoming Brazilian crops."

 

Mike

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At 6:45am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.99 higher per barrel. Saudi Arabia's King dies, brother is named replacement.
Dollar = Higher
Wall Street = Higher, as the ECB announced Thursday a larger than expected bond-buying program.

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

 

 

 

More in a minute,

 

Mike

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7 Replies
Contributor

Re: Floor Talk January 23

I've been reading that there has been some dry weather in Mato Grosso and other areas of Brazil, does anyone have any idea of how dry it is,  someplaces are concerned with the 2nd corn crop due to dryness

 

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Advisor

Re: Floor Talk January 23

Wow, corn sales like that and we are up a whole three cents?
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Veteran Advisor

Re: Floor Talk January 23

Yeah, that is not a good sign for the bulls.

 

Mike

 

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Advisor

Re: Floor Talk January 23

Just read John Deere is laying off a few hundred more. Why not follow OPEC, keep producing and drive out the competition? I am sure the green fans won't mind in the short term!
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Advisor

Re: Floor Talk January 23

there's been a lot of iron produced the last 5 years
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Honored Advisor

Re: Floor Talk January 23

Maybe Deere could just store the extra tractors until the demand comes back.

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Veteran Advisor

Re: bkadds, I Agree, the total dam

thing today....looks rather skeptical. MO.

 

darn cattle were another Friday wreck too ( bout the 3rd 1 in a row.'

 

this crap is getting old, since we have record high boxed beef ( 261 to $263 cwt And record high offal too say $15.75cwt ).

 

( why would 3 packers that feed 9 million of their own ( and have special formulas for another 6 million annually ) every year have to share? guess i would Not Either. ) 

 

 

guess i'll get cattle bought another $150 per cheaper again next week ( unless Mon and Tues are limit downs again ).

 

course can always sit out nother week or another 52 of em 2 ...we'll see..

 

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