cancel
Showing results for 
Search instead for 
Did you mean: 
marketeye
Veteran Advisor

Floor Talk January 25, 2021

At the close:

At the close, the March corn futures finished 11¢ higher at $5.11 1/2. May corn futures closed 11 1/4¢ higher at $5.14 1/4.

March soybean futures ended 31 1/2¢ higher at $13.43 1/4. May soybean futures finished 31 3/4¢ higher at $13.42 3/4.

March wheat futures closed 14¢ higher at $6.48 1/4.


March soymeal futures settled $8.00 short term higher at $429.60.


March soy oil futures are 0.67 higher at 42.94¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.48 per barrel higher (+0.92%) at $52.75. The U.S. dollar is higher, and the Dow Jones Industrials closed 100 points lower (-0.33%) at 30,898 points.

Mike

------------

At midsession:

 

At midsession, the March corn futures are 11 1/4¢ higher at $5.11 3/4. May corn futures are 11 1/4¢ higher at $5.14 1/4.

March soybean futures are 35 1/2¢ higher at $13.47 1/4. May soybean futures are 34 3/4¢ higher at $13.46 3/4.

March wheat futures are 10 1/4¢ higher at $6.44 1/4.


March soymeal futures are $11.50 short term higher at $433.10.


March soy oil futures are 1.27 higher at 43.54¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.07 per barrel higher (+0.13%) at $52.34. The U.S. dollar is higher, and the Dow Jones Industrials closed 181 points lower (-0.59%) at 30,815 points.

Jack Scoville, PRICE Futures Group, says that the markets are reacting to the end of the outside investors' short-covering.

“Up sharply. Looks like the fund long liquidation is over and wow did we see a recovery. The export inspections were great, but we went up before that was known. It seems to be more like spec-based buying returning with a vengance. I don't see any other news to account for the rally," Scoville says.

 

Mike

-----------

At 9am:

 

The corn market reversed higher, up 8¢, while the bean market has added 20¢.

 

Mike

-------------

At 8:45am:

 

The bear investors still control the ag markets Monday.

 

Mike

 

0 Kudos
3 Replies
rsbs
Veteran Advisor

Re: Floor Talk January 25, 2021

Better look again....my screen shows corn up 8, and soybeans up 20.

Looks like it's off to the races again.....wish I had a lot to sell, but I don't feel like buying, either.

0 Kudos
marketeye
Veteran Advisor

Re: Floor Talk January 25, 2021

ribs,

You are correct. The markets started lower, but quickly turned higher.

 

Mike

 

0 Kudos
rickgthf
Senior Advisor

Re: They picked off the low hanging fruit Friday.

Now they're coming back for another bite of the apple.

0 Kudos