Floor Talk January 26

[marketeye]

At the close:

The March corn futures settled 2 3/4 cents lower at $3.84 per bushel.
March soybean futures finished 10 3/4 cents higher at $9.83.

March wheat futures ended 9 1/2 cents lower to $5.20 1/2. The March soybean meal futures closed $7.40 per short ton higher at $338.90. March soyoil futures closed $0.52 lower at $31.08.

In the outside markets, the crude oil market is $0.27 lower per barrel, the U.S. Dollar is lower and the Dow Jones Industrials are 25 points lower.

Jack Scoville, PRICE Futures Group vice-president, says that wheat is sliding on lousy demand and the strong dollar, even though the dollar did not do much. 
“Production remains strong just about everywhere  including the USA, but France keeps getting the business.  So wheat keeps sinking and I am starting to hear how low can it go guesses out there, a sign that the lows might be getting close.  Corn and SBS export inspections are good, and soybean meal seems to be finding some support from the cold air moving in.  Why is a mystery, although I am sure that producers have backed away and Brazil farmers are not selling very much at all.  Overall, the market has a sell rallies feel to it .”  

Mike

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At mid-session:

The March corn futures are trading 1 1/4 cents lower at $3.85 per bushel.
March soybean futures are trading 6 cents higher at $9.78.

March wheat futures are trading 5 cents lower to $5.25. The March soybean meal futures are trading $5.70 per short ton higher at $337.20. March soyoil futures are trading $0.46 lower at $31.14.

In the outside markets, the crude oil market is $0.09 lower per barrel, the U.S. Dollar is lower and the Dow Jones Industrials are 1 point lower.

Mike

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At the open:

The March corn futures are trading 3 1/2 cents lower at $3.83 per bushel.
March soybean futures are trading 3/4 of a cent lower at $9.72.

March wheat futures are trading 2 3/4 cents lower to $5.27. The March soybean meal futures are trading $0.70 per short ton higher at $332.20. March soyoil futures are trading $0.23 lower at $31.37.

In the outside markets, the crude oil market is $0.30 lower per barrel, the U.S. Dollar is lower and the Dow Jones Industrials are 84 points lower.

Mike

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At 7:20am:

Early calls: Corn 1-2 cents lower, soybeans 4-6 cents lower, and wheat 1-2 cents higher.

Trackers:
Overnight grain, soybean markets = Trading mostly lower.
Brent Crude Oil = $0.76 lower per barrel. Tradings at 6-year lows.
Dollar = Lower
Wall Street = Lower, as Greece is taken over by anti-austerity leaders.

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

More in a minute,

Mike

[jrsiajdranch]

Hey Mike if you can ask some of the chart guys when dollar should top. I think it is sometime on Feb. But not sure on my timing as I am not a chart guy. Just wondering.

[marketeye]

jrsiajdranch,

One floor trader says the Dollar is in a new world. ‪

"Well this is a unique time. The dollar is the perceived strength in the world as other economies tank. It will continue to strengthen because of outside weakness, not our own doing. ‬
‪Looking an annual technical top seems way too contrived….I'm looking back 3 years at the DXY index...don't see it....and even if that was the case.....the world is way different and manipulated now."

I hope this helps,

Mike

[jrsiajdranch]

Yea I get that we still suck just less than most others. But you got to go back further than 3 yrs. To see if you are at a top probably need to look at 30 yr. Minnimum

[c-x-1]

jr,

I noticed on a 50 yr chart the propensity for USD to swing during 1st Q of every 5th yr. - ea decade.

short term...it is looking imminent from these glasses.

Howdy Mike,

   what do you hear from Luis down south ?  Is he able to tell us what develop stage the beaners are in -- in different states.

thanks,

c-x-1

[c-x-1]

[Hobbyfarmer]

The US $ is the prettiest girl in the lepper colony

[luisvieira]

I have some breaking now about weather in Brazil. The crop will get smaller. The question is how much. The first significant losses were reported in the center-western of Goiás. Here is what is wrote on agrousouth-news.com this morning:

The heat in the center-western state of Goiás in Brazil already provoked losses of nearly 1.4 million tons of soybeans, which is about 15 percent of what was expected to be harvested, data from the revealed.

Even with a possible comeback of the rains, the losses are considered irreversible because the drought coincided with the blossom or filling period.

[c-x-1]

Thank you sen'or Luis...

any news // inforation, information-that is - you can see from MG e MGDS is greatly appreciated, also !

[wrightcattle]

so to speak.

The Pac Basin for instance actually has some stronger economies rolling as relative to the usd.

usd fallacy of strength is based on the weak EU.