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marketeye
Veteran Advisor

Floor Talk January 28, 2021

At the close:

At the close, the March corn futures closed 1/2¢ higher at $5.34 1/4. May corn futures finished 1¢ higher at $5.36 1/4. New crop December corn futures ended 3 3/4¢ lower at $4.38 1/2.

March soybean futures closed 21 1/2¢ lower at $13.53 1/4. May soybean futures finished 21 3/4¢ lower at $13.51 3/4. New crop November futures settled 18¢ lower at $11.31 1/4.

March wheat futures closed 11 1/2¢ lower at $6.47.


March soymeal futures finished $9.50 short term lower at $427.10.


March soy oil futures are 0.13 higher at 44.65¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.57 per barrel lower (-1.08%) at $52.28. The U.S. dollar is lower, and the Dow Jones Industrials closed 499 points higher (+1.65%) at 30,803 points.

 

Mike

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At midday:

At midsession, the March corn futures are 6¢ higher at $5.40 1/4. May corn futures are 6 1/4¢ higher at $5.41 1/4. New crop December corn futures are 1/4¢ higher at $4.42 1/2.

March soybean futures are 7 3/4¢ lower at $13.67 1/4. May soybean futures are 8 1/4¢ lower at $13.65 3/4. New crop November futures are 10¢ lower at $11.39.

March wheat futures are 1 1/2¢ lower at $6.56 3/4.

March soymeal futures are $6.30 short term lower at $430.30.


March soy oil futures are 0.23 higher at 44.75¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.47 per barrel lower (-0.89%) at $52.38. The U.S. dollar is lower, and the Dow Jones Industrials closed 588 points higher (+1.94%) at 30,883 points.

The market sell-off today was more technical than it was fundamental, according to a trader choosing anonymity.
"Without a doubt, fundamentals are still supportive, but prices can't just go straight up, and part of the price discovery process requires chopping around. At this point, a good amount of the fundamentals have been priced into the market, so we are trying to set a new price range while we wait for additional information," the trader says.

Mike

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At 8:45am:

Corn, soybean rallies continue Thursday.

 

Mike

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5 Replies
rickgthf
Senior Advisor

Re: Sold a couple of loads of new crop corn today.

I sold a couple of loads of new-crop corn today, $4.60 delivered.  I figured I needed to get started somewhere.  $4.60's better than $3.80 last fall.  I'm guessing a lot of corn is going to get planted this year, anyhow.  Hopefully, new-crop continues to rally some more.

Still got a couple loads of old crop to gamble with.

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roarintiger1
Honored Advisor

Re: Sold a couple of loads of new crop corn today.

It’s a great idea to get some sales on the books. 
The volatility of these markets is astounding. 

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cborman11
Senior Contributor

Re: Floor Talk January 28, 2021

Only reason any prices are down today is pure stupidity!!!

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erikjohnson61y
Senior Advisor

Re: Floor Talk January 28, 2021

I don't know enough about the different areas in Brazil. Might the delayed harvest on beans translate into delayed planting of 2nd crop corn? Would that imply (all else being equal) a potentially smaller corn crop than usual for them?

IMO, new crop corn prices are going to hinge on summer US weather. We have proven that, given the right price incentive and weather, US farmers can grow a helluvalotta corn.

We're gonna need Biden to jack ag diesel up to $3.50 or $4 to keep the ethanol plants profitable! (He's off to a good start).

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nitefarm
Advisor

Re: Floor Talk January 28, 2021

The traders can’t make anything unless the market  moves one way or another. At least that’s my understanding. I believe it’s a good time for patience.  Just MHO