Floor Talk January 28

[marketeye]

At the close:

The March corn futures contract settled 1/4 of a cent higher at $4.32. The March soybean futures contract finished 2 1/4 cents lower at $12.85. March wheat futures finished 2 1/2 cents higher at $5.66 per bushel. The March soymeal futures contract ended $2.30 per short ton lower at $428.60. The March soyoil futures closed $0.34 higher at $37.40.
In the outside markets, the NYMEX crude oil is $1.72 per barrel higher, the dollar is higher and the Dow Jones Industrials are 86 points higher.

Jack Scoville, PRICE Futures Group vice president, says wheat has the upside action due to the extreme cold and maybe the Egypt news.     "Corn is just choppy, with enough demand here in the US with the cold to keep the market with a little support and zero selling interest from producers," Scoville says.  
Beans spreads are falling a bit, more China talk on cancellations but this is getting old with nothing confirmed, he says.  
"Mostly spec spread liquidation, I think.  We got about half a floor today as it is pretty cold here and that has made the trade kind of slow," Scoville says.

Mike

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At mid-session:

The March corn futures contract is trading 3/4 of a cent higher at $4.32. The March soybean futures contract is trading 5 cents lower at $12.82. March wheat futures are 3 1/4 cents higher at $5.66 per bushel. The March soymeal futures contract is trading $4.60 per short ton lower at $426.30. The March soyoil futures are trading $0.43 higher at $37.49.
In the outside markets, the NYMEX crude oil is $1.66 per barrel higher, the dollar is higher and the Dow Jones Industrials are 60 points higher.

Mike

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At the open:

The March corn futures contract is trading unchanged at $4.31. The March soybean futures contract is trading 7 cents lower at $12.80. March wheat futures are 4 1/4 cents higher at $5.67 per bushel. The March soymeal futures contract is trading $3.30 per short ton lower at $427.60. The March soyoil futures are trading $0.05 higher at $37.11.
In the outside markets, the Brent crude oil is $0.49 per barrel higher, the dollar is lower and the Dow Jones Industrials are 83 points higher.

Mike

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At 8:15am:

Spain buys 110,000 tons of U.S. corn for this year's marketing year.

Mike

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At 7:45am

Early calls: Corn is seen 1-2 cents lower, soybeans 3-5 cents lower, and wheat 2-4 cents higher.

Trackers:
Overnight grain, soybean markets=Trading mostly lower.
Brent Crude Oil=$0.36 per barrel higher.
Dollar=Higher.

Wall Street=Seen higher, as the Fed Reserve starts its meeting today. It will be the last meeting that Chairman Ben Bernanke will oversee. Those measuring his career say you should do so in three parts. First, his efforts before the financial crisis, his efforts during the storm, and what he has done since the financial crash. Some believe his grade is poor before the crisis, very good during, and unknown (yet) on his works afterward.

World Markets=Asia/Pacific stocks were mixed-to-lower, Europe stocks higher.

More in a minute,

Mike