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Tony_Dreibus
Veteran Contributor

Floor Talk January 28

After the close:

Funds sold 11,000 soybean contracts, and 7,000 corn.

 

 

Mike

--------

At the close:

At the close, the March corn futures settled 3 3/4 cents lower at $3.65 1/2. March soybean futures ended 15 1/4 cents lower at $8.67 3/4. 
March wheat futures finished 4 1/4 cents lower at $4.72 1/4. March soymeal futures closed $5.60 per short ton lower at $266.90. March soyoil futures settled $0.18 lower at $30.69.  
In the outside markets, the Brent Crude oil market is $1.20 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 148 higher.

 

Mike

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At mid-session:

At mid-session, the March corn futures are trading 3 1/2 cents lower at $3.65 3/4. March soybean futures are 10 1/2 cents lower at $8.72 1/4. 
March wheat futures are trading 4 1/2 cents lower at $4.72. March soymeal futures are $5.10 per short ton lower at $267.40. March soyoil futures are trading $0.14 lower at $30.73.  
In the outside markets, the Brent Crude oil market is $1.08 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 7 lower.

 

Private exporters reported to the U.S. Department of Agriculture Thursday cancellations of export sales of 395,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year.

The marketing year for soybeans began Sept. 1.

Jack Scoville, The PRICE Futures Group Senior Market Analyst, says that beans are down on the China cancellation.  
“No other real news, but everyone is looking for demand and this was not good demand news.  Wheat and corn are mostly following with little in the way of new news in those markets.  Mostly spec selling, farmers here and in South America are quiet,” Scoville says.  
Scoville adds, “I think we are trying to end our annual late winter and early spring rally early on ideas of weaker demand with the cancellation news today. Plus, China’s weakening economy and all the stuff this week with Russia and wheat tariffs are hurting prices.  
Conditions generally are good in Brazil, but crops are still a little dry in Argentina, he says.

 

Mike

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At the open:

At the open, the March corn futures are trading 1/4 of a cent lower at $3.69. March soybean futures are 1 3/4 cents lower at $8.81. 
March wheat futures are trading 1/2 of a cent lower at $4.76. March soymeal futures are $1.50 per short ton lower at $271.00. March soyoil futures are trading $0.29 higher at $31.16.  
In the outside markets, the Brent Crude oil market is $1.33 higher per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 92 higher.

 

Mike

 

Marketeye Note: Thanks, Tony, for filling in for me, lately.

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Good morning. 

 

Grain and soybean futures were slightly lower to unchanged overnight as demand for U.S. supplies drops from year-ago levels. 


At 6:20am:

 

Early calls:

Wheat 1-2 lower, corn unchanged-1 lower and soybeans 1-2 lower. 

 

Trackers:

Overnight wheat, corn and beans slightly lower.  

 

Brent Crude Oil = 0.3% higher.

West Texas Intermediate Crude Oil = 0.3% lower.

Dollar = Slightly lower.

Wall Street = Stocks little changed as investors seek direction after Fed announcement.  
World Markets = Global stocks improve as Fed reassures overseas investors. 

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12 Replies
illinifarmer
Advisor

Re: Floor Talk January 28

Dollar lower oil higher why are the grains down???
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giolucas
Veteran Advisor

Re: Floor Talk January 28

BS. like profit taking. 

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marketeye
Veteran Advisor

Re: Floor Talk January 28

Here is why the soybean market is double-digits lower. When China speaks, people listen.

 

Private exporters reported to the U.S. Department of Agriculture cancellations of export sales of 395,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

 

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giolucas
Veteran Advisor

Re: Floor Talk January 28

The cancellation was a lie, the exporter was just short Beans and needed the market to go down.  

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marketeye
Veteran Advisor

Re: Floor Talk January 28

🙂 Don't forget, China is considered the smartest trader in history. So, you might be on to something.

 

Mike

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WCMO
Senior Advisor

Re: Floor Talk January 28

If true that the reported cancellation was a lie, that would seem to be a punishable offense, criminal and civil.

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giolucas
Veteran Advisor

Re: Floor Talk January 28

Is a Rumor a punishable offense?

 

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Hobbyfarmer
Honored Advisor

Re: Floor Talk January 28

shouting "FIRE" in a crowded move theatre is when there is NO FIRE.

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roarintiger1
Honored Advisor

Re: Floor Talk January 28

And...........China gets their way again.    We are slow learners. 

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