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marketeye
Veteran Advisor

Floor Talk January 29, 2021

At the close:

At the close, the March corn futures closed 12 1/2¢ higher at $5.47. May corn futures settled 11 1/4¢ higher at $5.47 1/2. New crop December corn futures ended 6 1/2¢ higher at $4.45 1/2.

March soybean futures closed 16 3/4¢ higher at $13.70. May soybean futures ended 15 1/2¢ higher at $13.67. New crop November futures closed 11 3/4¢ higher at $11.43.

March wheat futures ended 16¢ higher at $6.63.


March soymeal futures settled $3.90 short term higher at $431.00.


March soy oil futures finished 0.03 lower at 44.62¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.19 per barrel higher (-0.36%) at $52.15. The U.S. dollar is lower, and the Dow Jones Industrials closed 547 points lower (-1.78%) at 30,059 points.

What a week!!!

 

Mike

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At midsession:

At midsession, the March corn futures are 9 1/2¢ higher at $5.44. May corn futures are 8¢ higher at $5.44. New crop December corn futures are 6¢ lower at $4.44 1/2.

March soybean futures are 3 1/2¢ higher at $13.56 1/4. May soybean futures are 2 1/2¢ higher at $13.54. New crop November futures are 7 1/2¢ higher at $11.38 3/4.

March wheat futures are 12 1/2¢ higher at $6.59.


March soymeal futures are $0.90 short term lower at $426.20.


March soy oil futures are 0.08 lower at 44.57¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.15 per barrel higher (+0.29%) at $52.49. The U.S. dollar is lower, and the Dow Jones Industrials closed 522 points lower (-1.04%) at 30,080 points.

 

Mike

--------

At 8:45am:

 

China buys another mountain of U.S. corn Friday.

 

What say you? This is unbelievable!!!!!!

 

Mike

0 Kudos
18 Replies
cborman11
Senior Contributor

Re: Floor Talk January 29, 2021

Anything closes down today then these trader's are for sure complete idiots!!!!

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Hobbyfarmer
Honored Advisor

Re: Floor Talk January 29, 2021

 

Trumps fault

 

This week alone more than a quarter of a

BILLION bu of corn sold

 

More boat loads of beans gone too.

 

22 executive orders so far and counting for King Biden.

 

Better enjoy these Trump prices.

This is not gonna end well.

nitefarm
Advisor

Re: Floor Talk January 29, 2021

i am afraid you are exactly correct.

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BA Deere
Honored Advisor

Re: Floor Talk January 29, 2021

So are we "2011" or "2013" sunrise or sunset? That was a 2 year period where it never got below this price.

https://www.finviz.com/futures_charts.ashx?t=ZC&p=m1

Hobbyfarmer
Honored Advisor

Re: Floor Talk January 29, 2021

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rickgthf
Senior Advisor

Re: According to the WASE, in the 18/19 crop year China ....

In the 18/19 crop year, China only imported 4.5 MMT & end up w/ 210 MMT ending stocks, In 19/20, they imported 7.6 MMT and ended up w/ 200 MMT, for 20/21 they will import 17,5 MMT and only end up w/ 191 MMT.

Trump had nothing to do with it, the Chinese are using a lot more corn and they're betting South America won't be able to supply, or they're not willing to take that chance.

 

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sw363535
Honored Advisor

Re: According to the WASE, in the 18/19 crop year China ....

Not one piece of that data is reliable, Rick........... Biden has already decided he can't present anything the majority of the people or congress will agree with..... reversing "proclamations" or creating new ones , they just say I am a lame duck from day one.... My party doesn't even have its own support and if it did we are in the minority.......... so lets try ruling like our friends in Iran and China, writing decrees on the chalk board so we can change them when challenged.  And move that Mexico wall to DC where we need it.  Then add guard towers.

rickgthf
Senior Advisor

Re: With that attitude, why ...

even bother getting out of bed?

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roarintiger1
Honored Advisor

Re: With that attitude, why ...

Sorry Rick, but if Obama can claim to take the credit for our booming economy from 2017 to when the China virus  started, then Trump can claim the credit for his China deal and these hefty exports to China. 
Fair enough?

Note.....No magic wand was needed for either.