Floor Talk January 3
At the close:
At the close, the March corn futures finished 3 3/4¢ higher at $3.55 3/4, and new crop December 2017 futures closed 3 1/2¢ higher at $3.83 1/2 per bushel. March soybean futures finished 9¢ lower at $9.95, while November 2017 soybean futures ended 6¢ lower at $9.83 1/4. March wheat futures closed 1 1/2¢ lower at $4.06 1/2. March soy meal futures settled $4.50 short ton lower at $312.10. March soy oil futures ended $0.15 higher at 34.81¢ per pound. In the outside markets, the Brent crude oil market is $1.34 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 31 points higher at 19,803 points.
At mid-session, the March corn futures are 5¢ higher at $3.57, and new crop December 2017 futures are 4 1/2¢ higher at $3.84 per bushel. March soybean futures are 4 1/4¢ lower at $9.99, while November 2017 soybean futures are 2 3/4¢ lower at $9.86. March wheat futures are 4 1/2¢ higher at $4.12. March soy meal futures are $2.80 short ton lower at $313.80. March soy oil futures are $0.21 higher at 34.87¢ per pound. In the outside markets, the Brent crude oil market is $0.78 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 40 points higher at 19,803 points.
Dustin Johnson, EHedger LLC, says that the recent rainfall in the South American forecast is set to alleviate some of the dryness concerns.
“Overall the impact of the current dry conditions is confined to an area that would still suggest +100 million MT crop is possible out of Brazil. The focus is shifting to the Index Fund re balancing which is supposed to shift toward corn. Also the corn-bean ratio is ultra-high leading into the Jan reports, so some steam could come out of them as traders position for that release,” Johnson says
In early trading, the March corn futures are 2¢ higher at $3.54, and new crop December 2017 futures are 2¢ higher at $3.82 per bushel. March soybean futures are 5 1/2¢ lower at $9.98, while November 2017 soybean futures are 4 1/2¢ lower at $9.84. March wheat futures are 3¢ higher at $4.11. March soy meal futures are $3.00 short ton lower at $313.60. March soy oil futures are $0.10 higher at 34.76¢ per pound. In the outside markets, the Brent crude oil market is $1.27 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 129 points higher at 19,891 points.
Happy New Year! I hope you all had a fun night over the weekend ringing in 2017. All of the celebrities emerged from their caves yesterday just glad that they survived 2016, though I did see the actor who played Father Mulcahy on MASH didn't make it. Sad, he was one of my favorite characters on the show. In ag news, soybeans were slightly lower overnight, down about 3 cents, while corn and wheat were little changed. Rainfall in South America is weighing on prices. Sonny Perdue III is now the frontrunner to be named Ag Secretary, in case you missed it. He is the former governor of Georgia, has reportedly owned several ag-related companies and currently owns a trading firm.
Here's what happened overnight:
Brent Crude Oil = 2.1% higher.
West Texas Intermediate Crude Oil = 2.2% higher.
Dollar = up 0.6%.
Wall Street = U.S. stock futures higher in overnight trading.
World Markets = Global stocks mostly higher, following oil prices.
Re: Floor Talk January 3
Thanks for the kind words. I'm entering my 11th year of updating this Marketing discussion group. There have been some real wild times. I could write a small book about the soap opera-like activity, the real hard marketing discussions, and everything in between.
We couldn't do it without all of you. Tony has been a nice addition for us, as well.
Have a great year!
Re: Floor Talk January 3
Thanks also Mike......... Market's been sliding down hill so long my rump has calluses. We need a better year to gether...
Nice solid region of drought growing in the southern high plains wheat crop. Similar to 2011 but this time much colder. That was following a "record" crop also, until somebody started buying it. Already a good number of acres looking at insurance claims at higher elevations(above 2000 ft.)... with those good solid 18-20 bushel guarantees who will worry..
Manure and moldboard plows in use already.