Floor Talk January 31

[marketeye]

At mid-session:

The March corn futures contract is trading 1 1/2 cents lower at $4.32. The March soybean futures contract is trading 1/4 of a cent higher at $12.75. March wheat futures are 2 1/4 cents higher at $5.55 per bushel. The March soymeal futures contract is trading $1.40 per short ton lower at $426.60. The March soyoil futures are trading $0.08 lower at $36.99.
In the outside markets, the NYMEX crude oil is $0.38 per barrel lower, the dollar is higher and the Dow Jones Industrials are 111points lower.

Mike

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At the open:

The March corn futures contract is trading 1 cent lower at $4.32. The March soybean futures contract is trading 1 cent higher at $12.77. March wheat futures are 1/4 of a cent higher at $5.53 per bushel. The March soymeal futures contract is trading $1.50 per short ton lower at $426.70. The March soyoil futures are trading $0.07 lower at $37.00.
In the outside markets, the Brent crude oil is $0.83 per barrel lower, the dollar is higher and the Dow Jones Industrials are 40 points lower.

Mike

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At 8:15am:

--USDA announces Friday that Spain bought 110,000 tons of U.S. corn for 2013-14 delivery.

--International Grains Council pegs the world's 2013/14 corn output at 959 million metric tons, up 9.0 mmt from their previous estimate. Most of the increase comes from China.

--Analysts estimate that STATS Canada's report Tuesday will show that country's all-wheat stocks, as of Dec. 1, to be the largest in 22 years.

Mike

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At 8am:

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

Trackers:
Overnight grain, soybean markets=Trading mostly higher.
Brent Crude Oil=$1.05 per barrel lower.
Dollar=Higher.

Wall Street=Seen lower.

World Markets=Asia/Pacific stocks were lower, Europe stocks lower.

More in a minute,

Mike