Floor Talk January 8

[marketeye]

At the close:

At the close, the March corn futures settled 4 cents higher at $3.57. March soybean futures finished 3/4 of a cent higher at $8.65. 
March wheat futures closed 10 cents higher at $4.78. March soymeal futures closed $1.30 per short ton higher at $268.70. March soyoil futures closed $0.02 lower at $29.64.  
In the outside markets, the Brent Crude oil market is $0.11 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 59 lower.

Mike

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At mid-session:

At mid-session, the March corn futures are trading 4 cents higher at $3.57. March soybean futures are trading 4 cents higher at $8.68. 
March wheat futures are trading 10 1/2 cents higher at $4.79. March soymeal futures are $2.90 per short ton higher at $270.30. March soyoil futures are trading $0.10 lower at $29.52.  
In the outside markets, the Brent Crude oil market is $0.52 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 28 higher.

Mike

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At 9:50am:

Corn and soybeans remain up 4¢, while wheat is up 9¢.

Thanks,

Mike

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At the open:

At the open, the March corn futures are trading 2 cents higher at $3.55. March soybean futures are trading 4 cents higher at $8.69. 
March wheat futures are trading 4 cents higher at $4.72. March soymeal futures are $2.40 per short ton higher at $269.80. March soyoil futures are trading $0.10 higher at $29.73.  
In the outside markets, the Brent Crude oil market is $0.19 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 134 higher.

Mike

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At 6:15am:

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

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.01 higher.
Dollar =Higher.  
Wall Street = Seen higher with U.S. Jobs Report eyedoil tanking, Macy's laying off thousands, and China turmoil.

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

More in a minute,

Mike

[ECIN]

Boy Markeye - Your up pretty early ! You feeling OK ? Twins get you up OR are you taking off early this afternoon for a golf outing ?  Somethings up 

btw  - marketing from East Central Indiana - Nothing moving here ! Nothing - Never seen it this slow - really it started after harvest - I have talked to guys in Wisconsin - Minnie soda , Iowa , no grain moving - Everybody around here looking for something to haul - Driver told me to find something - even if it's going to Alabama .

I thought it might pickup after the first of the year - Ken was wrong - again . Looks like who blinks first deal here , I think that many may just borrow money than to give grain away at a big lose .

Indiana Weather - Yesterday was as good as it gets for this time of year - rain today - from 1/2 to an inch ,Sat. Highs in the 50's  turning colder - Sunday winds gusting up to 50 mph - Monday - wind chill's 5 below to 5 above .

[marketeye]

ECIN,

Good morning. Just trying to get this hot market-impacting news out to you as fast as we can. I'm glad to see somebody is reading this stuff. This afternoon's CFTC report will be out at 2pm. Do you think the big funds will be getting even shorter these markets than they already have been?

Mike

[roarintiger1]

They've been pretty busy at the local ethanol plant this week.  I'm guessing it's pretty much all January contracts getting filled.  They must be concerned for a continued supply after this week however.  The basis has been increased twice already this week.

ECIN, That's quite an interesting take on guys borrowing money......not wanting to give the grain away.  I thought, by all the gloom & doom posts on this site and others that the bankers are forcing the hand of farmers to pay everything off. 

[ECIN]

Do you think the big funds will be getting even shorter these markets than they already have been?

Mike - It wouldn't surprise me a bit - anyway till the report comes in .  To me at this time - the best place for your money right now is in your pocket - Why take the risk with everything going down ?

What we need is a little surprise from the USDA on the report - to the BULL side that is . It is so easy to get all caught up in the doom and gloom - That you miss the big picture - Heck I did in my younger days of farming - Oh its bad and only going to get worse and it cost me in missed opportunities - It only took once - Even thought - it is tuff right now the markets are like the weather - it will change from drought to rains - or rains to dry - I don't know when it will happen - just that it has always before and you need a clear mind for when it do's - not sitting the dark of doom for you will miss the light .

Tiger - We have been hauling into the Ethanol plant north of us - drive in - drive out - till yesterday - had 8 trucks in front !  Bunge - Morristown - Basis was + 40 and drive in - drive out  

[ECIN]

I forgot this part tiger - It high risk - yet go down to the ASCS office - put your grin under loan - take that money to pay lows or rent and PRAY the markets go up - To me - it a going to take weather to get in the game - being it SA and or here -  I have read that parts or SA are way to dry - yet read that its a record - Here - which ever weather patter we are in now- has chances of turning dry in the Summer - wheather it be in June , July or Aug or all or them - that will be the chance --- MAYBE to hit it going up - but thats just my opion and I don't have a line to pay for it either - lol

[lsc76cat]

Local elevator has been chipping away at the pile of corn made last fall.

Basis has improved a few pennies on both corn and beans this week.

  (30's under for corn, 50's under for beans)

Contract deliveries being made this week to get ahead of the cold weather moving in.

Messy drive this morning with a couple inches of snow overnite and 33 degrees this morning.

Could smell the soybean plant a few blocks north when I arrived at work. (love that smell)

Wind has switched so the high temp is in for the day. 

Feed the myth:  At 50 below he!! freezes over - in MN schools are 2 hours late.

[Blacksandfarmer]

Still a plus basis for corn at most grain elevators on the Michigan/Indiana line. Soybeans are around -20. Haven't seen many grain haulers lately.

[marketeye]

Blacksandfarmer,

Great to hear from you. Heck, it's great to hear from everyone. Thanks for the basis update. New year, let's get this Marketing Talk section cranked up. I'm seeing a Brazil trip, marketing meet-up, and other get togethers for this group.

Mike

[Blacksandfarmer]

Mike, good to read your posts again! My old computer took a dump so I got a new one this week. Seems to have made all the difference in the world on this site. I'm back!