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Veteran Contributor

Floor Talk January 9

At the close:

At the close, the March corn futures settled 1 1/2¢ higher at $3.59 1/2, and new crop December 2017 futures ended 2¢ higher at $3.87 1/2 per bushel. March soybean futures settled 10 1/2¢ higher at $10.05 1/4, while November 2017 soybean futures closed 11 1/4¢ higher at $9.93 3/4. March wheat futures finished 4¢ higher at $4.27 1/4. March soy meal futures closed $2.60 short ton higher at $313.90. March soy oil futures are $0.51 higher at 35.49¢ per pound.  In the outside markets, the Brent crude oil market is $1.82 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 64 points lower at 19,899 points.

 

Jason Roose, U.S. Commodities, says the markets face rally challenges.
“Grain markets have been mixed and currently trading higher in a market that is positioning for Thursday’s January crop report. With no shortage of grain,  favorable crop-weather in South America, rallies will be limited. Plus, producers will be willing sellers on rallies, with crop ratings on wheat giving support on breaks,” Roose says.

 

Mike

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At mid-session:

At mid-session, the March corn futures are 2 1/4¢ lower at $3.55, and new crop December 2017 futures are 1/4¢ lower at $3.85 per bushel. March soybean futures are 5 1/2¢ higher at $10.00, while November 2017 soybean futures are 4 1/2¢ higher at $9.87. March wheat futures are 1/4¢ lower at $4.23. March soy meal futures are $1.70 short ton higher at $313.00. March soy oil futures are $0.23 higher at 35.21¢ per pound.  In the outside markets, the Brent crude oil market is $1.60 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 46 points lower at 19,917 points.

 

Jason Roose, U.S. Commodities, says the markets face rally challenges.
“Grain markets have been mixed and currently trading higher in a market that is positioning for Thursday’s January crop report. With no shortage of grain,  favorable crop-weather in South America, rallies will be limited. Plus, producers will be willing sellers on rallies, with crop ratings on wheat giving support on breaks,” Roose says.

 

 

Mike

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Soybeans and corn were slightly higher in overnight trading as investors seek profits after Friday's selloff. Not much bullish news out there to drive prices up after the ugly export sales report last week. Beans rose a penny and corn was up about 1.5 cents. Wheat was 4 cents higher, leading the way. Money managers reduced bets on higher soybean prices to the lowest since mid-November last week, but surprisingly cut their net-shorts in corn. 

 

Here's what happened overnight:

 

Brent Crude Oil = 2% lower.

West Texas Intermediate Crude Oil = 2% lower.

Dollar = up 0.1%.

Wall Street = U.S. stock futures slightly lower in overnight trading.
World Markets = Global stocks modestly higher.

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