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marketeye
Veteran Advisor

Floor Talk March 1, 2021

At the close:

At the close, the May corn futures settled 9 3/4¢ lower at $5.38 3/4. July corn futures closed 8¢ lower at $5.27 3/4. New crop December corn futures closed 2¢ lower at $4.68 3/4.

May soybean futures finished 13¢ lower at $13.91 1/4. July soybean futures closed 10 1/2¢ lower at $13.81 1/2. New crop November soybean futures 3 1/4¢ lower at $12.19 3/4.

May wheat futures closed 10¢ lower at $6.50 3/4.


May soymeal futures ended $3.10 short term lower at $418.30.


May soy oil futures closed 0.71 lower at 49.23¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.78 lower (-1.27%) at $60.72. The U.S. dollar is higher, and the Dow Jones Industrials are 695 points higher (+2.25%) at 31,627 points.

 

Jack Scoville, PRICE Futures Group, says that the soybean rally was wiped out by South America's harvest.
“The market is still bullish overall, but the South American harvest will soon hit the ports and this is hurting the bean market in particular. Corn down on bear spreads not so much on nearby weakness but on new crop strength that is creating the selling in the nearby. Corn export inspections werd really good and there is not a lot left in the countryside so I suspect it will eventually move higher," Scoville says.

 

Mike

---------------

At 10am:

Things have turned around.

At 10am, the May corn futures are 6 3/4¢ lower at $5.40 3/4. July corn futures are 4 1/4¢ lower at $5.30 3/4. New crop December corn futures are 1 3/4¢ lower at $4.69.

May soybean futures are 5¢ lower at $13.99 1/4. July soybean futures are 2¢ lower at $13.89 1/2. New crop November soybean futures are 1¢ higher at $12.24 3/4.

May wheat futures are 8 3/4¢ lower at $6.51 3/4.

May soymeal futures are $1.80 short term lower at $419.60.


May soy oil futures are 0.23 lower at 49.71¢ per pound.

In the outside markets, the NYMEX crude oil market is even at $61.50. The U.S. dollar is higher, and the Dow Jones Industrials are 681 points higher (+2.20%) at 31,613 points.

 

Mike

------------

At 8:45am:

 

March trading starts with a soybean rally.

 

Mike

 

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5 Replies
k-289
Senior Advisor

Re: Floor Talk March 1, 2021

DOW   in  recovery ,    teeter - totter   mode - + 500  - RISK  OFF -  

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roarintiger1
Honored Advisor

Re: Floor Talk March 1, 2021

What soybean rally?  

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cborman11
Senior Contributor

Re: Floor Talk March 1, 2021

What rally beans and corn are down.

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marketeye
Veteran Advisor

Re: Floor Talk March 1, 2021

There was a nice rally, overnight and to start the day's trade. But, things have turned lower. March has already shown that this month could be highly volatile.

 

Mike 

rickgthf
Senior Advisor

Re: Just catching its breath before it the next push higher.

nt

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