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marketeye
Veteran Advisor

Floor Talk March 17, 2021

At the close:

 

At the close, the May corn futures finished 3 3/4¢ higher at $5.58. July corn futures settled 3/4¢ higher at $5.42 1/2. New crop December corn futures settled 2 1/4¢ lower at $4.75 1/2.

May soybean futures closed 5 1/2¢ lower at $14.17 1/2. July soybean futures finished 7 3/4¢ lower at $14.06 3/4. New crop November soybean futures ended 9 1/2¢ lower at $12.35 1/2.

May wheat futures closed 7¢ lower at $6.40.

May soymeal futures are $1.20 short term lower at $404.90.

May soy oil futures are $0.49 lower at 54.60¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.27 lower (-0.42%) at $64.53. The U.S. dollar is lower, and the Dow Jones Industrials are 144 points higher (+0.44%) at 32,970 points.

Mike

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At 8:50am:

 

China buys another huge amount of U.S. corn, market has little reaction.

 

Mike

 

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7 Replies
roarintiger1
Honored Advisor

Re: Floor Talk March 17, 2021

The market place is overly complacent. If, in fact we in the U.S. come up short in our corn and bean supplies, this thing is going to explode higher. 
Also note that the USDA is and will be doing everything in their power to stop that explosion.

Not much trader reaction to China’s continued buying is puzzling. After all, China was never going to buy U.S. grain again, according to some market experts. So, China buying anything should be considered very bullish. 

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Hobbyfarmer
Honored Advisor

Re: Floor Talk March 17, 2021

Doesn't fit the liberal biased agenda.

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sw363535
Honored Advisor

Re: Floor Talk March 17, 2021

Lets stay on subject guys this is marketing and that is serious good news for us trying to market real commodities,  We're in marketing class not personal promotion school or Hype University.  Markets can ignore fundamental news for a while.......but not forever.

 

Great news    thanks mike.   and thanks for the spin warnings

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sw363535
Honored Advisor

Re: Floor Talk March 17, 2021

As said before in different terms    corn is bumping up against the top so far for the 4th time..... This week will be interesting to watch.... and todays market seems to say corn will have to go it alone to set new highs........

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Hobbyfarmer
Honored Advisor

Re: Floor Talk March 17, 2021

About 100 million bu sold this week beyond our borders not domestic use adjustments.

Thats 50 to 65 of those white plastic capped man made mountains of that stuff. 

Getting to be a lot of tin cans around here already empty now too. 

E plant is admitting to having a hard job filling May and beyond needs.

At what point in time and price point do we see if usda was skinny dipping?

On my drive about through Kansas there were not the # of full bumkers that were there a year ago in April, a month later.

We are seeing even to positive basis in March here, very rare. (Beans very simular story).

Water standing on fields from sw Kansas to south central Iowa. 600 mile stretch. Much of which was very dry til last weekend.

forgot to stop at Harbor Freight yesterday and get new Chinese plastic crystal ball...

My bet is for record crop guess out of usda end of month. Will be up to true fundamentals of supply and demand to set true farm gate prices by way of basis adjustments not CBOT.

 

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roarintiger1
Honored Advisor

Re: Floor Talk March 17, 2021

Local Eplant here has a +.06 basis currently. And has a gradual increase of basis to +.31 for July, + .34 for August, and + .37 for first half of Sept.

Hobby is correct. And,  we may be headed for record basis levels

nitefarm
Advisor

Re: Floor Talk March 17, 2021

Already at tie for best ever basis here locally 

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