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marketeye
Veteran Advisor

Floor Talk March 3

At the close, the May corn futures settled 3 cents higher at $3.91 per bushel. The new crop Dec. corn futures finished 3 1/4 cents higher at $4.16 1/2.
May soybean futures closed 1 1/2 cents lower at $10.12 1/4. The new-crop Nov. soybean futures finished 2 1/2 cents higher at $9.87 3/4.

The May soyoil futures closed $0.14 higher at $32.97. The May soymeal futures closed $0.70 per short ton lower at $332.80.

May wheat futures closed 6 cents higher to $5.06.

In the outside markets, the Brent crude oil market is $0.53 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 91 points lower.

 

Mike

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At mid-session, the May corn futures are trading 1 1/2 cents lower at $3.89 per bushel. the new crop Dec. corn futures are trading 1 3/4 cents higher at $4.15.
May soybean futures are trading 5 1/4 cents lower at $10.08. The new-crop Nov. soybean futures are 1 1/4 cents lower at $9.84.

The May soyoil futures are trading $0.24 higher at $33.07. The May soymeal futures are trading $4.60 per short ton lower at $328.90.

May wheat futures are trading 5 1/4 cents higher to $5.05.

In the outside markets, the Brent crude oil market is $0.53 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 133 points lower.

Jacob Burks, Webbush Futures, says the market environment is choppy choppy.  "Latest move up was on transportation delays not harvest delays in the beans.  They are getting the beans harvested and eventually to the port.  Meal demand is said to be a little lighter and can continue to drag us lower.  We will need some planting problems or other weather hazards to move this market higher.  Expect choppy trading for a while."

 

Mike

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At 11am:

Corn has turned slightly higher.

 

Mike

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At 10:30am:

At 10:30am, the May corn futures are trading 1 1/2 cents lower at $3.86 per bushel. the new crop Dec. corn futures are trading 3/4 of a cent lower at $4.12.
May soybean futures are trading 9 1/2 cents lower at $10.04. The new-crop Nov. soybean futures are 5 1/2 cents lower at $9.79.

The May soyoil futures are trading $0.04 higher at $32.87. The May soymeal futures are trading $5.20 per short ton lower at $328.30.

May wheat futures are trading 2 1/2 cents lower to $4.97.

In the outside markets, the Brent crude oil market is $0.53 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 111 points lower.

Mike

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At the open:

At the open, the May corn futures are trading 2 1/4 cents higher at $3.90 per bushel. the new crop Dec. corn futures are trading 2 3/4 cents higher at $4.16.
May soybean futures are trading 1 cent lower at $10.11. The new-crop Nov. soybean futures are 1/4 of a cent lower at $9.84.

The May soyoil futures are trading $0.05 higher at $32.88. The May soymeal futures are trading $2.10 per short ton lower at $331.40.

May wheat futures are trading 3 cents higher to $5.03.

In the outside markets, the Brent crude oil market is $0.67 lower per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 38 points lower.

 

Mike

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A 7:45am:

A Few Things:

 

--The current soybean to corn ratio of 2.38-to-1 is expected to lower corn-on-corn acres and raise soybean acres, this year. What do you think? How closely do you watch this ratio?

 

--Informa will update its world crop production numbers this morning at 10:30am.

 

--What are you most worried about? What keeps you up at night? The corn or soybean market? Or, wheat?

 

--China is exporting more meal, hurting U.S. soymeal export chances.

 

--Brazil's Céleres Consultoria keeps their estimate of the Brazilian soybean crop in 91 million metric tons, below CONAB's latest estimate of 94.0 mmt.

 

--Sources tell me that over 10,000 truckers will march in Brasilia, today. They hope to get a meeting with the Brazilian President. "I don't have the last numbers about the vessels, but the warehouses in the ports had things to load just until today. This is in Paranaguá port. A lot of truckers are trying to go there (Brasilia). But, they're also still blocking the roads. We have about 3 or 4 states with the strike going on. But, indeed, they're trying to fill Brasilia with trucks. This is true," one Brazilian source requesting anonymity, told Agriculture.com Tuesday.

 

Mike

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At 7:15am:

 

Early calls: Corn 2-4 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents higher.

 

Trackers:
Overnight grain, soybean markets = Trading higher.
Brent Crude Oil = $0.67 lower.
Dollar =Higher. 
Wall Street = Seen lower, on weaker earnings from Best Buy and Dick's Sporting Goods.

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

 

 

 

More in a minute,

 

Mike

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6 Replies
juliedavis91849
Veteran Contributor

Re: Well, Mike, this pea size brain of mine has been over-taxed

 thinking about how this space cowboy can fling his lasso and presto, magico...know my yields, ja.

 

Yes sir, this cowboy is carrying a lasso that when flung off into outerspace interpets moisture data every square inch of soil.. HERE, THERE, and EVERYWHERE two inches deep...

 

What this info leads to is this cowboy can harness yields...mine, yours, everybodies...everywhere..

 

You asked what I've been worrying about..

 

Been stewing and milling over this cowboy and his lasso, ja.

 

If he's tracking global yields this way in the future, he's just rode into town on a high stepping horse..

and, I believe capable of grain price controls, ja...

 

Markwright, our esteemed cowboy, do hope you're keeping up-

 

over and out-

 

+NASA 's  *space cowboy SMAP successfully deploys its "lasso":*  

The Soil Moisture Active Passive mission will track soil moisture and the freeze-thaw state of the ground worldwide. The mission will help improve climate and weather forecasts and allow scientists to monitor droughts and better predict flooding caused by severe rainfall or snowmelt -- information that can save lives and property. In addition, since plant growth depends on the amount of water in the soil, SMAP data will allow nations to better FORECAST YIELDS and assist in global famine early-warning systems.
(1:46)

http://go.nasa.gov/1apZOn9

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FARM4FOOD
Veteran Contributor

Re: Well, Mike, this pea size brain of mine has been over-taxed

Lets hope he is more accurate than the fools in Chicago what a joke

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Palouser
Senior Advisor

China and soymeal

A bit of an oxymoron regarding the idea that China is competing with us in soymeal. 

 

First, China has to import soy to make soymeal, and then export the meal. So, why would China do this? Soy crushing in China hasn't always had the best margins.

 

The answer is cooking oil. China's huge demand for cooking oil outstrips it's need for meal even though it has the biggest hog numbers on earth. I was reading where Japan essentially uses domestic nonGMO soybeans for human consumption. About a 23% of it is made into more directly consumed products like tofu, edamame, etc.  almost 74% is used to make cooking oil. A few percent is made into feed. Of course meal is the main product after the oil is extracted. 

 

Whether from China or the US, making meal means oil. China still has to buy the whole soybean from the US or SA. China has always tried to move processing of products into it's domestic activity for jobs and development. They want the benefits of any value added products and the margins created from the raw commodities.

 

 

juliedavis91849
Veteran Contributor

Re: Well, Mike, this pea size brain of mine has been over-taxed

or the fools smuggling soys.....sheesshh

 

 

China Customs reveals soybean smuggling worth $1.8b

 

Reported by: `Customs Today Report March 3, 2015

 

BEIJING: China Customs revealed soybean smuggling worth S$1.18 billion (5.46 billion yuan) last year.

The official Legal Daily report said a trading company was suspected of smuggling soybeans after customs officials assessed soy prices for potential risk, but it did not name the company involved.

The case came to light after the customs unit in the eastern coastal city seized some 730 contracts, some of which were falsified, and got access to 80,000 emails, the paper said. The unit also arrested four people in the cities of Linyi, Dalian and Shenzhen, it reported.

 

 

 

 

http://customstoday.com.pk/china-customs-reveals-soybean-smuggling-worth-1-8b/

 

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nwobcw
Advisor

Re: Floor Talk March 3

how did they ever figure they could hide such a large volume of material
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elcheapo
Veteran Advisor

Re: Floor Talk March 3

Guess they will need to get some soybean
Sniffing dogs for the ports.
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