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Veteran Advisor

Floor Talk March 5

At the close:

At the close, the May corn futures settled 1 cent higher at $3.90 1/2 per bushel. The new crop Dec. corn futures finished 1/4 of a cent higher at $4.14.
May soybean futures ended 8 1/2 cents lower at $9.85 1/2. The new-crop Nov. soybean futures closed 6 3/4 cents lower at $9.66.

The May soyoil futures closed $0.64 lower at $31.57. The May soymeal futures finished $1.90 per short ton lower at $325.20.

May wheat futures closed15 1/4 cents lower to $4.80 1/2.

In the outside markets, the Brent crude oil market is $0.70 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 44 points higher.

 

 

Mike

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At mid-session:

At mid-session, the May corn futures are trading 2 1/4 cents higher at $3.91 per bushel. the new crop Dec. corn futures are trading 1 3/4 cents higher at $4.15 1/2.
May soybean futures are trading 5 cents lower at $9.89. The new-crop Nov. soybean futures are 4 cents lower at $9.68.

The May soyoil futures are trading $0.39 lower at $31.82. The May soymeal futures are trading $0.50 per short ton lower at $326.60.

May wheat futures are trading 12 cents lower to $4.84.

In the outside markets, the Brent crude oil market is $0.07 lower per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 46 points higher.

Helen Pound, Vice President Wedbush Securities Inc., Futures Division, sees macro-factors influencing today's markets.

"The Dollar has moved another leg higher and is trading at the strongest level in more than a decade, while the Euro has moved another leg lower and is trading at the weakest level in more than a decade," Pound wrote in a daily letter to customers.  This is particularly weighing on low protein wheat prices.  The Brazilian Real is also trading at multi year lows."

 

Mike

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At the open:

At the open, the May corn futures are trading 1/4 of a cent higher at $3.89 per bushel. the new crop Dec. corn futures are trading 1/4 of a cent lower at $4.13.
May soybean futures are trading 2 1/2 cents higher at $9.96. The new-crop Nov. soybean futures are 2 cents higher at $9.75.

The May soyoil futures are trading $0.20 lower at $32.01. The May soymeal futures are trading $0.50 per short ton higher at $327.60.

May wheat futures are trading 3 cents lower to $4.92.

In the outside markets, the Brent crude oil market is $0.22 higher per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points higher.

 

Mike

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At 7:40am:

USDA's Weekly Export Sales:

 

Corn=   986,800 mt vs. expected 700,000-1,000,000 mt

 

Soybeans= 501,200 mt vs. expected 300,000-500,000 mt

 

Wheat= 507,600 mt  vs. expected 350,000-550,000 mt

 

Soymeal= 158,600 mt

 

 

 

Mike

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At 7:00am:

 

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

 

Trackers:
Overnight grain, soybean markets = Trading lower.
Brent Crude Oil = $0.19 higher.
Dollar =Higher. 
Wall Street = Seen flat to higher, as the European Central Bank's President Draghi makes a speech about Europe's bond-buying program, ahead of the market's open.

World Markets = Europe stocks were higher, Asia/Pacific stocks were mixed-to-lower.

 

 

 

More in a minute,

 

Mike

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3 Replies
Senior Contributor

Re: Floor Talk March 5

I hear alot of talk about switching acres from corn to beans,,,,,think this will happen??   if your paying top end rent,,,,one of those low margins high acre guys,,,,can you afford to grow beans instead of corn...beans just don't yield as much....if your making widgets you want to make as many as possible to spread out your cost...if you raise 200 bushel corn you have 200 bushels,,,if you raise beans you have 60 bushels....its a cash flow thing,,,not a profit thing,,,,,,you'll have more total cash flow from corn then beans,,,,forget making money,,,cause that might not happen this year anyway....

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Veteran Advisor

Re: Floor Talk March 5

highyields,

 

I see what you are saying. And, it's a good point. I still believe it will come down to the planting weather. If it's good weather, the corn planters will keep rolling. Weather hiccups could create more soybean acres.

 

Mike

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Advisor

Re: Floor Talk March 5

High yields by your thinking aren't you kicking the can further down the road?
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