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Senior Contributor

From the floor December 23

At the close:

The March corn futures settled 5 cents higher at $6.14. The Jan. soybean contract closed 20 3/4 cents higher at $13.49 1/2. The March wheat futures ended 1/2 of a cent lower at $7.83. The Jan. soybean meal futures closed $7.30 higher per short ton at $360.00. The Jan. soyoil futures closed $0.62 higher at $56.59.


In the outside markets, the NYMEX crude oil is $1.04 per barrel higher, the dollar is lower, and the Dow Jones Industrials are down 2 points.

 

Merry Christmas everyone!

 

Mike

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At mid-session:

The March corn futures are 1/2 of a cent higher at $6.09 1/4. The Jan. soybean contract is 14 1/4 cents higher at $13.43. The March wheat futures are 3 1/4 cents lower at $7.80 1/4. The Jan. soybean meal futures are $2.60 higher per short ton at $355.30. The Jan. soyoil futures are $0.48 higher at $56.45.


In the outside markets, the NYMEX crude oil is $0.77 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 7 points.


One analyst says, "Soybeans are the strength of the market and seem to be reacting to export sales announced today as well as the Argentine weather.  Have not seen anything else to support beans here today.  Very little interest showing in corn and wheat and they are mixed.  Beans made some new highs, got the stops, and are backing off now but are still strong.  I think it is more a case of no one wanting to be real short than any big new buying today."

 

Mike

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At the open:

The March corn futures opened 1 cent lower at $6.08 1/4. The Jan. soybean contract opened 6 cents higher at $13.35. The March wheat futures opened 3/4 of a cent higher at $7.84. The Jan. soybean meal futures opened $0.90 higher per short ton at $353.60. The Jan. soyoil futures opened $0.28 higher at $56.25.


In the outside markets, the NYMEX crude oil is $0.11 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 9 points.

 

Today is a full trading day. Also, next week, all days will have full trading sessions.

 

Mike

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At 9:25am:

History Making: For the Christmas timeframe, the Dec. corn contract is at its highest price ever, one analyst says. It's never been any higher, not even in 2008.

 

 

Mike

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At 8:48am:


USDA released neutral-to-friendly Weekly Export Sales Thursday. The report shows continued strong demand. For corn, sales were 906,100 metric tons, the trade expected between 850-105,000 metric tons (mt). For soybeans, USDA reported sales of 827,000 metric tons, the trade expected between 700-900,000 (mt). For wheat, the USDA says 597,000mt, the trade expected between 550 to 750,000 (mt).

 

Note: China made up 77% of the soybean sales.


Also:

USDA reported  Thursday that Iraq bought 100,000 metric tons of U.S. wheat. And, an 'unknown' purchased 150,000 mt of U.S. soybeans for 2010-11 delivery.

 

One analyst says this shows strong demand for this time of year. Will the market react to it this morning? What say you?


Mike

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At 6:55am:

It looks like Japan is buying corn from Argentina. Though the U.S. corn is cheaper, Japan is having sorghum shippped along with the corn loads, bringing the price down, according to the Dow Jones newswire.


--North Korea is talking nuclear war this morning.


--Russia is postponing a ban on frozen poultry.


Not sure if any of these news nuggets are market-moving. By the way, from the looks of this grain market, maybe I should stay away longer. You guys did just fine with me absent, don't you think?


Mike

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At 6:35am: Early calls: corn 1-2 lower, soybeans 3-4 cents higher, and wheat 1-2 cents lower. 



Trackers: Overnight grain markets=Trading mostly lower.

Crude Oil=$0.04 higher.

Dollar=Higher.

Wall Street=Seen trading steady, for the final trading session before Christmas. A lot of economic data will be released today. 

World Markets=Asia was lower, Europe stocks mixed.


More in a minute,


Mike

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7 Replies
Veteran Contributor

Re: From the floor December 23

Alway good to have you posting, Marketeye, no matter what direction the markets.  Hope you are getting some R&R and good family time.

No way to slow demand for quite some time.  The majority of this crop was sold pre $4 corn and $10 beans.  Those prices will not ration supplies any time soon.  Endusers made good use of the summer slump and hype over 'huge' crop coming. 

Merry Christmas to all.  I know it is easy to just get caught up in markets and rents and money and I am grateful for the last few years, don't get me wrong.

Faith, Family and Friends...now that is the real gold, thanks to all here who have been good enough to share their insights and journey in ag. 

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Contributor

Re: From the floor December 23

 

     Been a rough week without you  Mike , thank you and merry Christmas

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Frequent Contributor

Re: From the floor December 23

 

Hi and merry xmas

You just can´`t imagine what snow it is over NW Europae....don`t fly to London perhaps you can not go down..

Lot`s of builidings breaks under snow..

EU is now running out of exportsupply in wheat so march and april will be yours...

Keep on telling us whats going on, on the floor  I always read it

cheers

Looking forward to juniorhockey WC Buffalo

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Frequent Contributor

Re: From the floor December 23

Thanks for the posts Mike and Merry Christmas!

 

Aaron

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Senior Contributor

Re: From the floor December 23

aaron4020,

 

Same to you, my man. Merry Christmas! I hope your safe this season, fat with profits and a happy heart.

 

I appreciate your feedback.

 

Mike

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Senior Contributor

Re: From the floor December 23

ohio 74,

 

I hope you have stopped shaking from your withdrawl. Smiley Very Happy

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Senior Contributor

Re: From the floor December 23

jec22,

 

You have it right. With faith, family and friends in focus, the markets will take care of themselves.

 

A truly Merry Christmas to you jec22, great to hear from you.

 

Mike

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