Re: From the floor December 28
I noticed that Nov. '11 soy futures actually dropped 6 cents today. Maybe somebody is watching us. I didn't see any change in the Argentina weather did you?
Re: From the floor December 28
The March corn futures are 7 cents higher at $6.22 1/4. The Jan. soybean contract is 6 1/4 cents higher at $13.79 1/4. The March wheat futures are 16 cents higher at $7.96 1/4. The March soybean meal futures are $1.60 higher per short ton at $371.90. The March soyoil futures are $0.03 at $57.78.
In the outside markets, the NYMEX crude oil is $0.23 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 6 points.
One trader says, "Well, weather in Argentina is part of the rally. We did some biz in wheat with Egypt and we have Iraq and Turkey with new tenders. So, we have a chance to do more, plus problems in China being talked about for wheat. Farm selling seems shut off after some sales to pay the bills over the last few days. Basis in the country is steady to weak. Ukraine and India extending export and stocks quotas, although india was for sugar. So, not anything big to push this puppy higher, but nothing real negative out there at all when you are in a tight stocks scenario. Pretty impressive day so far."
At the open:
The March corn futures opened 3 1/2 cents higher at $6.18 1/4. The Jan. soybean contract opened 9 1/2 cents higher at $13.82 1/2. The March wheat futures are 9 3/4 cents higher at $7.90. The Jan. soybean meal futures opened $3.10 higher per short ton at $369.50. The Jan. soyoil futures opened steady at $57.75.
In the outside markets, the NYMEX crude oil is $0.07 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 3 points.
USDA announced Tuesday that Egypt bought 180,000 metric tons of U.S. and Argentine wheat.
Just had a farmer call and say that he is able to sell 2011 soybeans, for November delivery, at $12.47. He's asking if he should pull the trigger on a portion of his crop. I said, I'm not an advisor but from the looks of the Argentine weather, I like the chances of this market rallying this week. Actually, what I told him was that I would put the question to the smart risk managers that I visit with on this forum everyday. So, how about a short poll, should he sell a portion of that crop or wait?
Correction: I mentioned last week that all trading sessions will hold normal hours this week. That is not exactly right. On Friday, the CME Group grain markets close at 12-Noon.
Tuesday morning's corn/soybean weather forecasts, for Argentina, call for above normal temperatures and below normal precipitation. Hot and dry is the theme for that South American country. The market used that weather mantra as fuel for a sharp rally in the soybean market. There seems to be no change in plans for today's session.
Early calls: Corn 1-2 higher, soybeans 5-7 cents higher, and wheat 6-8 cents higher.
Overnight grain markets=Trading higher.
Crude Oil=$0.34 higher.
Wall Street=Seen opening slightly higher.
World Markets=Mixed, with Asia/Pacific lower and Europe stocks higher.
More in a minute,
I 've sold 50 % of my 2010 corn recently for Jan. 2011 delivery, and plan on selling another 25% in the next week or two. I tried for a home run a couple of years ago when Faust said anybody is crazy to sell under $8.00 bu. Well, I waited and sold at $5 to $6.00 bu. so I'm don't want to make that mistake again. I also plan on selling about 25 % my 2011 corn and soybeans in the next couple of weeks. I'm happy with hitting doubles and triples.