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Senior Contributor

From the floor December 30

At the close:

The March corn futures settled 8 cents lower at $6.16. The March soybean contract settled 1 cent lower at $13.76. The March wheat futures closed 14 1/2 cents lower at $7.84 3/4. The March soybean meal futures ended $0.30 lower per short ton at $369.20. The March soyoil futures settled $0.33 higher at $57.31.

 

Mike

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At mid-session:

The March corn futures are 8 1/4 cents lower at $6.15 1/4. The March soybean contract is 1 1/4 cents lower at $13.75 3/4. The March wheat futures are 18 1/4 cents lower at $7.81. The March soybean meal futures are $0.40 lower per short ton at $369.10. The March soyoil futures are steady at $56.98.


In the outside markets, the NYMEX crude oil is $1.99 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 35 points.

 

Looks like more profit-taking is trumping the crop-weather threat in Argentina.

 

One analyst says, "There is talk of rain next week in Argentina by mid-week. That will keep traders from buying into the weekend. Today's Weekly Export Sales Report showed a drop in exports last week for all grains. With the month and year-ending Friday, that leaves only sellers today, after Tuesday saw new highs for the year on the grains."


Mike

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At the open:

The March corn futures opened 2 31/4 cents lower at $6.21 1/4. The March soybean contract opened 1 cent lower at $13.76. The March wheat futures are 6 3/4 cents lower at $7.92 1/2. The March soybean meal futures opened slightly lower. The March soyoil futures opened steady.


In the outside markets, the NYMEX crude oil is $0.98 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 16 points.

 

Mike

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At 7:55am:

USDA releases slightly friendly Weekly Export Sales numbers Thursday.

 

For corn, this week's sales came in at 756,000 metric tons, while the trade expected between 750,000-1.0 million metric tons. USDA says the soybean sales were estimated at 948,200 metric tons, within the trade expectations of 900-1.05 million metric tons. For wheat, USDA reports weekly sales of 438,500 metric tons vs. the trade's expectations of 450-650,000 metric tons. Soymeal export sales were marked at 219,600 metric tons, within the trade's expectations of 175-225,000 metric tons. Soyoil export sales were 3,100 metric tons.

 

Mike

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At 7:15am

There are some interesting Dow Jones Newswire news nuggets this morning, a lot of them China-related:

 

--China is pushing to gain self-sufficiency in veg. oils, cotton, and sugar. (Neutral-to-Bearish)

--China sees corn demand increasing in 2011,due to higher feedmill use. This could mean buying more corn from the U.S. (Bullish)

--China's anti-dumping case against U.S. dried distiller grains is seen as retaliation against the U.S. proposal that China end its wind power subsidies. (Bearish)

--Russia's 2010 grain harvest is estimated at 60.9 mmt, 37% lower than last year. (Bullish)

--Argentina's soybean weather is expected to remain hot/dry for the next 7 days. (Bullish)

 

Note: The parenthesis include my take on how the market could read these items. What would you put in those parenthesis?

 

Mike

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At 6:45am:


Early calls: Corn 1-2 lower, soybeans 1-2 cents higher, and wheat 7-9 cents lower.


Trackers:

Overnight grain markets=Trading mostly lower.

Crude Oil=$0.14 lower.

Dollar=Lower.

Wall Street=Seen opening lower as investors await manufacturing and employment data. Jobless claims are expected to drop, in today's report. One trader says when jobless claims hit 400,000, it will start to help the unemployment rate to come down.

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

 

Note: I'm surprised more of you didn't comment on the Women in Marketing discussion yesterday! Hmmm...

 

 

More in a minute,

 

Mike


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13 Replies
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Senior Advisor

Re: From the floor December 30

At the risk of inflaming some folks, I will merely say this. Including the mrs. in business decisions can result in her assuming CEO status. I was a hired hand at an early age and have no notion of returning to that status.

 

I don't mind giving them a little authority as long as they don't demand all of it.

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Senior Contributor

Re: From the floor December 30

kraft-t,

 

By starting this, I was hoping to get folks to share how they handle the marketing decisions together. It's not really about if the women or men are better. Instead, as we move into an era where the markets are very complicated to follow, perhaps there are methods that farming couples are using to 'divide and conquer' the marketing chores. It does no good to go back-and-forth about whom is better. Rather, let's all help each other move forward. See you on a higher close, as one longtime floor trader says.

 

Thanks,

 

Mike

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Senior Contributor

Re: From the floor December 30

I no longer have that problem.  The CEO of my business is me and me only. Much easier to always make the right decisions that way, without hearing the crabbing and beetching about what I did wrong, or questioning why I did what I did.. BTW, still holding all '10 corn and beans, nothing priced. Totally NAKED. Lots of music left in the juke box.to be played yet, and I want to hear every tune..

The old timers that have been married for many years always tell you to keep em barefoot and pregnant and in the house, that is the way they are happiest. Keep em out of the business!

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Senior Contributor

Re: From the floor December 30

Some women like being involved in the marketing some do not...... Any good business (Or marriage for that matter) works with the strengths of each of the partners and tries to maximize them......FWIW..... p-oed

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Veteran Advisor

Re: Women in marketing

I really think it depends on the person or more accurately the personality.

My wife always worked at another job until she took early retirement 15 years ago so she had her own 'dragons to slay' and never was involved in marketing.

She always had input on buying land and larger machinery purchases and is joint owner of farming assets but never involved in marketing.

My personal opinion is she would be too emotional about marketing grains as I was for many years. Used to 'beat myself up' if I did not hit the top of the market so as you can understand I had a lot of emotional bruises.

I know of one farm family that divide the crop and each markets 1/2, not sure if that leads to family "discussions" or not.

Know of a couple who run a farming operation and grain storage, sales marketing endeavor too. He always does the buying and talking to the customer but since I have dealt with them off and on for a number of years I have the feeling she could do all he does and maybe is the one who really makes a lot of decisions in the background. Very capable lady but never puts herself in front of her husband.

So I come to the conclusion that there are all sorts of possibilities out there but they have to suit each person and each couple. What works for one will not work for the next.

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Frequent Visitor

Re: Women in marketing

In our operation I make the marketing decisions with my partners.  My wife is a community banker and provides very good advice and perspective on "big" picture items such as, rates, land values and trends.  She doesnt offer me marketing advice, just like I dont offer her advice in matching up funds to meet loan demand.  Some of the best conversations we have are discussing "what ifs" and every night I am thankful that I married a penny pinching banker instead of a women who thinks our line of credit is her personal shopping account (happened to her uncle).

 

 

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Senior Advisor

Re: From the floor December 30

Mike.  My wife makes all the business decisions. I get to make all the really important decisions. Like whether we let China into the UN or give them special trading status. I haven't decided what to do about Iran yet.

 

I hope you can see a little humor in that.

 

The little woman and I have been together 51 years or 63 years if you include the years we were class mates. In earlier years I was more assertive but lately we are mostly partners in progress with few disagreements.

 

She supported my recent sale of 2010 and 2011 crop production. See it's possible for her to be wrong to. Anyway we just did the math on previous inventory and expected production and decided to make the big sale. That is over a buck ago on beans and a bit of change on the corn. Somehow I think we will survive.

 

BE good to your wives guys. One  day she will be the one loading your wheel chair in the car.

 

 

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Senior Contributor

Re: Women in marketing

It almost seems like the wife, in these cases, provides that element needed for a 'balancing act'. Some may call it a sounding board. Do you think people would be talking to a wall or themselves, without that ability to bounce ideas off of someone? Just to be able to bounce a possible marketing decision off of someone that you can trust can go along way. This is what I'm interpreting the posts on this thread saying.

Canuck_2, great comments. Thanks for your contributions. Like I say, I just hope folks can pull some marketing 'thought-starters' from this discussion. I agree, what works for some, may not be the zenith for others.

 

Mike

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Senior Contributor

Re: From the floor December 30

kraft-t,

 

Unless your real name is Derek Jeter, Mark McGwire, Sammy Sosa, or Hank Aarron, I think you made the right decision a buck ago. Nothing wrong with hitting those doubles and triples. Good advice on the wife-thing too. Maybe you should consider taking over for Dr. Phil. I can see it now, Dr. Kraft-t.

 

Smiley Happy

 

Mike

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