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Senior Contributor

From the floor January 24

At the close:

The March corn futures settled 2 cents lower at $6.55 1/4. The March soybean contract closed 7 3/4 cents lower at $14.04 1/2.  The March wheat futures settled 10 3/4 cents higher at $8.35 1/4. March soybean meal futures closed $0.60 higher per short ton at $380.20. The March soyoil futures ended $0.38 lower at $57.18.


In the outside markets, the NYMEX crude oil is $1.24 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 89 points.

 

On a separate note, I just talked with a Brazilian farmer. He says the crops are looking good in his area of Bahia. On corn, he expects an average yield of 150 bushels per acre. I converted from hectares. His corn is finished pollinating already. For soybeans, he sees a 50-plus bushel per acre average. Harvesting of soybeans won't happen until March. Rust is not a problem in his area.

 

Mike

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At 1:15pm:

You are farming in extraordinary times!

--Cotton hit 140-year highs today. It traded at $1.61 per pound, with heavy speculative trading.

--Wheat hit 29-month highs, in KC and Minneapolis

--Corn hit 30-month highs recently.

 

Mike

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At 12:20pm:

The markets remain weak.

One analyst says, "Lower crude oil and stronger dollar has corn under light pressure. Energies weigh on corn-based ethanol and the dollar makes it more expensive to buy grains. Beans are lower following the weather from Argentina, with rains coming in mid-week helping the beans in the pod-setting stage. Wheat has held gains well on thinking the demand will continue to strengthen, as well as follow-thru from Friday taking out the strong 8.10 resistance on the charts."

 

Mike

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At mid-session:

The March corn futures are 5 1/2 cents lower at $6.51 3/4. The March soybean contract is 7 1/2 cent s lower at $14.04 3/4.  The March wheat futures are 1 3/4 cents higher at $8.26 1/4. May soybean meal futures are $0.10 higher per short ton at $379.70. The March soyoil futures are $0.31 lower at $57.25.


In the outside markets, the NYMEX crude oil is $1.47 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 94 points.


One analyst says, "Weather in South America is bearish, wetter weather in Argentina, 80% chance of rain in the next 5 days with 1/2 to 2 inches of coverage. Can still help the beans. Setbacks will be bought though in our view."


Mike

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At the open:

The March corn futures are 1 1/4 cents lower at $6.55. The March soybean contract opened 1/4 of a cent higher at $14.12 1/4.  The March wheat futures opened 7 1/2 cents higher at $8.32. May soybean meal futures opened $0.30 higher per short ton at $379.90. The March soyoil futures opened $0.33 higher at $57.88.


In the outside markets, the NYMEX crude oil is $1.48 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 47 points.

 

Mike

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At 8am:

USDA announced Monday: Private exporters reported to the USDA export sales of 114,000 metric tons of soybeans for delivery to China during the 2010/2011 marketing year.

 

Mike

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At 7am:


Early calls: Corn up 2-4 cents, soybeans up 5-7 cents, and wheat up 8-10.


Trackers:

Overnight grain markets=Trading higher.

Crude Oil=$0.54 lower.

Dollar=Higher.

Wall Street=Seen opening steady ahead of another round of corporate earnings reports Monday. This morning, McDonald's reported higher fourth quarter earnings. The fast-food company said 62-million people a day eat at their restaurants around the world. And the fourth quarter showed that number to go even higher.

World Markets=Lower.

 


More in a minute,


Mike

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9 Replies
Contributor

Re: From the floor January 24

 

 

              Good morning Mike.      Just heard on agday tv show about china buying another 2m mertic ton of soybeans for 2011 delevery.  They said that this is ABOVE  the 2 million they bought friday.  

  

              Any talk about this    fact or rumor.   IF true might be time to send some corn seed back  for bean seed 

                    

                                                                                             As always thanks for you work

                                                                           

                                                                                                                                                              Stan

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Senior Contributor

Re: From the floor January 24

One trader says that is not yet being talked about. However, he says, "It could be true. The market is showing some strength for  both cash and futures."

 

Mike

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Highlighted
Senior Contributor

Re: From the floor January 24

ohio474,

 

China bought another 114,000 mt of U.S. soybeans Monday, according to the USDA. So, they have really swooped in and bought a lot in the past few days. Good catch, thanks.

 

Mike


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Contributor

Re: From the floor January 24

 

    Thanks  Mike   will be watching the open ..        Stan

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Senior Contributor

Re: From the floor January 24

 

      Could we be looking at temporary high"s in the bean mkt with good rains in Argentina on Teus. night ???

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Contributor

Re: From the floor January 24

marketeye,china is eating all the soybeans,dryer than a popcorn fart in Argentina,corn crop in Argentina is history and we are down hard today.You better feed the bull or your bulls will be steers soon. 

 

 

http://finance.yahoo.com/

 

 

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Frequent Contributor

Re: From the floor January 24

Thanks for the commentary & trend confirmation, oh Great & Powerful Contrarian Indicator of the North!

 

Have they swept up all that corn off the streets yet?

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Senior Contributor

Re: From the floor January 24

Don't let the bears lead you into a forest trap. Don't forget about 'Turnaround Tuesday'.

 

Acually, I'm surprised we're lower today too. Profit-taking is the buzz word.

 

Mike

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Contributor

Re: From the floor January 24

 

   That sure makes sense.   sell on the way down,    take a profit ,  then buy again and ride it on the next leg up.

 

  Isn't that how it works?      Thanks   Stan

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