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Senior Contributor

From the floor January 27

At the close:

The March corn futures settled 7 cents lower at $6.50 3/4. The March soybean contract ended 14 cents higher at $13.99 1/2.  The March wheat futures closed 10 1/4 cents lower at $8.46 1/4. March soybean meal futures settled $3.00 higher per short ton at $377.40. The March soyoil futures settled $0.71 higher at $57.41.


In the outside markets, the NYMEX crude oil is $1.60 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 3 points.

 

One broker offered this up, regarding today's trade:

Soybeans are up with strong CIF values at the gulf and pretty strong export sales.  On the other hand, the weather is getting better in Argentina and production ideas seem to be creeping higher.  Brazil looks to have a great crop, so supplies could become somewhat of a burden soon.  Not today, though, I guess.  Seems to be mostly specs, but commercials, FC Stone I think, selling soybeans straddles.

Corn down on less than expected export sales, I have not heard who is getting the best of whom today, but I think mostly spec selling.  

Wheat down as well despite real good export sales and some not so special weather in the Great Plains.  I think maybe the market is behaving due to Davos and the political pressure there, but I am not real sure.  I see no real reason for Wheat to turn down otherwise other than it has had a nice run already this week and some profit taking is likely after such a run."

 

Mike

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At mid-session:

The March corn futures are 6 cents lower at $6.51 3/4. The March soybean contract is 4 1/2 cents higher at $13.90.  The March wheat futures are 3 1/2 cents lower at $8.53. March soybean meal futures are $0.20 higher per short ton at $374.60. The March soyoil futures are $0.23 higher at $56.93.


In the outside markets, the NYMEX crude oil is $1.26 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 10 points.


One analyst says, "It's all about the weekly export sales demand report today. Wheat exports were good but lower than expected at  894 t.m.t. So, wheat prices remain off a little."
Corn sales were weak at 414 t.m.t., down 54% from the week prior with corn prices falling 6 to 9 cents, he says.
"Soybean exports were bullish at 780 t.m.t., up 7% from the week prior and 36% over the four week average, putting beans up. Capping any strength is lower crude oil, metals and stocks."


Mike

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At the open:

The March corn futures are 3 cents lower at $6.54 3/4. The March soybean contract opened 6 cents lower at $13.79 3/4.  The March wheat futures opened 3 3/4 cents lower at $8.52 1/2. March soybean meal futures opened $2.40 lower per short ton at $372.00. The March soyoil futures opened $0.20 lower.


In the outside markets, the NYMEX crude oil is $0.31 per barrel lower, the dollar is lower, and the Dow Jones Industrials are up 31 points.

 

Mike

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At 7:35am:

USDA Weekly Export Sales:

Weak for corn, friendly for soybeans, and bullish for the wheat market.


USDA estimated corn sales at 547,500 metric tons and the trade expected 600 to 900,000 metric tons (mt). For soybeans, sales were estimated at 940,300 mt and the trade expected between 600 to 800,000 (mt). USDA estimates last week's wheat sales at 1.047 million metric tons while the trade expected between 900-1.20 million metric tons. For soymeal, the USDA says sales were 46,400 mt and the trade expected between 100 to 175,000 (mt). Soyoil sales were recorded at 13,000mt.


Mike


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At 7:10am:


Early calls: Corn up 1-2 cents, soybeans and wheat mixed.


Trackers:

Overnight grain markets=Trading mostly lower.

Crude Oil=$0.27 lower.

Dollar=Lower.

Wall Street=Seen opening flat as the Dow failed to close above th psychological poit of 12,000 yesterday. The Fed Reserve announced the economy's recovery is still slow, that spooked the market.

World Markets=Higher.

 

Note: I really enjoyed my visit with farmers yesterday at the AgCountry Marketing Meeting in Fargo, North Dakota. There were a handful of guys in the crowd that follow Marketeye. Even a 'lurker' showed his face. He admitted he has been 'lurking' for awhile and is thinking about coming out of the shadows soon. Smiley Happy That was good to hear. I'm glad they came over to my seat to say hi. It was my pleasure to be there. OptionEye also presented and dazzled the crowd. Over 200 farmers were in attendance. I thought the farmers' attitudes were upbeat. They clearly understand they are farming in a 'big business' environment. To be honest, some of the farmers I talked to felt overwhelmed with having to track so many outside influences on their crop prices. Developing a risk management plan around multiple economic indicators is making the farmer look like a CEO of a financial institution. Many are realizing (and some not liking it) that this profession is not about just nuts, bolts, and seedbags anymore. Anyway, great meeting and good to see you guys in Fargo....you know who you are.

 


More in a minute,


Mike

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4 Replies
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Contributor

Re: From the floor January 27

are those numbers 547 corn and 940 beans both old and new crop sales?

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Veteran Contributor

Re: From the floor January 27

JD you can pick up the complete report each week at this link with all the details

http://www.fas.usda.gov/export-sales/esrd1.html

 

In answer to your question Mike's report includes both the 11 and 12 marketing years.

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Senior Contributor

Re: From the floor January 27

Thanks SouthWest Ohio. Yes, the corn numbers were not that impressive this morning. Everyone is waiting for the 'other shoe to drop'...China corn imports. What do you think? Will they buy in February?

 

Mike

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Frequent Contributor

Re: From the floor January 27

Hi Marketeye.  Its the lurker here, lol.  Finally decided to sign in.  The meeting in Fargo was very good!  Thanks for showing up and thanks for providing a view to what the trade is feeling/thinking on a daily basis.  Some guys bust your chops on here but forget that your just reporting what the vibe is from the "expert" traders.  I think its good stuff and enjoy it.  Im sure there are many others here who "Lurk" around.  Maybee I will post my views from the northern rrv.  Smiley Surprised

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