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Senior Contributor

From the floor January 7

UPDATE:

A new report is in from South America! Here is the latest on the Argentine drought.

 

Here is the link from Crop Talk:  Argentina is Burning

 

Well, not exactly. But, more rain is much-needed.

Mike

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At the close:

The March corn futures settled 7 cents lower at $5.95. The March soybean contract settled 13 cents lower at $13.65. The March wheat futures closed 15 cents lower at $7.74. The March soybean meal futures ended $6.50 lower per short ton at $362.70. The March soyoil futures closed $0.59 lower at $56.82.


In the outside markets, the NYMEX crude oil is $0.23 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 38 points.

 

Mike

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At mid-session:

The March corn futures are 5 cents lower at $5.97. The March soybean contract 13 cents lower at $13.65. The March wheat futures are 10 cents lower at $7.79. The March soybean meal futures are $4.80 lower per short ton at $364.30. The March soyoil futures $0.57 lower at $56.84.


In the outside markets, the NYMEX crude oil is $0.38 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 43 points.

 

Rain in Argentina lightens pressure on that crop, keeps pressure on grains. One analyst says, "Two issues control the grain trading between now and next Wednesday. Weather in Argentina's corn fields and the Wednesday USDA crop report. We come in Monday and price in the weather first thing. Wet were down, dry were up. Regardless of the weather's effect on prices Monday we will see an overriding affect on the perception of what Wednesday's big crop report will say. Current thinking is the market  fears a bullish report with lower corn and being production and lower ending stocks. Of course a bullish report could easily take corn and beans to new contract highs."


Mike

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At 10am:

Private exporters reported to the USDA optional origin sales of 180,000 metric tons of soybeans for delivery to China during the 2010/2011 marketing year. An optional origin contract provides that the origin of the commodity may be the U.S. or one or more other countries, according to a USDA press release Friday.

 

Mike

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At the open:

The March corn futures are 2 cents lower at $6.00 1/4. The March soybean contract opened 5 1/4 cents lower at $13.72 1/4. The March wheat futures opened 5 1/2 cents lower at $7.83 1/4. The March soybean meal futures opened $1.90 lower per short ton at $367.20. The March soyoil futures opened $0.34 lower at $57.07.


In the outside markets, the NYMEX crude oil is $0.78 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 12 points.

 

Mike

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At 7:45am:

The non-farm payroll report shows more Americans found jobs in December  vs. November. But, the 103,000 figure was much lower than analysts expected. So, down goes the Dow.

 

On a separate matter, the market was concerned when Russia had a drought that shortened its wheat crop, and Australia's flooding hurting harvest. But, now China is reporting a persisting drought impacting its wheat crop. I should know, but will the market be concerned about a drought striking a China wheat-growing season?

 

Sidenote: Australia public and private funding, to the tune of $315 million, has been put towards improving that country's grain rail network. So, while they are flooding in Australia, they have their eyes on upgrading their grain shipping infrastructure, according to a Dow Jones Newswire story this morning.

 

Mike

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At 6:30am:


Early calls: Corn 1-2 cents lower, soybeans 4-6 cents lower, and wheat 4-6 cents lower.


Trackers:

Overnight grain markets=Trading lower.

Crude Oil=$0.69 higher.

Dollar=Higher.

Wall Street=Seen opening steady ahead of the much anticipated non-farm payroll data. The report is expected to show more jobs have been created. 

World Markets=Lower.

 

More in a minute,

 

Mike

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4 Replies
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Contributor

Re: From the floor January 7

Marketeye,  Where does the chart you posted yesterday come from?  I've been looking for that kind of format and grid.  Thanks for your posts.

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Senior Contributor

Re: From the floor January 7

Rich,

Good to hear from you. The chart comes to me via a market analyst. I will do some digging to find out the format and style type.

 

Mike

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Senior Contributor

Re: From the floor January 7

Rich in Mo,

 

That chart is a CRB chart, commodity research bureau.

 

Mike

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Re: From the floor January 7

Thanks Mike.

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