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marketeye
Veteran Advisor

From the floor March 23

At the close:

The May corn futures settled 5 3/4 cents lower at $6.81. The May soybean contract closed 14 1/4 cents lower at $13.51 1/4.  The May wheat futures ended 8 cents lower at $7.14 1/4. The May soybean meal futures settled $6.40 per short ton lower at $360.00. The May soyoil futures settled $0.38 lower at $55.48.


In the outside markets, the NYMEX crude oil is $0.62 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 79 points.

 

Mike

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At mid-session:

The May corn futures are 7 3/4 cents lower at $6.79. The May soybean contract is 6 1/2 cents lower at $13.59.  The May wheat futures are 10 1/4 cents lower at $7.12. The May soybean meal futures are $0.26 per short ton lowwer at $366.38. The May soyoil futures are $0.36 lower at $55.50.


In the outside markets, the NYMEX crude oil is $0.61 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 8 points.

 

Traders are disappointed that no confirmation has been made on China's purchases of U.S. corn. As a result, there is no new news to trade.

 

One trader says, "As far as China corn buys, I learned something recently... If the sales are contracted on an FOB  (free on board) basis they are not required to be reported, until the shipping vessel has been assigned. I really can't give you any more details on this type of contract. But, that might explain the lack of info or confusion, regarding these alleged sales."

 

The trader adds, "The market is essentially waiting for the report. Also, a risk premium for a wet spring planting season is in play, as well as ethanol usage. Tomorrow's weekly exports will have an affect and of course the dollar. Japan seems to be on the back-burner for now. Most analysts feel the Japan situation has a negative short term impact, positive longer term."

 


Mike

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At the open:

The May corn futures opened 2 cents lower at $6.84 1/4. The May soybean contract opened 1 1/4 cents lower at $13.64.  The May wheat futures opened 4 1/2 cents higher at $7.27. The May soybean meal futures opened $0.40 per short ton lowwer at $366.00. The May soyoil futures opened $0.14 lower at $55.73.


In the outside markets, the NYMEX crude oil is $0.60 per barrel higher, the dollar is higher, and the Dow Jones Industrials are down 19 points.

 

Mike

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At 8:30am:

USDA announced Wednesday private exporters reported export sales of 105,000 metric tons of soybeans to unknown destinations during the 2011/2012 marketing year.

 

Mike

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At 7:05am:

Early calls: Corn 1-2 cents higher, soybeans 2-3 cents higher and wheat 3-4 cents higher.


Trackers:

Overnight grain, soybean markets=Trading higher.

Crude Oil=$0.21 higher.

Dollar=Higher.

Wall Street=Seen flat with housing data on tap. higher as Japan's nuclear crisis continues to raise concern.

World Markets=Higher.



More in a minute,


Mike

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7 Replies
p-oed Farmer
Senior Contributor

Re: From the floor March 23

Rumors....... How can the Chinese get so many people fired up about buying corn and nobody knows anything about it?...... They sure seem to be good at flying under the radar......... p-oed

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ohio474
Contributor

Re: From the floor March 23

 

    

        Sad day in the  Great  old  U.S. A.     Seams china's  the BOSS! , and we work  them   Sad day indead.         Stan

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muddymiller
Frequent Contributor

Re: From the floor March 23

Sad day in the Great old U.S. A. Seams china's the BOSS! , and we work them Sad day indead. Stan I don't feel I'm working for China. I'm selling beans and maybe corn and ddgs to China and they are paying dearly for it. I've got them right where I want them!
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ohio474
Contributor

Re: From the floor March 23

 

 

    I doin't work for them eather,   But it sure looks like the markets do.  Seams like non of the other customers needs matter. 

 

  ????????????????      I now , its raining and going to snow tomorrow, and iam getting antsy.   Warm and dry will get here some day ,  I hope!!!!             Stan

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rayjenkins
Veteran Advisor

Re: From the floor March 23

I tried to find New Hampshire corn acreage.....doesn't even show up on most USDA queries.....but I did see an estimate of a whopping 15,000 acres in 2010.........guess they don't have to worry too much about the corn lobby!

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vrbuck
Advisor

Re: From the floor March 23

Or po-ed their arent buying corn cause the price is at 6 or 7 and someone started the old pump and dump to unload their long position.  6 or 7 dollar corn rations demand, i don't know anyone fired up to buy 6 or 7 dollar corn.

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SouthWestOhio
Senior Contributor

Re: From the floor March 23

Ray, the only corn I recall seeing when I lived in NH was sweet corn.

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