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Tidbits, Tom Skilling, Brazil Corn, Crude Oil Cuts 2/28/24

Tom Skilling has been a meteorologist on Chicago TV for 45 years. Today is his last day on the job for WGN. When ~4,500 people worked on the trading floor of the CBOT before the days of electronic trading, the hollering and screaming and flashing hand signals for buyers and sellers was an incredible site.

 

But when Tom's mid-day forecasts came on the dozens of TV sets near the trading pits, the sudden silence was one of wonders of the world. One could hear a pin drop as everyone wanted to see and hear Tom’s midday weather forecast. He was known throughout farm country across North America.

 

His forecasts often decidedly moved the market. Roger has been in this business 44 years and has never heard, not one time, anyone ever say Tom Skillings traded his own account or was being paid under the table to move the market, which he easily could have done more so than any human being who has ever lived. Like Matt Dillon and George Washington, his character is way beyond reproach. He will always be a big part of the history of the CBOT.

 

Have a long and healthy retirement, Tom.

 

Highlights


Delivery notices for March futures will be announced late this evening and assigned to the oldest long March futures position tomorrow morning. Expectations are for no KC wheat deliveries, but some deliveries for Chicago and Minneapolis wheat. No estimates for corn, beans, meal, and bean oil. Typically, today would be a down day for prices and tomorrow would be an up day.  

 

In Brazil, the basis for soybeans is posting a notable rebound and farmers in Brazil are increasing soybean sales. In China, the improving crush margins and higher hog prices has prompted resurgence in crushing activities. Yesterday morning, USDA announced the sale of 123,000 mts of old crop soybeans to unknown. The rumor is it was to Mexico, not China, because rising ocean freight rates made US beans cheaper than Brazilian beans for Mexico.   

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