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Veteran Advisor

Floor Talk, April 20, 2020

At midsession:

At midsession, the May corn futures are 8¢ lower at $3.14. July corn futures are 7 1/4¢ lower at $3.22.

May soybean futures are 4¢ lower at $8.28 3/4. July soybean futures are 4 1/2¢ lower at $8.38.

July wheat futures are 17 3/4¢ higher at $5.51 1/2.

July soymeal futures are $1.40 per short ton lower at $291.40.

July soy oil futures are $0.22 cents lower at 26.45¢ per pound.



In the outside markets, the NYMEX crude oil market is $9.47 per barrel lower at $8.80, the U.S. dollar is lower, and the Dow Jones Industrials are 202 points lower.

Mike

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At 8:45am:

In early trading, the May corn futures are 4¢ lower at $3.18 1/4. July corn futures are 3¢ higher at $3.25 1/4.

May soybean futures are 4 1/4¢ lower at $8.28 3/4. July soybean futures are 4 1/2¢ lower at $8.37 1/4.

July wheat futures are 17 3/4¢ higher at $5.51 1/2.


July soymeal futures are $0.30 per short ton higher at $293.40.

July soy oil futures are $0.38 cents lower at 26.29¢ per pound.



In the outside markets, the NYMEX crude oil market is $6.89 per barrel lower at $11.01, the U.S. dollar is higher, and the Dow Jones Industrials are 495 points lower.

Al Kluis, Kluis Advisors, says that the corn market may be putting in a low.

"The corn market may be putting in a low. It's bearish out there. We know corn being used for ethanol is an ongoing problem, and we know crude oil is at the lowest price this morning since 1988. However, the corn market was able to close higher on Thursday and Friday. The corn market is oversold on the daily and weekly chart, and the bull spreads have started to work. Now a close above the two-day high at $3.25 ½ will signal a possible change of trend in the corn market," Kluis told customers in a daily note.

Kluis added, "Two major reports come out this week. First, the USDA Crop Progress report this afternoon. We expect US corn planting to be reported at 8% complete, about 4 points behind normal. The second big report will be the Energy Information Agency report on Wednesday that will show gasoline demand starting to increase."

Mike

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4 Replies
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Advisor

Re: Floor Talk, April 20, 2020

Here we go again them telling us corn is putting in new lows.  Just expect it to continue going down fellas.  So far it’s only April and corn has posted 35 new lows.  Oil is 11$ a barrel at time of this post and they’re crying it’s comparable to 88’.  Hello so is corn being this is a AG  site your priorities seem to be misplaced. America has been making electric vehicles for 20 years or so.  Oil is the new coal get with the times people. Energy and electricity are next in line so prepare yourselves accordingly.  Solar and wind pays you to generate your own.   On a side note, mike why has the grain market not had any kind of recovery and rebound while the indices continue to press on as nothing has happened?  Farmers were awarded a percentage of the loss created by the trade war with China. I believe 25 billion over 3 years with losses in market valuation totaling 100s of billions.  Airlines and hotels get 500 billion for a loss of around 200billion in 3 months?.

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Senior Advisor

Re: Floor Talk, April 20, 2020

I'm sure the Tea Party will be out in force to protest those bailouts any day now.

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Senior Advisor

Re: Floor Talk, April 20, 2020

I don't have a lot of faith that front month corn will hold that 3.15ish shelf of support forever, but given seasonality I'll wait for a solid break before selling it.

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Veteran Contributor

Re: Floor Talk, April 20, 2020

Maybe some of these idiot trader's will give up their salary to help the farmer's since we give up ours for everyone else including them.

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