cancel
Showing results for 
Search instead for 
Did you mean: 
Veteran Advisor

Floor Talk, August 1, 2019

At the close:

At the close, the Sep. corn futures close 7 1/4¢ lower at $3.92 3/4. Dec. corn futures finished 7 1/2¢ lower at $4.02 1/2.

Sep. soybean futures settled 16 1/4¢ lower at $8.52 3/4. November soybean futures closed 16 1/4¢ lower at $8.65.

Sep. wheat futures settled 11 1/4¢ lower at $4.75 3/4.

September soymeal futures closed $5.70 per short ton lower at $299.70.

December soy oil futures finished $0.07 lower at 28.16¢ per pound.

In the outside markets, the NYMEX crude oil market is $4.50 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 265 points lower.

 

News: U.S. President Donald Trump announced Thursday that he will impose an additional 10% tariff on $300 billion worth of Chinese goods imported to the U.S., beginning Sept. 1.

Stock market fell 400 points, on the news. Plus, a lot of red spread throughout the ag markets.

 

What say you?

 

Mike

-----------------

At midsession:

 

At midsession, the Sep. corn futures are 4 1/4¢ lower at $3.95 3/4. Dec. corn futures are 5¢ lower at $4.05.

Sep. soybean futures are 6 3/4¢ lower at $8.62 3/4. November soybean futures are 6 1/2¢ lower at $8.75.

Sep. wheat futures are 9 1/4¢ lower at $4.78.



September soymeal futures are $3.50 per short ton lower at $301.90.

 December soy oil futures are $0.21 higher at 28.44¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.79 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 304 points higher.

Mike

--------

In early trading, the Sep. corn futures are 1 1/4¢ higher at $4.01 1/2. Dec. corn futures are 1/2¢ higher at $4.10 1/2.

Sep. soybean futures are 4 1/4¢ lower at $8.64 3/4. November soybean futures are 4 1/4¢ lower at $8.77 1/2.

Sep. wheat futures are 7 1/4¢ lower at $4.80.



September soymeal futures are $1.90 per short ton lower at $303.50.

 December soy oil futures are $0.09 higher at 28.32¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.47 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 13 points lower.

On Thursday, the USDA’s Weekly Export Sales Report shows unfavorable corn, soybean figures.

Corn sales, ending July 25th, totaled 272,700 metric tons, soybean sales totaled 448,600 mt., wheat at 383,100 mt., and soybean meal at 159,000 mt.


Al Kluis, Kluis Advisors, says that the ag markets may soon get a boost from investors looking for an entry point.

“It would not be surprising to see momentum indicators turn higher by early next week. Buyers are looking for a good spot to jump in the grain market. End-users are still nervous about new crop corn. The strong cash corn market continues to support the idea that we could be facing a short crop this fall,” Kluis told customers in a daily note.

Kluis added, “The selling pressure picked up once we saw lower lows than the prior day. Combine that pressure with the piercing of moving average support, and the bears pushed back. Soybean prices went to the lowest levels since June 11 and corn prices to the lowest level since May 24. The stock market was rattled on Wednesday when comments from the Federal Reserve were not quite what the traders were expecting. It will be worth watching how the outside markets perform the rest of the week. Will they will have any influence on the grains.”

 

Mike

0 Kudos
2 Replies
Advisor

Finally

I happen to agree w Al. 

0 Kudos
Veteran Contributor

Re:What were the comments the Fed made that traders weren't expecting?

Did traders get rattled because of global economic weakness due to all trump's "trade wars".

0 Kudos