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marketeye
Veteran Advisor

Floor Talk, August 23, 2019

At 3pm:

The Friday CFTC Report shows that the funds are now net short the corn market.

 

Mike

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At the close:

At the close, the Sep. corn futures closed 3 1/2¢ lower at $3.59 3/4. Dec. corn futures closed 3 1/4¢ lower at $3.67 3/4.

Sep. soybean futures ended 12 3/4¢ lower at $8.43 1/4. Jan. soybean futures settled 12 1/4¢ lower at $8.56 1/2.

Dec. wheat futures are 6¢ higher at $4.77 3/4.

December soymeal futures closed $3.90 per short ton lower at $295.40. December soy oil futures settled $0.20 lower at 28.70¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.25 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 510 points lower.

On Friday, China announced additional tariffs on U.S. soybean, beef and pork imports. U.S. President replied by tweeting on the social network Twitter ordering U.S. companies to find an alternative to operating in China.

 

Mike

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At midsession:

At midsession, the Sep. corn futures are 3¢ lower at $3.60 3/4. Dec. corn futures are 3 1/4¢ lower at $3.67 3/4.

Sep. soybean futures are 10 1/2¢ lower at $8.45 1/2. Jan. soybean futures are 10 1/4¢ lower at $8.58 1/2.

Dec. wheat futures are 2¢ higher at $4.73 3/4.



December soymeal futures are $3.00 per short ton lower at $296.30.

 December soy oil futures are $0.21 lower at 28.69¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.70 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 463 points lower.

Jack Scoville, PRICE Futures Group, says that it’s a double whammy for the markets today.

“China tariffs on the one side and fears that the crop tour’s final estimate might show a potentially big crop out there, despite the weather this afternoon on the other. Business is dead quiet, otherwise. Farmers are not doing much and buyers are quiet, so it looks like mostly spec,” Scoville says.

 

Mike

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At 9:26am:

 

In early trading, the Sep. corn futures are 5 1/2¢ lower at $3.57 3/4. Dec. corn futures are 5 1/4¢ lower at $3.65 3/4.

Sep. soybean futures are 5 3/4¢ lower at $8.50 1/2. Jan. soybean futures are 6 1/4¢ lower at $8.62 1/2.

Dec. wheat futures are 3 3/4¢ lower at $4.68.



December soymeal futures are $1.40 per short ton lower at $297.90.

 December soy oil futures are $0.15 lower at 28.75¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.48 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 52 points lower.

Al Kluis, Kluis Advisors, says that investors keep watching upward movements fade.

“Any sort of rally in corn or soybeans continues to be hard to hold. Corn did get some support as President Trump expects to meet with the EPA over the waivers granted to some of the refineries. Weather still looks to be a non-event and the crop continues to progress towards maturity,” Kluis told customers in a daily note.


Kluis added, “The Commitments of Traders report will be out at 2:30 pm CST today. Will the funds finally be short corn? Many analysts are predicting that the funds now hold a short position in corn.”

 

Mike

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1 Reply
cborman11
Senior Contributor

Re: Floor Talk, August 23, 2019

Won't be many farmers left with this BS