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

Floor Talk, August 26, 2019

At the close:

At the close, the Sep. corn futures finished 1 1/4¢ lower at $3.58 3/4. Dec. corn futures ended 1/2¢ higher at $3.68 1/4.

Sep. soybean futures settled 10 1/2¢ higher at $8.53 3/4. Jan. soybean futures closed 10 1/2¢ higher at $8.67.

Dec. wheat futures closed 2 1/2¢ lower at $4.75.



December soymeal futures settled $3.20 per short ton higher at $298.60.

 December soy oil futures finished $0.01 lower at 28.69¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.41 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 183 points higher.

Mike

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

At midsession:

At midsession, the Sep. corn futures are 1 1/4¢ lower at $3.58 3/4. Dec. corn futures are 1/4¢ higher at $3.68.

Sep. soybean futures are 11 3/4¢ higher at $8.55. Jan. soybean futures are 11 1/2¢ higher at $8.68.

Dec. wheat futures are 1 1/4¢ lower at $4.76.



December soymeal futures are $3.00 per short ton higher at $298.40.

 December soy oil futures are $0.09 higher at 28.79¢ per pound.



In the outside markets, the NYMEX crude oil market is even, the U.S. dollar is higher, and the Dow Jones Industrials are 193 points higher.

Dustin Johnson, AgYield senior strategist, says that today’s higher markets reflect an oversold market.

“Soybeans were down sharply on Friday from trade war escalation, we think that may have been overdone as the chances of China coming back to the table anytime soon should have been highly discounted prior to Friday,” Johnson says.

Johnson adds, “On another note, the crop tour showed fairly massive pod count reductions which could translate to a much larger yield loss than the August WASDE suggested. The market may be trading the cool weather and chances for yields to fall dramatically.”

 

Mike

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

At 8:46am:

In early trading, the Sep. corn futures are 1 1/2¢ higher at $3.61 3/4. Dec. corn futures are 2 1/4¢ higher at $3.70.

Sep. soybean futures are 8 3/4¢ higher at $8.52. Jan. soybean futures are 8 1/2¢ higher at $8.65.

Dec. wheat futures are 1 1/4¢ higher at $4.79.



December soymeal futures are $1.20 per short ton higher at $296.60.

 December soy oil futures are $0.17 higher at 28.87¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.83 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 235 points higher.

Al Kluis, Kluis Advisors, says that investors are watching weather and outside money.

“After the U.S. and China traded some jabs in the ongoing trade war late last week, we got some positive news. The U.S. and Japan have come to an agreement on a new trade policy. Much of this was expected, but it will still be viewed as friendly going forward,” Kluis told customers in a daily note.

Mike

0 Kudos
2 Replies
Contributor

Re: Floor Talk, August 26, 2019

And now corn is down how fn stupid.

0 Kudos
Senior Contributor

Re: Floor Talk, August 26, 2019

Profit takers, must have been another long weekend.  They get theirs regardless of everyone else.  Just reading   Beijing says trade talks completely exaggerated not happening.  Notice how Wall Street is just popping some quick cash on the speculation again.  60+ days of a tweet controlled trade war at least.  Quick cash and al little publicity.  Then reality.

0 Kudos