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Veteran Advisor

Floor Talk, August 28, 2019

At the close:

 

At the close, the Sep. corn futures finished 5 3/4¢ higher at $3.62 3/4. Dec. corn futures closed 4 3/4¢ higher at $3.71.

Sep. soybean futures settled 6 1/2¢ higher at $8.52 3/4. Jan. soybean futures closed 6 1/2¢ higher at $8.65 3/4.

Dec. wheat futures ended 1 1/2¢ lower at $4.75 1/4.



December soymeal futures settled $2.70 per short ton higher at $299.70.

 December soy oil futures closed $0.10 higher at 28.45¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.63 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 221 points higher.

 

Mike

 

At midsession:

At midsession, the Sep. corn futures are 1¢ higher at $3.58. Dec. corn futures are 1/2¢ higher at $3.66.

Sep. soybean futures are 2¢ higher at $8.48 1/4. Jan. soybean futures are 2 1/4¢ higher at $8.61 1/2.

Dec. wheat futures are 5¢ lower at $4.71.



December soymeal futures are $1.50 per short ton higher at $298.50.

 December soy oil futures are $0.03 lower at 28.32¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.98 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 188 points higher.

 

Mike

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At 8:50am:

 

In early trading, the Sep. corn futures are 1/2¢ lower at $3.56. Dec. corn futures are 1¢ lower at $3.65 1/4.

Sep. soybean futures are 1¢ lower at $8.45 3/4. Jan. soybean futures are 1¢ lower at $8.58 1/4.

Dec. wheat futures are 6 1/2¢ lower at $4.70 3/4.



December soymeal futures are $1.30 per short ton lower at $295.70.

 December soy oil futures are $0.03 lower at 28.32¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.39 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 22 points lower.


Al Kluis, Kluis Advisors, says that investors are trying to pinpoint the soybean support from Monday.

“There are an estimated 8.7 million acres of soybeans that are setting pods behind the five-year average. Considering we are just a handful of days away from September, one would think the bulls would be able to rally more than one day. Until we see a close over the prior two-day high, the bears remain in control,” Kluis told customers in a daily note.


Kluis added, “Three of the five lowest-rated states for soybean conditions are Indiana, Illinois and Ohio. Another noteworthy tidbit from the Monday afternoon Crop Progress report is that we have eight states that are 20% or more behind the five-year average for corn dented. Given the data so far, the bears may be asking a lot of Mother Nature to finish out the crop.”

 

Mike

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Veteran Advisor

Re: Floor Talk, August 28, 2019

Talking  about  reports  -  how  about  the  trade, ''  digesting  ''  a'hum  -  crude inventory' Z  -  -  -

SW  -  we  need  details  on  this  subject  -  maybe ?   Due  to   the ''  barrel  fall  ''  of  10,000,000  barrels  -  OK - ? 

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