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Veteran Advisor

Floor Talk, August 29, 2019

At 12-Noon:

At midday, the Sep. corn futures are 3/4¢ lower at $3.62. Dec. corn futures are 3/4¢ lower at $3.71 3/4.

Sep. soybean futures are 4¢ higher at $8.57. Nov. soybean futures are 3 1/4¢ higher at $8.69.

Dec. wheat futures are 3/4¢ lower at $4.74.



December soymeal futures are $1.00 per short ton higher at $298.70.

 December soy oil futures are $0.05 higher at 28.50¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.66 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 352 points higher.

 

Mike

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At 8:50am:

In early trading, the Sep. corn futures are 4 1/2¢ higher at $3.67 3/4. Dec. corn futures are 4 3/4¢ higher at $3.75.

Nov. soybean futures are 4 1/4¢ higher at $8.70. Jan. soybean futures are 4 1/4¢ higher at $8.83 3/4.

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



December soymeal futures are $1.60 per short ton higher at $301.30.

 December soy oil futures are $0.17 lower at 28.28¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.17 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 263 points higher.


Al Kluis, Kluis Advisors, says that trade news helped corn move off its low.

“We had a nice pop in corn and soybeans, yesterday, as President Trump said he was going to make some changes to the biofuels program, which should benefit farmers. We don't have details yet, but it helped the corn market rally off the lows and eventually brought along the soybeans. First Notice Day for September futures will be Friday, August 30. That is causing the funds to roll out of their short September corn contracts and into December contracts, making the spreads look good this week,” Kluis told customers in a daily note.


Kluis added, “This rally in corn market is more of a short-covering rally. The upside will be limited. If December corn futures get back up to $3.80, then we will probably see some selling take place.”

 

 

Mike

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Advisor

Re: Floor Talk, August 29, 2019


@marketeye wrote:

At 8:50am:

In early trading, the Sep. corn futures are 4 1/2¢ higher at $3.67 3/4. Dec. corn futures are 4 3/4¢ higher at $3.75.

Nov. soybean futures are 4 1/4¢ higher at $8.70. Jan. soybean futures are 4 1/4¢ higher at $8.83 3/4.

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



December soymeal futures are $1.60 per short ton higher at $301.30.

 December soy oil futures are $0.17 lower at 28.28¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.17 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 263 points higher.


Al Kluis, Kluis Advisors, says that trade news helped corn move off its low.

“We had a nice pop in corn and soybeans, yesterday, as President Trump said he was going to make some changes to the biofuels program, which should benefit farmers. We don't have details yet, but it helped the corn market rally off the lows and eventually brought along the soybeans. First Notice Day for September futures will be Friday, August 30. That is causing the funds to roll out of their short September corn contracts and into December contracts, making the spreads look good this week,” Kluis told customers in a daily note.


Kluis added, “This rally in corn market is more of a short-covering rally. The upside will be limited. If December corn futures get back up to $3.80, then we will probably see some selling take place.”

 

 

Mike

 


 $5 corn is Real World fair crop value Cash. 

Less than that and producers are getting cheated.  MO

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