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Veteran Advisor

Floor Talk, August 5, 2019

At the close:

At the close, the Sep. corn futures finished 5 3/4¢ higher at $4.05 1/4. Dec. corn futures closed 5 1/4¢ higher at $4.14 3/4.

Sep. soybean futures finished 1/4¢ higher at $8.56 1/2. November soybean futures are 1/4¢ higher at $8.68 3/4.

Sep. wheat futures are 3 1/4¢ higher at $4.94 3/4.



September soymeal futures closed $2.90 per short ton higher at $3021.30.

 December soy oil futures finished $0.45 lower at 28.26¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.97 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 831 points lower.

 

Mike

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

At 11:11am:

 

At midsession, the Sep. corn futures are 4¢ higher at $4.03. Dec. corn futures are 3 1/4¢ higher at $4.12.

Sep. soybean futures are 3/4¢ higher at $8.56 1/2. November soybean futures are 1¢ higher at $8.69 1/4.

Sep. wheat futures are 2¢ lower at $4.88 3/4.



September soymeal futures are $1.60 per short ton higher at $301.00. 

December soy oil futures are $0.32 lower at 28.39¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.35 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 603 points lower.

“Today started off with the China story of devaluing it's currency to levels not seen since the 2008 financial crisis. With that news, the market had nowhere to go but down, as this throws another wrench in the trade war that will be tough to overcome. This was a response to the U.S. placing 10% tariffs on Chinese goods that will go into effect September 1st,” says Matt Tranel, Cash Advisor for Commodity Risk Management Group.

Tranel added, “While soybeans are lower yet, corn has made a bounce. There really hasn't been much for news that has hit the market since the currency story, not yet anyway. What you will at times find, however, is that at the end of a month a trend can change. We saw corn close 7 cents off the lows on Thursday Aug 1st and up 7 cents on Friday. Today, you're seeing some follow through despite negative headlines with China. The bigger picture with corn and China is that we don't actually sell/export much to them. This is more of a soybean story. With that being said, if soybeans do fall, it does make a bigger run for corn more difficult.”

 

Mike

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

At 8:53am:

 

In early trading, the Sep. corn futures are 7 3/4¢ lower at $3.91. Dec. corn futures are 7 3/4¢ lower at $4.01 3/4.

Sep. soybean futures are 12 1/4¢ lower at $8.43 3/4. November soybean futures are 12 1/4¢ lower at $8.56 1/4.

Sep. wheat futures are 6¢ lower at $4.84 3/4.



September soymeal futures are $3.20 per short ton lower at $296.20.

 December soy oil futures are $0.33 lower at 28.38¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.17 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 410 points lower.

Al Kluis, Kluis Advisors, says that the broad-based sell-off is sending the ag markets lower.

“The additional tariffs on Chinese imports add uncertainty, and are keeping pressure on the stock and commodity markets,” Kluis told customers in a daily note.

Kluis added, “Watch for the weather pattern in the central Corn Belt. The weather forecast changed on Sunday to bring more rain into that dry area. That rain could help the soybean crop.”

 

What say you? As long as the U.S. imposes more tariffs, China will continue to devalue its currency. it's a full-on trade war. Who wins this one, do you think?

 

Mike

 

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8 Replies
Senior Contributor

Re: Floor Talk, August 5, 2019

Ha, look at the money, they already won a long time ago.  The great deal that never existed and you all fell hard for it. Sad

Senior Contributor

Re: Floor Talk, August 5, 2019

i agree with you illini farmer! Nobody wins a trade war except the buyers of the commodities.

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Senior Contributor

Re: Floor Talk, August 5, 2019

everyone will contiue to devalue their currency! its a race to the bottom. 

My question is this the start of another economic collapse? In 08 it started with sub prime loans and worthless derivatives. Maybe this time its money and commodities??

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Honored Advisor

Re: Floor Talk, August 5, 2019

08 started well before that ....... when congress pressured lenders to lend to borrowers without means to repay.  So everyone could own a home.  Congress distorting the marketplace  over and over and over again........ie. Student loans unlimited ran up the cost of education and exploded the number of degrees offered to attract borrowers to go to school, regardless if there were jobs for those degrees.  

Nearly every time the public through the press, asks congress for help they do and economic wrecks follow.  

Wind energy, solar energy, cheaper healthcare,  industrial hemp, CRP & land values, .........etc etc etc....... all wrecks in process.  None can stand economically without the taxpayer funding and tax gifts provided by congress(which cannot produce those props indefinitely--and will eventually collapse in a debt bath).

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Veteran Advisor

Re: Floor Talk, August 5, 2019

Inflation  of  all  types ,  education ,  housing ( leisure properties ) ,  medical,   equipment,   the  list  being  endless - - -

Who  could  survive  without ,  the  cruise  of  a  life  time,  financed  with  that  handy  plastic  card  with  16  digit  account  numbers  - ?

Irrational  Exuberance  rides  again  -  -  -        

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Veteran Advisor

Re: Floor Talk, August 5, 2019

247   -  your  derivatives  comment  is  spot  on,   Blackjewel   reset  might  be  an  example  - of  political  nonsense - - -       

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Honored Advisor

Re: Floor Talk, August 5, 2019

Thinking about ----crusing over to the mountains for a cool day or two....... always thinking about that this time of year.

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Veteran Advisor

Re: Floor Talk, August 5, 2019

Good  idea  for  a  get  away  -  a  refresher 

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