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marketeye
Veteran Advisor

Floor Talk, December 11, 2019

At the close:

At the close, the March corn futures settled 5 3/4¢ lower at $3.71 1/4. May corn futures ended 4 3/4¢ lower at $3.78.

Jan. soybean futures closed 7 3/4¢ lower at $8.93 1/2. March soybean futures closed 7 1/2¢ lower at $9.08.

March wheat futures settled 4 1/2¢ lower at $5.19 3/4.



January soymeal futures closed $3.70 per short ton lower at $295.00.

 January soy oil futures closed 0.24 cents lower at 31.44¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.32 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points higher.

 

Mike

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At midsession:

At midsession, the March corn futures are 5¢ lower at $3.72. May corn futures are 4¢ lower at $3.78 3/4.

Jan. soybean futures are 5 3/4¢ lower at $8.95 1/2. March soybean futures are 6¢ lower at $9.09 3/4.

March wheat futures are 6¢ lower at $5.17 3/4.



January soymeal futures are $2.20 per short ton lower at $296.50.

 January soy oil futures are 0.26 cents lower at 31.42¢ per pound.

I

n the outside markets, the NYMEX crude oil market is $0.64 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 47 points lower.

Mike

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

At 8:45am:

 

In early trading, the March corn futures are 1¢ lower at $3.76. May corn futures are 3/4¢ lower at $3.82.

Jan. soybean futures are 3/4¢ lower at $9.00 3/4. March soybean futures are 3/4¢ lower at $9.14 3/4.

March wheat futures are 2 3/4¢ lower at $5.21.



January soymeal futures are $1.20 per short ton lower at $297.50.

 January soy oil futures are 0.15 cents lower at 31.53¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.17 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 26 points lower.

On Wednesday, private exporters reported to the USDA the following activity:

--Export sales of 585,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year; and

--Export sales of 140,000 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that the soybean market has the best potential to move higher.

“will be watching to see if the soybean bulls can build any momentum above the 20-day average. This week is the first time we have closed above this line of resistance since October 24.”

Kluis added, “The USDA report on Tuesday was pretty much as expected. We did not see any changes to US production levels for corn and soybeans. We did see a slightly friendly cut to US wheat stocks. The WASDE data was slightly bearish as corn, soybeans and wheat all saw an increase in world stocks. South American production was left unchanged compared to the November data. This December report once again provided very little fresh news to excite traders.”

 

Mike

6 Replies
freedom1493
Veteran Advisor

Re: Floor Talk, December 11, 2019

 

Спасибо

...sorry, couldn't resist since certain parties seem to that think everyone with a differing opinion is a Russian troll. Smiley LOL

In all seriousness, appreciate your posts on the updates.  Thank-you.

Did you see where China threatened their trade with the Danish island chain, Faroe Islands, with "either you use choose Huawei or else" for their 5G

https://www.zerohedge.com/technology/choose-huawei-or-else-tiny-danish-island-chain-threatened-china...

0 Kudos
illinifarmer
Advisor

Re: Floor Talk, December 11, 2019

Christmas Rally Out Of the cards with this market.? with little news of trade deals and exports this market Kicks the Season off with just continuing to trade lower. today is single handily wiping out all gains for last two weeks on profit taking and short covering for a quick buck.  sad, hopefully doesn’t take another month to get it back. p.s. refer back to capital letters and take note.

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roarintiger1
Honored Advisor

Re: Floor Talk, December 11, 2019

725,000 metric tons of soybeans reportedly sold today and the market is lower?  This is crazy.

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timetippingpt
Honored Advisor

Re: Floor Talk, December 11, 2019

Not if you are a Chinese Spec Fund implementing government policy ?

The low in early May happened the exact same way. Simply a crazy, stupid decline in the face of all rational evidence. At this point, every penny down makes the basis a penny tighter, net effect is zero.

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roarintiger1
Honored Advisor

Re: Floor Talk, December 11, 2019

The basis certainly shouldn't have to do all the heavy lifting.  It's about time that the CBOT does some of it based on the fundamentals.   

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rickgthf
Senior Advisor

Re: You have to put that 585,000 MT of soybeans into context, namely it comes...

You have to put that 585,000 MT of soybeans into context.  Namely, it comes four days before trump has to decide to accept a deal or levy 25% tariffs on $136 billion in imports.

   China didn't announce that purchase just because it needs the beans. The truth of the matter is, Chinese commitments are barely 10 MMT of which they've loaded out 6.5 MMT and we're only two months from the start of Brazil's export season.  Depending on how it goes this week, they can cancel the remaining 4 MMT outstanding and will be right where we started in Sept.

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