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Veteran Advisor

Floor Talk December 16, 2020

At the close:

At the close, the March corn futures finished 2 1/2¢ higher at $4.27 3/4. May corn futures closed 2¢ higher at $4.29 1/4.

January soybean futures finished 1/2¢ lower at $11.83 1/2. March soybean futures closed 3/4¢ lower at $11.88.

March wheat futures finished 1 1/4¢ lower at $5.98 3/4.

Jan. soymeal futures closed $6.30 per short ton higher at $394.50.


Jan. soy oil futures settled 0.14 of a cent lower at 39.05¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.23 per barrel higher (+0.48%) at $47.85. The U.S. dollar is lower, and the Dow Jones Industrials are 16 points lower (-0.06%) 30,182 points.

Mike

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At midsession:

At midsession, the March corn futures are 2 1/2¢ higher at $4.27 3/4. May corn futures are 2¢ higher at $4.29 1/4.

January soybean futures are 4¢ higher at $11.88 1/2. March soybean futures are 3 1/4¢ higher at $11.92.

March wheat futures are 7 1/4¢ lower at $5.92 3/4.


Jan. soymeal futures are $6.70 per short ton higher at $394.90.


Jan. soy oil futures are 0.19 of a cent lower at 39.00¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.08 per barrel higher (+0.17%) at $47.70. The U.S. dollar is lower, and the Dow Jones Industrials are 51 points lower (-0.17%) 30,147 points.

 

Mike

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At 9am:

Most ag markets are up Wednesday.

 

What say you?

 

Mike

0 Kudos
1 Reply
Honored Advisor

Re: Floor Talk December 16, 2020

Well Al,  Production in South America isn't the only driver.  The demand issue combined with lofty USDA totals which may or not be there, can't be ignored.   

I hope everyone realizes that when the soybean carryover number gets down to 100 million bushels, it will not go any lower than that with USDA numbers.  And once it gets to that level, rationing demand with large price increases is going to happen. End users have had plenty of time to secure supplies at much lower prices.......(like China)  Every once in a while it's nice to be on the other side of that equation.  Smiley Happy