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Veteran Advisor
Posts: 4,137
Registered: ‎05-03-2010
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Floor Talk, December 19, 2018

[ Edited ]

At the close, the March corn futures closed 3 3/4¢ lower at $3.81 1/4. May futures finished 3 3/4¢ lower at $3.89 3/4.

January soybean futures settled 7 3/4¢ lower at $9.00. March soybean futures closed 7 3/4¢ lower at $9.13.

March wheat futures finished 10 1/4¢ lower at $5.22 1/2.

January soymeal futures ended 2.60¢ per short ton lower at $307.80.

January soy oil futures closed 0.08 higher at 28.75¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.95 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 141 points higher.

 

The Renewable Fuels Association released this information today: "According to EIA data analyzed by the Renewable Fuels Association, ethanol production remained unchanged from the prior week at an average of 1.046 million barrels per day (b/d)—or 43.93 million gallons daily. The four-week average for ethanol production rose to 1.053 million b/d for an annualized rate of 16.14 billion gallons.
 
Stocks of ethanol rose to 23.9 million barrels, an increase of 1.0 million barrels and the highest level in eight weeks. Approximately 0.8 million barrels of the increase occurred in the Gulf Coast, which potentially was product being positioned for export shipment in advance of the holidays."
 
Mike
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At midsession:

 

At midsession, the March corn futures 2¢ lower at $3.83 1/2. May futures are 2¢ lower at $3.91.

January soybean futures are 7 3/4¢ lower at $9.00. March soybean futures are 7 3/4¢ lower at $9.13.


 

March wheat futures are 9 3/4¢ lower at $5.23.



 

January soymeal futures are 2.70¢ per short ton lower at $307.70.

 January soy oil futures are 0.08 higher at 28.75¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $1.32 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 259 points higher.

 

On Wednesday, private exporters reported to the USDA export sales of 1,199,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.

 

Al Kluis, Kluis Advisors, say that grain traders appear content with the recent trading range for corn and soybeans.

 

“Corn futures have been stuck in an 8 cent trading range for the last 13 trading sessions. Soybeans have spent most of the last 13 sessions inside a 20 cent range,” Kluis stated in a daily note to customers.

 

Kluis added, “What will it take to break out of this range? The easy answer: A trade deal with China. The less predictable answers include the Fed decision on interest rates (which will be announced today) and how that could impact the US dollar and the equity market.”

 

Mike

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At 8:40am:

 

USDA reports big U.S. soybean sale to China, Wednesday.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 1,199,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.

 

Mike

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At 8:30am:

 

Overnight:

 

Corn= Down 1¢.

Soybeans= 1¢ lower per bushel.

Wheat=  5¢ lower.

 

Outside Markets:

 

Crude oil= 0.72¢ higher

U.S. Dollar= Lower

Dow= Up 142 points

 

Big News:

What do you know? All eyes are on the Federal Reserve's interest rate announcement later today. What do you think; raise, lower, leave unchanged and why?

 

Mike

Senior Contributor
Posts: 457
Registered: ‎08-02-2012
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Re: Floor Talk, December 19, 2018

Raise 1/4
Senior Contributor
Posts: 457
Registered: ‎08-02-2012
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Re: Floor Talk, December 19, 2018

Well at least the soybean sale worked out for the market. (Sarcasm) At this rate if we sell 50mmt the market price will be 0$. Ironic. President tweet must be losing his influence, fed increases rates 1/4 %. Vote 10-0
Honored Advisor
Posts: 2,903
Registered: ‎04-29-2011
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Re: Floor Talk, December 19, 2018

It seems that the only fundamentals that matter are the bearish ones.