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Veteran Advisor

Floor Talk, December 19, 2019

At midsession:

At midsession, the March corn futures are 1/4¢ higher at $3.87 1/4. May corn futures are 1/2¢ higher at $3.93 3/4.

Jan. soybean futures are 4 1/2¢ lower at $9.24. March soybean futures are 4¢ lower at $9.36.

March wheat futures are 1/2¢ higher at $5.48 1/2.



January soymeal futures are $3.90 per short ton lower at $299.00.

 January soy oil futures are 0.46 cents higher at 33.89¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.45 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 101 points higher.

Mike

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At 9:05am:

In the event that you missed it, the USDA released its Weekly Export Sales Report Thursday.

The USDA’s Weekly Export Sales Report Thursday shows strong demand figures.

Corn= 2.236 million metric tons vs. the trade’s expectations of between 600,000-2,000,000 mmt.

Soybeans= 1.46 million metric tons vs. trade’s expectations of 950,000-1,600,000 mmt.

Wheat= 868,600 mt. the trade’s expectations of between 350,000-700,000 mt.

Soybean meal= 83,500 mt. the trade’s expectations of 150,000-300,000mt.

 

Mike

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At 8:45am:

In early trading, the March corn futures are 3/4¢ higher at $3.87. May corn futures are 3/4¢ higher at $3.94.

Jan. soybean futures are 4 1/2¢ lower at $9.24. March soybean futures are 3 1/2¢ lower at $9.37.

March wheat futures are 5¢ higher at $5.53 1/2.



January soymeal futures are $1.90 per short ton lower at $301.00.

January soy oil futures are 0.26 cents higher at 33.69¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.07 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points higher.

On Thursday, private exporters reported to the USDA export sales of 126,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that the bulls are running this market.

“U.S. grain prices took a breather on Wednesday and pulled back after starting the week higher. The markets are patiently awaiting and details of the US/China trade deal. Weather in South America seems to be lending some support to grain prices as well. Fund have been buyers of all 3 commodities this week so the big question is if they will continue to buy into Friday, ” Kluis stated in a daily note to customers.

Kluis added, “I think the funds will not want to be short or hold a short position into the New Year, as the trade deal with China could produce a nice uptick in demand.”

Jack Scoville, PRICE Futures Group, says the soybean market is seeing carryover from yesterday’s long liquidation day on a lack of news.
“I still think the market, over time, will work higher. But, we have thrown a lot of news at this thing already and it feels like it is time to ring the register. Not much else to talk about except the impeachment good and bad. So, it seems like a good time to ring the register.

 

Mike

 

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