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Veteran Advisor

Floor Talk, December 3, 2019

At the close:

At the close, the March corn futures finished 3/4¢ lower at $3.81 1/4. May corn futures closed 3/4¢ higher at $3.87.

Jan. soybean futures closed 1/2¢ higher at $8.71. March soybean futures ended 1/4¢ higher at $8.85 1/4.

March wheat futures closed 10¢ lower at $5.25 1/2.



January soymeal futures settled $1.20 per short ton higher at $294.70.

 January soy oil futures closed 0.03 cents higher at 30.19¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.08 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 366 points lower.

Jack Scoville, PRICE Futures Group, says that the market is holding despite President Trump’s tweets about upsetting trade with France and China.

“The President’s tweet, Tuesday, stated that China might have to wait until after the election.  He seems to think it will work better for him and that the farm community will stand for it.  I am not so sure on the latter front as most of the farmers I talk to are getting pretty frustrated at the constant moving of the goal posts,” Scoville says. 

He added, “Plus, there is still a lot of crops out in the field, mostly corn but also soybeans, and that is supporting the market amid tight farm holding patterns.  Everyone expects a rally once a deal with the Chinese gets done and lets hope they are right. This trade war has gone on so long and gotten so tedious that I am not so sure anymore.”

 

Mike

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At midsession:

 

At midsession, the March corn futures are 1 1/4¢ higher at $3.83 1/4. May corn futures are 1 1/2¢ higher at $3.88.

Jan. soybean futures are unchanged at $8.70 3/4. March soybean futures are unchanged at $8.85 1/4.

March wheat futures are 5 3/4¢ lower at $5.29 1/2.



January soymeal futures are $0.40 per short ton higher at $293.90.

 January soy oil futures are 0.12 cents higher at 30.28¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.20 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 389 points lower.

 

Mike

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At 8:45am:

In early trading, the March corn futures are 1¢ lower at $3.81. May corn futures are 1/4¢ lower at $3.86.

Jan. soybean futures are unchanged at $8.70 3/4. March soybean futures are unchanged at $8.85 1/4.

March wheat futures are 3¢ higher at $5.38.



January soymeal futures are $0.50 per short ton higher at $294.00.

 January soy oil futures are 0.02 cents higher at 30.18¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.09 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 327 points lower.

Al Kluis, Kluis Advisors, says that investors will have to digest a lot of crops remain in the field.

“The USDA Crop Progress report yesterday showed 9.3 million acres of corn still out in the field. In North Dakota, corn harvest advanced just 6 percentage points to 36% harvested last week; not much will get done this week. Nationwide, that suggests as much as 1.5 billion bushels of corn will not be harvested until late winter or the spring of 2020,” Kluis told customers in daily note.”

 

Mike

 

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2 Replies
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Advisor

Re: Floor Talk, December 3, 2019

Oddly no mention of the announcement of no China deal until after 2020 election.?.  The 2 and a half year long con that most fell for and rallied indexes for any mention of progress.  Sad....

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Senior Advisor

Re: Not to mention, this morning's dust up in London and it's ....

No trade deal with China until after 2020 maybe, not to mention this morning's dust up in London and the effect on grain sales to Europe.

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