cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Veteran Advisor

Floor Talk, December 5, 2019

At the close:

At the close, the March corn futures finished 1 3/4¢ lower at $3.76 1/4. May corn futures settled 2¢ lower at $3.82 1/2.

Jan. soybean futures closed 6 1/4¢ higher at $8.84 3/4. March soybean futures closed 6 1/2¢ higher at $8.98 3/4.

March wheat futures closed 3 1/2¢ higher at $5.23 3/4.



January soymeal futures ended $4.80 per short ton higher at $301.50.

 January soy oil futures settled 0.03 cents higher at 30.50¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 17 points higher.

Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that the grain trade lack of much news today.

“Corn continues to trade sideways with lack of direction. It appears that the technical sell off we were having in soybeans is over and support has held. That market was extremely oversold with no particular reason. We could blame it on the constant deal, no deal with China. Maybe that has something to do with it, funds tired of waiting on the long side,” O’Connell says.

Mike

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

At 12-Noon:

At midsession, the March corn futures are 3/4¢ higher at $3.79 1/4. May corn futures are 1/2¢ higher at $3.85.

Jan. soybean futures are 9 3/4¢ higher at $8.87 3/4. March soybean futures are 9 1/2¢ higher at $9.01 3/4.

March wheat futures are 3 1/2¢ lower at $5.24.



January soymeal futures are $6.40 per short ton higher at $303.10.

 January soy oil futures are 0.02 cents lower at 30.45¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.04 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 50 points lower.

Mike

------

At 8:45am:

 

In early trading, the March corn futures are 3/4¢ lower at $3.77 1/4. May corn futures are 1¢ lower at $3.83 1/2.

Jan. soybean futures are 6 3/4¢ higher at $8.84 3/4. March soybean futures are 6 1/2¢ higher at $8.99.

March wheat futures are 3/4¢ lower at $5.26 1/2.



January soymeal futures are $2.50 per short ton higher at $299.20.

 January soy oil futures are 0.20 cents higher at 30.67¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.59 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 21 points higher.

On Thursday, private exporters reported to the USDA export sales of 245,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 120,000 metric tons is for delivery during the 2019/2020 marketing year and 125,000 metric tons is for delivery during the 2020/2021 marketing year.

The marketing year for soybeans began Sept. 1.

The marketing year for soybean oil began Oct.1.

Al Kluis, Kluis Advisors, says that grain prices continue to be a mixed bag.

“We are seeing a lot of spreading between corn and soybeans lately. Soybeans got a little boost, as some reports state they are running low on pork supplies and soybeans. This sounds like something we have heard before. Expect the markets to stabilize and look for some friendly information to try and push us higher,” Kluis told customers in daily note.”

Kluis added, “The recent uptick in export activity in both corn and soybeans due to South America running low on supplies. Now the only place to get corn or soybeans is the U.S.”

 

Mike

0 Kudos
2 Replies
Highlighted
Honored Advisor

Re: Floor Talk, December 5, 2019

Ah yes........the supplier of last resort.

But hey.......if no one else can supply them, there's no reason prices can't go much higher.......right?

Highlighted
Senior Advisor

Re: Now the only place to go to buy soybeans, but not for long.

The word is Brazil's  soybean planting is moving right along and they're getting the rain they need.  Brazil will be back in the market by the end of Jan. with 5% more planted area to sell.

0 Kudos