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Veteran Advisor

Floor Talk, February 12, 2020

At the close:

At the close, the March corn futures finished 3 3/4¢ higher at $3.83. May corn futures finished 3¢ higher at $3.87 1/2.

March soybean futures settled 7 3/4¢ higher at $8.92 1/4. May soybean futures finished 6 1/4¢ higher at $9.03.

March wheat futures closed 5 1/2¢ higher at $5.47 1/4.


March soymeal futures finished $0.90 per short ton higher at $291.70.

 March soy oil futures closed $0.31 cents higher at 31.03¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.32 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 231 points higher.

 

Mike

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At 12-Noon:

 

At midsession, the March corn futures are 2 3/4¢ higher at $3.82 1/4. May corn futures are 2 1/4¢ higher at $3.86 1/2.

March soybean futures are 3 1/2¢ higher at $8.88 1/4. May soybean futures are 2 1/4¢ higher at $8.99 1/2.

March wheat futures are 6¢ higher at $5.48.

March soymeal futures are $0.50 per short ton higher at $291.30.

 March soy oil futures are $0.14 cents higher at 30.86¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.38 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 216 points higher.

Mike

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At 8:45am:

In early trading, the March corn futures are 3/4¢ lower at $3.79 1/4. May corn futures are 1¢ lower at $3.83.

March soybean futures are 3/4¢ lower at $8.84. May soybean futures are 1 1/4¢ lower at $8.96.

March wheat futures are 1/4¢ higher at $5.42 1/4.


March soymeal futures are $0.70 per short ton lower at $290.10.

 March soy oil futures are $0.16 cents higher at 30.88¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.34 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 157 points higher.

Al Kluis, Kluis Advisors, says that investors did not see much to trade in yesterday's USDA February Supply/Demand Report.

“First, the combined soybean production from Argentina and Brazil this year would be a record. We have discussed the idea that the South American crop would likely be a large crop; now the USDA is suggesting it will beat the record posted last year. Second, U.S. soybean stocks fell. However, the world balance sheet jumped more than expected. As a result, soybean futures ended the day nearly unchanged. Finally, wheat was hit hard as the bull camp did not get what it needed to rally prices off of major support,” Kluis stated in a daily note to customers.

Kluis added, "The nearly steady soybean close on Tuesday is a good sign for the bulls. This is good news, because with the steady close came a bid for volatility in the options. We have not seen this in the options for a few weeks."

 

Mike

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