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Veteran Advisor

Floor Talk, February 19, 2020

At the close:

At the close, the March corn futures finished 2 1/2¢ lower at $3.80. May corn futures closed 2 1/4¢ lower at $3.85.

March soybean futures settled 5¢ higher at $8.97 1/4. May soybean futures closed 3 1/4¢ higher at $9.05 1/2.
May soymeal futures settled $0.80 per short ton higher at $293.00. May soy oil futures finished $0.14 cents lower at 30.34¢ per pound.

March wheat futures finished 1 1/2¢ lower at $5.65 1/4.

In the outside markets, the NYMEX crude oil market is $1.31 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 144 points higher.

 

Mike

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At midsession:

At midsession, the March corn futures are 2 1/2¢ lower at $3.80. May corn futures are 2 1/4¢ lower at $3.85.

March soybean futures are at 2 1/2¢ higher at $8.94 1/4. May soybean futures are 1 1/2¢ higher at $9.03.

May soymeal futures are $0.80 per short ton higher at $293.00. May soy oil futures are $0.37 cents lower at 30.11¢ per pound.

March wheat futures are 7 3/4¢ lower at $5.59.

In the outside markets, the NYMEX crude oil market is $1.05 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 140 points higher.

Jack Scoville, The Price Futures Group’s senior grain analyst, says today’s stronger markets a consolidation day today.

“No one is sure when China will actually start buying, despite news yesterday that the reduced tariffs regime will kick in the first of next month. That does not mean the Chinese will buy here, but they can start. Been a kind of two sided and quiet spec trade, so far, and no one seems too interested in doing anything big. Wheat is lower after going too high yesterday. That is dragging on the corn as well. Beans kind of mixed with all eyes still on Brazil. Been a little wet down there, so harvest is still delayed. Still very big harvest, but delayed, and maybe some buyers are looking at less at ports down there right now,” Scoville says.

Mike

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Veteran Contributor

Re: Floor Talk, February 19, 2020

When is usda gonna come clean on PP acres?

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Veteran Advisor

The usa will Never

hold up their end of any supposed trade agreement W China. 

Why in the World does any American expect China to even think bout holding up their supposed trade end of another phony USA deal?

The USA has proven of late to no longer be the land of the old Yankee trader. 

Trump will just make another screwed up mess of Any USA business anyway. 

That is what DC has proven. 

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Veteran Advisor

Re:The Chinese have the perfect excuse, well, not really but except for the human costs, it's.....

The Chinese have the perfect excuse, well, not really but except for the human cost, it's pretty good.

 They currently have 150 million people under severely restricted movement and 700 million under various levels of movement restrictions. The economic slowdown is inevitable. They can rightly say they can't possibly buy US goods under these conditions and nobody can fault them.

  Meanwhile, they get to continue to buy South American beans at reduced prices because the US is holding the carryout and the Brazilian Real is at an all-time low. 

  I don't foresee the Chinese buying any significant amount of US beans until maybe mid-Oct. and by then there will be another big US crop to drive the price down further.