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marketeye
Veteran Advisor

Floor Talk, February 26, 2020

At 8:45am:

In early trading, the March corn futures are 1/4¢ lower at $3.72. May corn futures are 1/2¢ lower at $3.76.

March soybean futures are 3/4¢ lower at $8.78 1/4. May soybean futures are 3/4¢ lower at $8.87.

May wheat futures are 1 3/4¢ lower at $5.35 1/4.

May soymeal futures are $1.10 per short ton higher at $294.10.

 May soy oil futures are $0.17 cents lower at 29.45¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.58 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 850 points lower.

Al Kluis, Kluis Advisors, says that the global picture for all commodities is being impacted by the recent headlines.

“The negative headlines from the coronavirus continued to weigh on the grains during the session on Tuesday. Although corn and soybean prices did not take out the Monday low, traders were closely watching the stock market. Selling was heavy and consistent all day long. Wheat prices did make a lower low. However, prices managed to close slightly higher on the day. It is worth noting that the livestock markets have also been hit hard in recent days," Kluis stated in a daily note to customers.

Kluis added, "Export sales to China have been few and far between in recent weeks. Although this is disappointing, we have to remember that China typically buys from South America this time of year."

 

What say you?

 

Mike

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6 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk, February 26, 2020

"remember that China typically buys from South America this time of year."

 

Business as usual.

With an expansion  rate of between 3% and 5% south America's share is only

going to expand. 

 

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cborman11
Senior Contributor

Re: Floor Talk, February 26, 2020

Not a farmer out there that believe's the lies you,the idiot traders and usda come up with every day to keep our prices down. Can't and won't make it on these prices but no big deal you a get a paycheck  everyweek just like the traders and usda people.

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futurestrader92
Veteran Contributor

Re: Floor Talk, February 26, 2020

If farming is losing you money, don't plant a crop or sell the land to someone who can make an ROI. 

 

Sure seems to be a lot of farmers claiming they won't make it, yet they do year in and year out. 

 

-FT

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illinifarmer
Advisor

Re: Floor Talk, February 26, 2020

Upward of 19% of farmers bankrupt last season can’t be all hearsay.  Can’t speak for anyone else, but I have been working multiple jobs for many years now to continue running a third generation family farm.  Farming alone would have been done a long time ago, net loss on taxes every year.

samalan1140
Veteran Contributor

Re: Floor Talk, February 26, 2020

You're a ***** so there's that!!

clayton58
Veteran Advisor

Re: Floor Talk, February 26, 2020

I have a question for all the smart people out there.  Why is it that the coronavirus only affects  Chinas ability to trade with the US??  You'd think that if it hurts china, they could not import beans from SA either.  Another question for the farmers.  Are you checking your suppliers to make sure you are not buying chinese products?  i.e. steel, bearings, chemicals, seed, etc.