Floor Talk, February 5, 2020

[marketeye]

At the close:

At the close, the March corn futures finished 1 1/4¢ lower at $3.80. May corn futures ended 1 1/2¢ lower at $3.86.

March soybean futures settled 1/2¢ higher at $8.80 1/4. May soybean futures closed 1/2¢ higher at $8.93 1/2.

March wheat futures settled 4 3/4¢ higher at $5.62 1/4.



March soymeal futures closed $1.10 per short ton lower at $287.40.

 March soy oil futures ended $0.59 cents higher at 31.32¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.47 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 480 points higher.

Mike

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At midsession:

At midsession, the March corn futures are 2 1/4¢ lower at $3.80. May corn futures are 2¢ lower at $3.86.

March soybean futures are 1/4¢ higher at $8.79 1/4. May soybean futures are 1/2¢ higher at $8.93 1/2.

March wheat futures are 1/2¢ higher at $5.57 1/4.



March soymeal futures are $0.30 per short ton lower at $288.20.

March soy oil futures are $0.48 cents higher at 31.21¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.91 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 361 points higher.

Mike

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At 8:45am:

In early trading, the March corn futures are 3/4¢ higher at $3.83. May corn futures are 1/2¢ higher at $3.88.

March soybean futures are 5 3/4¢ higher at $8.85 1/4. May soybean futures are 6¢ higher at $8.99.

March wheat futures are 3 1/2¢ higher at $5.60 1/4.

March soymeal futures are $0.30 per short ton lower at $288.20.

March soy oil futures are $0.82 cents higher at 31.55¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.49 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 269 points higher.

Al Kluis, Kluis Advisors, says that investors are influenced by the outside market volatility.

“Traders are hoping the outside markets are able to calm down and regain composure after the initial kneejerk reaction from the coronavirus wears off, ” Kluis stated in a daily note to customers.

Kluis added, "Technically, the soybean chart is trying to turn higher. The CBOT wheat chart held trendline support. Lastly, the corn chart tested support and rebounded. All of these charts lean in favor of the bulls."

Mike