Floor Talk, February 7, 2020
At the close:
At the close, the March corn futures finished 4 1/2¢ higher at $3.83 1/4. May corn futures closed 4¢ higher at $3.88.
March soybean futures finished 1¢ higher at $8.82. May soybean futures settled 1/4¢ higher at $8.95.
March wheat futures closed 2 1/2¢ higher at $5.58 1/4.
March soymeal futures finished $1.10 per short ton higher at $289.30. March soy oil futures closed $0.27 cents lower at 30.97¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.66 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 273 points lower.
Jack Scoville, PRICE Futures Group, says that Friday's market was quiet, again, with no real trend showing.
“Corn looks good on the daily charts but beans and wheat still sideways. Overall, waiting for news from China and the U.S. and watching the harvest progress in Brazil, but really not trading much seems to be the theme. So, it looks ok and the news will probably turn out ok, but no one knows and most are sidelined,” Scoville says.
At midsession, the March corn futures are 4 1/2¢ higher at $3.83 1/4. May corn futures are 3 3/4¢ higher at $3.88.
March soybean futures are 1/4¢ lower at $8.80 1/4. May soybean futures are 1 1/4¢ lower at $8.93 1/2.
March wheat futures are 3 1/4¢ higher at $5.59 1/4.
March soymeal futures are $2.30 per short ton higher at $290.50. March soy oil futures are $0.45 cents lower at 30.79¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.36 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 194 points lower.
In early trading, the March corn futures are 2 1/2¢ lower at $3.81 1/4. May corn futures are 1 3/4¢ higher at $3.86 1/2.
March soybean futures are 2 1/2¢ higher at $8.78 1/4. May soybean futures are 3¢ lower at $8.91 1/2.
March wheat futures are 1/2¢ higher at $5.56 1/4.
March soymeal futures are $1.10 per short ton higher at $289.30. March soy oil futures are $0.47 cents lower at 30.77¢ per pound. In the outside markets, the NYMEX crude oil market is $0.58 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 218 points lower.
Al Kluis, Kluis Advisors, says that the farm markets are seeing solid demand support.
“We are seeing good exports for corn and soybeans, and China announced it is going to roll back half of the additional tariffs they imposed in September on some US goods. That gave the market a little support on Thursday. Without an increase in demand, traders are reluctant to allow grain prices to rally too much. We are well-supported. A nice uptick in demand could get grains moving higher, ” Kluis stated in a daily note to customers.
Kluis added, "The corn and soybean markets are going to be stuck in a sideways trading range until we get some fresh news to trade on such as an increase in demand for our grains."
China simply has to let USA operations Convert the grains now.
2 much disease risks in China. doing things otherwise.
They're simply going to import bunches of USA poultry, bunches of USA beef and bunches of USA pork.
So increases in grain use are to happen In the USA.... Not in some other country.
usda has been ignoring that reality for most of 2019 and they will continue to look lost as long as they never leave DC....
But feed demand is strong. Your right...... on this assumption. we should be doing the feeding.
Hope springs eternal ,
disclaimer , $3.95 / lb. burger stateside - - -