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marketeye
Veteran Advisor

Floor Talk, January 14, 2020

At the close:

At the close, the March corn futures finished 1/2¢ lower at $3.89 1/2. May corn futures settled 1/4¢ lower at $3.96.

March soybean futures closed unchanged at $9.42 1/4. May soybean futures ended unchanged at $9.55 1/2.

March wheat futures closed 6 1/4¢ higher at $5.68.



March soymeal futures closed $1.80 per short ton lower at $302.20.

 March soy oil futures ended $0.12 cents higher at 34.07¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.24 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points higher.

Mike

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At midsession:

At midsession, the March corn futures are unchanged at $3.89 1/2. May corn futures are 1/4¢ higher at $3.96 1/2.

March soybean futures are unchanged at $9.42 1/4. May soybean futures are 1/4¢ lower at $9.55 1/2.

March wheat futures are 5 3/4¢ higher at $5.68.

March soymeal futures are $1.60 per short ton lower at $302.20.

March soy oil futures are $0.09 cents higher at 34.04¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.34 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 123 points higher.

 

Mike

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At 8:45am:

In early trading, the March corn futures are 1/2¢ higher at $3.90. May corn futures are 1/2¢ higher at $3.96 1/2.

March soybean futures are 4¢ higher at $9.46 1/4. May soybean futures are 3 1/2¢ higher at $9.59 1/2.

March wheat futures are 8 3/4¢ higher at $5.71 1/4.

March soymeal futures are $2.90 per short ton higher at $306.70.

March soy oil futures are $0.22 cents lower at 33.73¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.37 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 14 points higher.

On Tuesday, private exporters reported to the USDA export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2020/2021 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that investors will be watching this week’s U.S., China trade agreement’s phase one announcement.

“Nearby corn futures closed above last week’s high on Monday. The means the next resistance is now at the $4.00 benchmark, ” Kluis stated in a daily note to customers.

Kluis added, “How fast will Chinese buying develop after the “Phase 1” trade agreement is signed on Wednesday? A lot of Chinese buying could spike grain prices higher.”

 

Mike

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3 Replies
sw363535
Honored Advisor

Re: Floor Talk, January 14, 2020

Heaven forbid........"A lot of Chinese buying could spike grain prices higher" ------ now that is a black swan event 

Hobbyfarmer
Honored Advisor

Re: Floor Talk, January 14, 2020

The Chinese are buying...

 

10 ship loads from Brazil last week.

sw363535
Honored Advisor

Re: Floor Talk, January 14, 2020

Hobby, how long will it take the human deep thought, deep state, deep student debt scholars to realize that the biggest population in the world (that claims the biggest reserve supply of commodities) has to buy constantly.  That being the case how long can we keep telling ourselves they have vast useable reserves.  It is nonsense.  

Especially when you know that the third most populous country in the world and the largest exporting grain market in the world continually retains less than a 60 day supply of grains to supply its usage from one year to the next.

Wonder if they ever go a week in any year when they don't have ten cargos of grains in route.  

Are they in desperate need of grain all the time...... or are they in desperate need of customers for their industrial production.---- Probably BOTH.   

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