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Veteran Advisor

Floor Talk, January 23, 2020

At the close:

At the close, the March corn futures closed 5¢ higher at $3.93 3/4. May corn futures finished 4 1/4¢ higher at $3.98 1/2.

March soybean futures closed 4 1/2¢ lower at $9.09 1/2. May soybean futures ended 4 3/4¢ lower at $9.23 1/2.

March wheat futures finished 2 3/4¢ lower at $5.80 1/4.

March soymeal futures settled $1.00 per short ton higher at $298.90.

 March soy oil futures closed $0.54 cents lower at 32.48¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.01 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 26 points lower.

 

Mike

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At midsession:

At midsession, the March corn futures are 3¢ higher at $3.91 3/4. May corn futures are 2 1/4¢ higher at $3.96 1/2.

March soybean futures are 4 1/2¢ lower at $9.09 1/2. May soybean futures are 4 3/4¢ lower at $9.22 1/2.

March wheat futures are 1 1/2¢ lower at $5.76 1/4.

March soymeal futures are $0.10 per short ton higher at $298.00.

March soy oil futures are $0.39 cents lower at 32.63¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.18 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 173 points lower.

Mike

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At 8:45am:

 

In early trading, the March corn futures are 1/2¢ lower at $3.88. May corn futures are 1¢ lower at $3.93.

March soybean futures are 6¢ lower at $9.07 1/2. May soybean futures are 6¢ lower at $9.21 1/2.

March wheat futures are 1/4¢ lower at $5.77.

March soymeal futures are $0.80 per short ton lower at $297.10.

 March soy oil futures are $0.44 cents lower at 32.58¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.56 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 212 points lower.

Al Kluis, Kluis Advisors, says to expect grains to fail to hold support, and drift lower.

“South American crops will be benefiting from some much-needed moisture and their crops look to be bigger than last year’s crop. Wheat posted a new high yesterday. Russian wheat offers are rising and supporting demand from the US. For the near term, we are just running out of friendly info to trade, ” Kluis stated in a daily note to customers.

Kluis added, “The coronavirus outbreak in China has the market spooked. That is causing investors in both commodities and stocks to head to the sidelines.”

Private exporters reported to the USDA the following activity:

--Export sales of 143,948 metric tons of corn for delivery to Guatemala. Of the total, 114,224 metric tons is for delivery during the 2019/2020 marketing year and 29,724 metric tons is for delivery during the 2020/2021 marketing year; and

--Export sales of 141,000 metric tons of corn for delivery to unknown destinations during the 2019/2020 marketing year.

The marketing year for corn began Sept. 1.

 

What say you?

 

Mike

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2 Replies
Veteran Contributor

Re: Floor Talk, January 23, 2020

I say this is a bunch of BS!!

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Esteemed Advisor

Re: Floor Talk, January 23, 2020

"Running out of friendly info to trade".....Klueless....you see Alan you have to have been trading friendly news in the first place so you have something to run out of.....geezzzzz

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