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Veteran Advisor

Floor Talk, January 27, 2020

At the close:

At the close, the March corn futures finished 6 3/4¢ lower at $3.80. May corn futures ended 6¢ lower at $3.86 1/2.

March soybean futures settled 4 3/4¢ lower at $8.97 1/2. May soybean futures settled 4 3/4¢ lower at $9.11.

March wheat futures closed 1 1/4¢ lower at $5.72 1/4.

March soymeal futures finished $0.50 per short ton lower at $297.80.

 March soy oil futures settled $0.50 cents lower at 31.52¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.22 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 354 points lower.

Mike

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At midession:

At midsession, the March corn futures are 9¢ lower at $3.78. May corn futures are 8 1/4¢ lower at $3.84 1/2.

March soybean futures are 10¢ lower at $8.92 1/2. May soybean futures are 9 3/4¢ lower at $9.06.

March wheat futures are 5 3/4¢ lower at $5.67 1/4.

March soymeal futures are $2.20 per short ton lower at $296.10.

 March soy oil futures are $0.86 cents lower at 31.16¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.59 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 411 points lower.

 

Mike

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At 8:50am:

In early trading, the March corn futures are 6 1/2¢ lower at $3.80 3/4. May corn futures are 6 1/4¢ lower at $3.86 1/2.

March soybean futures are 10 1/2¢ lower at $8.91 1/2. May soybean futures are 10¢ lower at $9.05 1/2.

March wheat futures are 9 3/4¢ lower at $5.63 1/4.

March soymeal futures are $2.00 per short ton lower at $296.30.

 March soy oil futures are $0.63 cents lower at 31.39¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.26 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 463 points lower.

Al Kluis, Kluis Advisors, says that investors are keeping a close eye on the spreading of the contravirus around the world.

“Traders are trying to assess how the contagious coronavirus will impact economies around the globe. If we continue to see new cases pop up across the US, the markets will likely not handle that news favorably, ” Kluis stated in a daily note to customers.

Kluis added, “Soybean prices are nearing the lows scored in early December. Momentum indicators are approaching the same levels seen when that low was placed. Any pressure in the outside markets could keep the bulls on the sidelines.”

Louise Gartner, Spectrum Commodities, says that short-term the wheat market could remain under pressure.

“I look for wheat to get a bit more pressure in the near term, but the strong seasonal trend could bring prices back to this week’s highs during the first half of February. Considering the strong sell signal from this week’s reversal down, a test of those recent highs is likely to stall the market again,” Gartner says.


She added, “The normal seasonal pattern is for wheat to rally during most of January and peak around the February crop report. So far, price action has followed the seasonal patterns and look to continue that price action for the near future.”

“As we move into late March/early April, the market’s attention will turn to new crop. With hard red winter acres lower, there is little wiggle room for yield losses. Soft red acres were higher, and odds are good that we won’t experience the brutal rains and acreage/yield losses like last year,” Gartner says.

On Monday, private exporters reported to the USDA export sales of 111,252 metric tons of corn for delivery to Japan during the 2020/2021 marketing year.

The marketing year for corn began Sept. 1.

 

Mike

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10 Replies
Frequent Contributor

Re: Floor Talk, January 27, 2020

Better knock our prices down tomorow to mind as well blame Kobe's death on farmers to.

Honored Advisor

Re: Floor Talk, January 27, 2020

This country desperately needs a food shortage.  One that is big enough usda can't hide it and takes years to recover from.

Priorities need to realign.  As we get forced into the poverty of third world status in agriculture.  And more credit to buy the tech gadgets that "transform" agriculture into the coming robot world.

Even a helicopter crash close to adam shiffs district didn't help markets.  Somewhere in the media someone is working on a story to blame Trump for the "bringing down of a celebrity helicopter" so......."We got that going for us"...... Bill Murray

I just don't have any hope for agriculture in 2020.  But thanks to california we will have enough wine to pickle our livers  and roadside stand pot to consume no matter what your law says.  And charge stations that drain our credit cards.  And the greed of the west coast will keep credit flowing, unless they need to penalize us for voting wrong, because in truth their robots aren't ready yet.

Advisor

Re: Floor Talk, January 27, 2020

I almost hate to agree, unfortunately it’s just reality.  Obviously the greed of the grocery stores would get theirs as they never corrected from the last shortage scare.  Never lose hope though it’s all most of us little guys have.... On a side note California sounds nice it’s a shame no farmers could ever afford to live out there.  

By now I’m pretty sure most have received their 1099’s for the “Trump Checks”.?  So, nothing like returning 30% of the what 15% compensation on the losses endured by the less fortunate. Hilarious !!

Veteran Advisor

Re: Floor Talk, January 27, 2020

Through the Obama years, it took a major drought, the Great Recession (remember oil prices way over 100 bucks? ...hello ethanol), and riots over food, etc. (Arab Spring) to make farmers profitable.

This go-around will bring crop loss, worldwide civil unrest, and pandemic.

...can't wait (/ sarc)

btw...millions upon millions of locusts are currently eating the crops in Africa....

locust invasion africa middle east asia 2020, locust invasion africa middle east asia 2020 video, locust invasion africa middle east asia 2020 pictures

"A farmer running across a locust invasion in East Africa. Picture by Dai Kurokawa/EPA-EFE"

... popcorn popping.

https://strangesounds.org/2020/01/unprecedented-swarms-locusts-east-africa-middle-east-asia-food-col...

 

Veteran Advisor

Re: Floor Talk, January 27, 2020

As an aside, can't wait to see the shelves at ChinaMart in 2-3 weeks. 

Don't think people realize how much stuff REALLY comes from China (because of all the corporations that moved their manufacturing from here to there) or how long it takes for it to get from there to here.

So if you are short on anything you absolutely need or use in the short-term that says "hecho en China," you may wanna take a trip to the store sooner than later.

I read an article showing a mask-producing company in China packaging new masks.  Photos showed the workers physically handling the new masks...just sayin'

We aren't buying anything that comes from China starting today until this virus is gone.

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Honored Advisor

Re: Floor Talk, January 27, 2020

Freedom you have just touched on the reason for the media panic... over yet another virus.....which will just be another virus in cultures with higher standards of living.  

But since China is doing the whole worlds work in building dudads and the components that run big doodads ... Those who have an easy life and riches in this new "colonial" slave trade have reason to panic.....  

Another advantage to Amazon......... at least walmarts wares have some shelf time since being in China.......

And think about food...... there may be more food coming into the US on ships that than airports.... How does Amazon and walmarts food sourcing get checked for the virus????  Right now I am pretty comfortable at Kroger who seems to have origin labels (note to 289) But how does food processed in Mexico, honduras , Chile, China, Japan, Korea or California get through inspection after being packaged by areas that have carriers of the virus.  I am going to stay clear of the food side of walmart for a while (or at least hit 200+ degrees F for a few minutes)   And amazon..... I have no confidence in the origins of whatever is in that box. (especially wines and organic labeled).  Those trucks I don't use and will not pay the rediculous freight hidden in an Amazon membership...... 

One of the biggest ironies of 2019 was that Amazon spends billions to become the door to door supplier in the same year that the original door to door supplier went under using the same formula..... Sears.   Making the customer feel special.  "A fool is born every minute" ------ this is just a new set of fools.  Amazon is just trying to reinvent the same wheel using e-mail instead of the mail.  All else it is the same "affordable" goods delivered so you don't have to leave the house.  Packaged from cheap goods from around the world.... mostly China.

Veteran Advisor

Re: Floor Talk, January 27, 2020

I  have  noticed  ''  dog  treats  ''  on  the  shelf  have  C O  O  L   label,  so  FI-DOE's  diet  isn't   compromiZed    -  -  -

SW  -   COOL  read  -  &  ''  distributed ''   from  US  54   corridor  - Smiley LOL   

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Honored Advisor

Re: Floor Talk, January 27, 2020

The Coronovirus is basically like the common flu, just easier to catch.  Mortality is about 3%, Sars was 10% and the regular flu wipes out thousands every year.  A lot of this fear is it shows how vulnerable we could be if and when the "big one", it`s kind of a wake up call.  

If these goofy countries wouldn`t be stupid and eat bats, snakes, dogs, cats and let dead chickens with their guts still in hang in the market...and then eat the guts too I suppose.   Just don`t be stupid and you won`t get sick.  "But, oooo they`re hungry, they gotta eat snakes, bats, pets and chicken guts!!!"  No, they don`t, it`s inefficient to eat roadkill.  Cattle in a feedlot yield the least expensive beef protein. 

And if you eat crap and get sick, that isn`t good either if you`re poor.  But it`s like you have some bloated dead stinky pigs outside the farrowing house, the damned Dog will grab one of them instead of eating his good dogfood.

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Veteran Advisor

Re: Floor Talk, January 27, 2020

Foreign  country's  importing  chicken  feet ,  and  offal,  is  quite  a  discussion to  add  to  this  topic  - - -

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