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Veteran Advisor

Floor Talk, January 30, 2020

At the close:

At the close, the March corn futures finished 4 3/4¢ lower at $3.79 3/4. May corn futures settled 4 3/4¢ lower at $3.84 3/4.

March soybean futures settled 16 3/4¢ lower at $8.76 1/4. May soybean futures ended 16 1/2¢ lower at $8.90.

March wheat futures settled 1 3/4¢ lower at $5.60 1/2.

March soymeal futures closed $4.60 per short ton lower at $291.50.

 March soy oil futures ended $0.89 cents lower at 30.63¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.45 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 106 points lower.

Mike

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At midsession:

At midsession, the March corn futures are 3 3/4¢ lower at $3.80 3/4. May corn futures are 3 1/2¢ lower at $3.86.

March soybean futures are 11 3/4¢ lower at $8.81 1/4. May soybean futures are 11 3/4¢ lower at $8.96.

March wheat futures are 3 3/4¢ lower at $5.59.

March soymeal futures are $2.80 per short ton lower at $293.30.



March soy oil futures are $0.72 cents lower at 31.09¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.33 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 102 points lower.

 

Mike

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At 9am:

In early trading, the March corn futures are 2 3/4¢ lower at $3.81. May corn futures are 2 1/2¢ lower at $3.87 1/4.

March soybean futures are 6 3/4¢ lower at $8.86 1/4. May soybean futures are 6 3/4¢ lower at $9.00.

March wheat futures are 4 3/4¢ lower at $5.58.


March soymeal futures are $1.40 per short ton lower at $294.70.

 March soy oil futures are $0.43 cents lower at 31.09¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.66 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 72 points lower.

Al Kluis, Kluis Advisors, says that the whole commodity complex feels a bit jittery.

“Much of China is taking their New Year Lunar holiday--and dealing with the potential effects of coronavirus. Seasonally, this is a slower time of the year for grain prices. Expect rallies to be hard to come by, and hard to support, ” Kluis stated in a daily note to customers.

Kluis added, “Nearby soybeans rallied a little over 60 cents from the low of $8.88 ¼ (December 12) to our $9.49 high (January 2). Since then, nearby soybeans have taken back the entire 60+ cent rally and found support at $8.88 ¼ earlier this week. This gives us a double bottom. If the double bottom support does not hold, then we should find support at $8.67 ½.”

On Thursday, private exporters reported to the USDA export sales of 30,000 metric tons of soybean oil for delivery to Egypt during the 2019/2020 marketing year.

The marketing year for soybean oil began Oct.1.

 

USDA's Weekly Export Sales Report shows weak soybean sales, strong corn demand:

On Tuesday, private exporters reported to the USDA export sales of 124,355 metric tons of corn for delivery to Mexico during the 2019/2020 marketing year.

The marketing year for corn began Sept. 1.


Separately, the USDA’s Weekly Export Sales Report Thursday shows strong demand figures.

Corn= 1.37 million metric tons vs. the trade’s expectations of between 500,000-1.2 mmt.

Soybeans= 471,700 metric tons vs. trade’s expectations of 400,000-1.2 mmt.

Wheat= 647,300 mt. the trade’s expectations of between 200,000-700,000 mt.

Soybean meal= 438,800 mt. the trade’s expectations of 200,000-500,000mt.

USDA's Weekly Export Sales breakdown for Soybeans:  Net sales of 469,700 MT for 2019/2020 were down 41 percent from the previous week and 11 percent from the prior 4-week average.

Increases primarily for China (360,900 MT, including 210,000 MT switched from unknown destinations), Japan (95,700 MT, including 59,000 MT switched from unknown destinations and decreases of 5,200 MT), Spain (71,400 MT, including 65,200 MT switched from unknown destinations and decreases of 100 MT), the Netherlands (69,100 MT, including 60,000 MT switched from unknown destinations), and Thailand (45,400 MT, including decreases of 200 MT), were offset by reductions for unknown destinations (370,500 MT) and Mexico (2,200 MT).

For 2020/2021, total net sales of 2,000 MT were for Japan. Exports of 1,231,200 MT were up 17 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to China (556,900 MT), Japan (115,200 MT), Saudi Arabia (71,500 MT), Spain (71,400 MT), and Netherlands (69,100 MT).

 

Mike

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4 Replies
Advisor

Re: Floor Talk, January 30, 2020

Absolutely disgusting!!! Pretty soon at these valuations the Chinese 50$ billion in purchases is going to amount to 10 billion bu.  Awfully nice of you fellas to reward them with such discounted prices for the trade issues supposedly they were responsible for. #crookss

Veteran Advisor

Re: It doesn't matter what the price is if they're not buying.

It doesn't matter what the price is if they're not buying.  95+ million acres of corn, here we come.

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Veteran Advisor

Re:Down, down, down, there she goes, where she stops, nobody knows.

Down, down, down, there she goes, where she stops, nobody knows.

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Frequent Contributor

Re: Floor Talk, January 30, 2020

The next great depression is on the horizon bankrupt the farmers and it will be here.

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