Floor Talk July 11
At the close:
At close, the September corn futures finished 7 3/4¢ lower at $3.40. December futures ended 7 1/2¢ lower at $3.53 1/4.
August soybean futures settled 22 3/4¢ lower at $8.33. November soybean futures finished 23 1/2¢ lower at $8.48 1/4.
September wheat futures closed 20 1/4¢ lower at $4.71 3/4.
August soymeal futures finished $1.70 per short ton lower at $330.50. August soy oil futures finished 0.56¢ lower at 28.43.
In the outside markets, the NYMEX crude oil market is $3.42 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 194 points lower.
At mid-session, the September corn futures are 6 3/4¢ lower at $3.41. December futures are 6 3/4¢ lower at $3.54.
August soybean futures are 17 3/4¢ lower at $8.38. November soybean futures are 18 1/2¢ lower at $8.52.
September wheat futures are 13¢ lower at $4.78.
August soymeal futures are $1.00 per short ton lower at $331.20. August soy oil futures 0.44¢ lower at 28.55.
In the outside markets, the NYMEX crude oil market is $1.77 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 195 points lower.
In early trading, the September corn futures are 4 1/4¢ lower at $3.43. December futures are 4 1/4¢ lower at $3.56.
August soybean futures are 18 1/4¢ lower at $8.37. November soybean futures are 18 1/2¢ lower at $8.53.
September wheat futures are 8 1/2¢ lower at $4.83.
August soymeal futures are $2.00 per short ton lower at $330.20. August soy oil futures 0.43¢ lower at 28.56.
In the outside markets, the NYMEX crude oil market is $0.72 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 149 points lower.
Al Kluis, Kluis Advisors, says that the soybean market is reeling from trade news pressure.
“It is worth noting that soybeans have nearly retraced the entire rally from last Friday. The outside markets--as well as commodities this morning--were rattled by the announcement of a new 200 billion dollar list of Chinese goods that will be subject to US duties starting mid- to late August,” Kluis stated in a daily note to customers.
Kluis adds that until we get the trade war settled and behind us, traders will be reluctant to build a long position.
“When good news about the trade war hits the news wires, the momentum traders will be quick to reverse their shorts and look to build a long position,” Kluis stated in a newsletter Wednesday.
Soybeans and corn were lower overnight on renewed trade war concerns after the US Trade Representative said it's been instructed to impose tariffs on an additional $200 billion worth of Chinese goods. The new levies will go into effect after a two-month public comment period. Beans were down 12 cents overnight, corn lost 3 cents and wheat was down 4-6 cents. The US had said that it would threaten more tariffs if China retaliated against the imposition of tariffs on $34 billion worth of Chinese goods put in place last Friday. China said it would retaliate, though it's unclear how it would do so. In weather news, a heat wave is spreading in the Midwest with an advisory issued for much of eastern South Dakota and Nebraska and western Minnesota and Iowa, along with the already-hot weather in Kansas and Missouri, according to the National Weather Service. Get all the details in today's 3 Big Things.
West Texas Intermediate = down 1.2%.
Brent Crude = down 1.9%
Dollar = up 0.1%.
Wall Street = U.S. stock lower pre-market.
World Markets = Global stocks lower overnight.
Re: Floor Talk July 11
Let me help you there Cborman, "Farmers don't want a handout we want fair prices but with these *TARIFFS* it's not possible."
Elections have consequences.
Re: Floor Talk July 11
Supply? That's been dwindling rapidly, and this years crop ain't out tha field yet! Lol