Floor Talk July 13, 2020

[marketeye]

At the close:

At the close, the Sept. corn futures finished 8 1/4¢ lower at $3.28 3/4. Dec. corn futures finished 8 1/4¢ lower at $3.36 1/4.

Aug. soybean futures closed 13 1/4¢ lower at $8.74. November soybean futures finished 15 1/2¢ lower at $8.75 3/4.

Sep. wheat futures closed 9 1/4¢ lower at $5.24 3/4.


Aug. soymeal futures settled $7.90 per short ton lower at $284.60.

 Aug. soy oil futures closed $0.14 cent lower at 28.08¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.32 per barrel lower at $40.23. The U.S. dollar is lower, and the Dow Jones Industrials are 369 points higher.

Mike

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At midsession:

At midsession, the Sept. corn futures are 7 1/4¢ lower at $3.30. Dec. corn futures are 7 1/4¢ lower at $3.37 1/4.

Aug. soybean futures are 14¢ lower at $8.73 1/4. November soybean futures are 17¢ lower at $8.73 3/4.

Sep. wheat futures are 8 3/4¢ lower at $5.25 3/4.


Aug. soymeal futures are $6.50 per short ton lower at $286.00.

Aug. soy oil futures are $0.25 cent lower at 27.97¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.06 per barrel higher at $40.61. The U.S. dollar is lower, and the Dow Jones Industrials are 420 points higher.

Jack Scoville, PRICE Futures Group, says that the markets are digesting weather news.

“Still a weather market, but now the weather looks better. Cooler here and some rains seen over the weekend. Plus, the U.S. government said it will not start "phase 2" negotiations with China anytime soon, due to increased tensions in other areas. This news is not good for soybeans. So, the spec is selling this," Scoville says.

Mike

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At 8:45am:

See the opening prices for Monday: Monday's markets take a haircut

Mike

[sdholloway56]

Not sure when on Friday the announcement that we're surrendering in the trade war with China came.

Having already surrendered to Russia and the coronavirus they'll need to take a number.

Navarro has apparently been repurposed as the lead attack dog on Fauci. As little as he may know about trade I suspect he knows less about public health.

[illinifarmer]

Markets just took a haircut Friday, no shortage of excuses for these fellas.  Real shame not rallying with outside markets for the 20th time on vaccine hopes.  Scared money don’t make money unless you ignore the facts.  Happy Monday 😷

[popspoppe]

The market surely was not impressed with China's largest corn purchase in years. So, all you MAGA people just exactly how is this easy to win trade war supposed to work anyway. AS far as wars go I myself am thinking back to Nam getting shot at, sleeping in the mud, and feeding the bugs was not much fun and by, the way we lost that one.

[rickgthf]

Today, it's a different kind of war with the causalities hooked up to a ventilator and suffocating to death but it's still war.