Floor Talk July 16, 2020

[marketeye]

At the close:

At the close, the Sept. corn futures finished 4¢ higher at $3.30 3/4. Dec. corn futures ended 3 1/2¢ higher at $3.37 1/4.

Aug. soybean futures closed 7 1/4¢ higher at $8.93 3/4. November soybean futures settled 8 1/4¢ higher at $8.91.

Sep. wheat futures settled 15 1/4¢ lower at $5.35 1/4.


Aug. soymeal futures closed $1.20 per short ton higher at $287.00.

 Aug. soy oil futures ended $0.47 cent higher at 29.27¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.42 per barrel lower at $40.78. The U.S. dollar is higher, and the Dow Jones Industrials are 197 points lower.

Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says both corn and soybeans are trading higher.

"Corn does not have a significant storyline to hang its hat on, but is likely looking to go fill a gap that was left on the chart from $3.38 to $3.40. Soybeans are back testing old resistance and looking to challenge $9.00. China continues to be an active buyer and we have yet to move into the time of year where soybeans are most sensitive to weather," O'Connell says.

Mike

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At midsession:

At midsession, the Sept. corn futures are 6 1/4¢ higher at $3.32 3/4. Dec. corn futures are 5 1/4¢ higher at $3.39 1/4.

Aug. soybean futures are 8¢ higher at $8.94 3/4. November soybean futures are 8 3/4¢ higher at $8.91.

Sep. wheat futures are 1 1/43¢ lower at $5.37.



Aug. soymeal futures are $1.70 per short ton higher at $287.50.

 Aug. soy oil futures are $0.40 cent higher at 29.20¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.12 per barrel lower at $40.73. The U.S. dollar is lower, and the Dow Jones Industrials are 125 points lower.

Mike

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At 8:45am:

Full story:  Farm markets lean higher on demand Thursday.

Mike

[rickgthf]

Those are pretty sizable purchases for 2019/2020 market year, can they get it all moved in the next month & a half or does it get rolled over to next year.

In other news, the Chinese posted 6% growth, looks like they will avoid a recession. They still have headwinds but their tough response to the virus has paid off for them.

  Meanwhile, missteps in some US states will cause it to drag on the economy for months, even years here.

[nitefarm]

Yeah especially those that want to keep most of the state shutdown 

[BA Deere]

China can look pretty good, they don`t value human life and their government controls the media, where in this country the media thinks they control the government.

[nitefarm]

That’s what I was getting at. Didn’t think it had to be spelled out, but guess I was wrong. Thanks 

[BA Deere]

All this damn hype over numbers of Covid CASES in  "Floridia, Arizona and Texas" coincidentally election battleground states  😉  

Yankees on spring break on the Gulf having parties to see who catches Covid first..how`s ANY POTUS supposed to herd those cats? 

But here is the US ranking in the world that CNN doesn`t report as of July 17, 2020

https://www.statista.com/statistics/1104709/coronavirus-deaths-worldwide-per-million-inhabitants/   

US death rate from Covid 422 per million of population

Belgium	9,795	11.42	857.55
United Kingdom	45,119	66.49	678.59
Spain	28,416	46.72	608.17
Italy	35,017	60.43	579.45
Sweden	5,593	10.18	549.24
France	30,049	66.99	448.58
USA	138,174	327.17	422.33
Peru	12,615	31.99	394.35
Chile	7,290	18.73	389.23
Brazil	76,688	209.47	366.11
Ireland	1,749	4.85	360.36
Netherlands	6,137	17.23	356.16
Ecuador	5,207	17.08	304.78

[sw363535]

wow ba  422   ----- thats a 0.000422 % death rate.....

The joke just keeps on  ------Spent some time in Wichita yesterday..... City council has decreed no one in a convenience store without a mask...   Young lady told me in the parking lot as she swayed in with her designer mask....  Just in the door teller says "put it over your nose and mouth!" ---- Mens restroom ... no one wearing a mask and trash has many .....  Snuck back out to the car and first young lady sways back to her SUV slams the door next to me... looks back my way without mask on her pretty face and lights up a cigarette.

Now if that picture doesn't say it all........    She's got a lottery winning chance of dying of covid19, and a very slim chance of ever catching it but that cigarette will sure kill her eventually.  She doesn't care because she knows it is not about dying.... it is about telling me I have to wear it.   Her chance of being a "case" of covid19 is rising every day, I here all you have to do is drive by a testing place to become a statistic.

My grandson has the answer for her....... he would have peed on the sidewalk outside. 🙂

What a comedy show we are.