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Veteran Advisor

Floor Talk, July 17, 2019

At the close:

At the close, the Sep. corn futures finished 3/4¢ higher at $4.36. Dec. corn futures settled 1/4¢ higher at $4.41 1/2.

Aug. soybean futures settled 5 1/4¢ lower at $8.82 1/2. November soybean futures closed 5 1/2¢ lower at $9.00 1/2.

Sep. wheat futures closed 2¢ lower at $5.05 1/2.



August soymeal futures finished $0.90 per short ton lower at $307.50.

 August soy oil futures closed $0.31 lower at 27.68¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.84 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 58 points lower.

Mike

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At 11:43am:

 

At midsession:

 

At midsession, the Sep. corn futures are 3¢ higher at $4.38. Dec. corn futures are 2 3/4¢ higher at $4.44.

Aug. soybean futures are 1 3/4¢ higher at $8.89 1/2. November soybean futures are 1 3/4¢ higher at $9.07 1/2.

Sep. wheat futures are 1¢ higher at $5.08 1/2.



August soymeal futures are $1.20 per short ton higher at $309.60.

 August soy oil futures are $0.13 lower at 27.86¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.29 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 32 points lower.

Jason Roose, U.S. Commodities, says that the markets could remain choppy.

“Grains are trading mixed today with a wide trading range. The forecast,short term and long gives some hopes for the bulls and the bears in this market. Rains and cooler temps would aid the late plated crop. The talk of a continued weaker dollar could add to the thoughts of a positive export future,” Roose says.

 

Mike

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At 8:55am:

In early trading, the Sep. corn futures are 6 1/4¢ higher at $4.41. Dec. corn futures are 5 1/4¢ higher at $4.46 1/4.

Aug. soybean futures are 4 1/2¢ higher at $8.92 3/4. November soybean futures are 4 1/2¢ higher at $9.10 1/2.

Sep. wheat futures are 3 3/4¢ higher at $5.11.



August soymeal futures are $0.30 per short ton higher at $308.70.

 August soy oil futures are $0.15 higher at 28.14¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.68 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 8 points lower.

Al Kluis, Kluis Advisors, says that investors may be preparing themselves for a panic trading period.

“One aspect to consider is that we have seen very consistent volume over the last few days, even though prices have been volatile. This suggest we have not seen the panic trade unfold yet. We usually get the panic trade after a big move up in the summer, based on poor weather. Then we see prices collapse. Both on the way up and way down, we see a couple days with huge volume,” Kluis told customers in a daily note.

Kluis added, “The heat that will hit parts of the Corn Belt this week and next is going to create production problems if it persists into August. Some heat will help push the crop along. However, cranking up the oven during pollination is never good for yields.”

 

What say you?

 

Mike

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