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Veteran Advisor

Floor Talk July 24, 2020

At midsession:

At midsession, the Sept. corn futures are 2 1/4¢ lower at $3.25 1/4. Dec. corn futures are 1 1/4¢ lower at $3.34 3/4.

Aug. soybean futures are 4 1/2¢ lower at $9.01 3/4. November soybean futures are 5 3/4¢ lower at $8.95 1/2.

Sep. wheat futures are 9 3/4¢ higher at $5.39 1/4.

Sep. soymeal futures are $0.60 per short ton lower at $292.50.

Aug. soy oil futures are $0.18 cent lower at 29.74¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.29 per barrel lower at $40.78. The U.S. dollar is lower, and the Dow Jones Industrials are 128 points lower.

On Thursday, private exporters reported to the USDA the following activity:

-- Export sales of 252,000 metric tons of soybeans received in the reporting period for delivery to unknown destinations. Of the total, 6,000 metric tons is for delivery during the 2019/2020 marketing year and 246,000 metric tons is for delivery during the 2020/2021 marketing year.

--Export sales of 133,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1; soybean cake and meal began Oct. 1.

Al Kluis, Kluis Advisors, says that demand is helping underpin the market.

"Weekly export sales data was very solid for new crop corn and soybeans. If this trend continues, then the soybean bulls will retain an advantage. The US balance sheet could be rather tight, especially if China holds true to the Phase One trade agreement," Kluis told customers in a daily note.

Kluis added, "The steady decline in the U.S. dollar during July should aid the grain bulls. New contract lows in the dollar should encourage strong exports."




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