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Veteran Advisor

Floor Talk July 6, 2020

CFTC Report:

On Monday, the CFTC released its delayed Commitments of Traders Report (COT) from Friday.

In the COT report, it’s indicated that the managed money investors sold off some of their large short positions in the corn market, while they added top their net long positions in the soybean market.

Specifically for corn, managed money net positions, ending June 30th, totaled 202,000 contracts vs. 277,000 on June 23rd.

For soybeans, the managed money net long positions climbed to 67,800 contracts, vs. 44,300 on June 23rd.

For wheat, managed money net short positions dwindled from 48,200 on June 23rd to 38,800 on June 30th.

 

What say you?

 

Mike

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At the close:

At the close, the Sept. corn futures settled 3¢ higher at $3.46 1/2. Dec. corn futures ended 2 1/2¢ higher at $3.56.

Aug. soybean futures finished 7 1/2¢ higher at $8.98 3/4. November soybean futures closed 9 1/4¢ higher at $9.06 1/4.

Sep. wheat futures finished 1 1/4¢ higher at $4.93 1/4.

Aug. soymeal futures closed $1.60 per short ton higher at $297.80.

Aug. soy oil futures ended $0.45 higher at 28.54¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.04 per barrel lower at $40.99. The U.S. dollar is lower, and the Dow Jones Industrials are 394 points higher.

 

Mike

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At midsession:

 

At midsession, the Sept. corn futures are 3¢ higher at $3.46 1/2. Dec. corn futures are 2 1/2¢ higher at $3.56.

Aug. soybean futures are 7 1/2¢ higher at $8.98 3/4. November soybean futures are 10 1/4¢ higher at $9.07.

Sep. wheat futures are 2¢ lower at $4.90.

Aug. soymeal futures are $2.00 per short ton higher at $298.20.

Aug. soy oil futures are $0.49 higher at 28.58¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.34 per barrel higher at $40.99. The U.S. dollar is lower, and the Dow Jones Industrials are 389 points higher.

 

Mike

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At 8:45am:

 

Monday's markets surge higher. 

 

Full story:  $9.00 soybeans is the highlight of Monday's markets.

 

Thanks,

 

Mike

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Advisor

Re: Floor Talk July 6, 2020

Nice, keep up the hard work another 3-4 day holiday coming.  Only another 5$ to go and we’ll have something to talk about in the soybean market.

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