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Veteran Advisor

Floor Talk, March 17, 2020

At the close:

At the close, the May corn futures finished 10 3/4¢ lower at $3.44. July corn futures ended 8 1/2¢ lower at $3.50.

May soybean futures settled 2 1/2¢ higher at $8.24 3/4. July soybean futures are 1/2¢ higher at $8.31.

May wheat futures ended 1 1/4¢ higher at $4.99.

May soymeal futures settled $2.00 per short ton higher at $298.30.

 May soy oil futures closed $0.25 cents higher at 25.24¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.56 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 785 points higher.

 

Mike

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At midsession:

At midsession, the May corn futures are 6 1/2¢ lower at $3.48. July corn futures are 5 3/4¢ lower at $3.52.

May soybean futures are 5 3/4¢ higher at $8.27 3/4. July soybean futures are 4¢ higher at $8.34.

May wheat futures are 6 1/4¢ higher at $5.04.

May soymeal futures are $1.00 per short ton higher at $297.30.

May soy oil futures are $0.48 cents higher at 25.47¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.14 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 1,076 points higher.

 

Mike

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At 8:45am:

In early trading, the May corn futures are 1/2¢ higher at $3.55 1/2. July corn futures are 1/4¢ higher at $3.58.

May soybean futures are 5 3/4¢ higher at $8.27 3/4. July soybean futures are 5 1/2¢ higher at $8.36.

May wheat futures are 1 1/4¢ higher at $4.99 1/4.

May soymeal futures are $1.60 per short ton higher at $297.90.

May soy oil futures are $0.48 cents higher at 25.47¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.12 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 345 points higher.

On Monday, the DJIA fell 8%, triggering the system's circuit breaker. The markets closed for fifteen minutes, before resuming trade.

Al Kluis, Kluis Advisors, says that investors should prepare for another volatile week.

“On Monday the stock and energy markets again collapsed, taking the grain markets sharply lower. Livestock futures again fell to new life-of-contracts lows," Kluis told customers in a daily note.

Kluis added, "When the bull spreads start working in the corn and soybean markets, it may signal a low. Bull spreads start working when commercials are active buyers, more than offsetting massive fund-selling. Watch the plunge in gasoline and ethanol prices. The nearby gasoline price dropped by 21 cents per gallon, falling to 70 cents per gallon. This is now at the lowest price since November 2002. Ethanol prices fell to new all-time lows on Monday, falling 16 cents per gallon to $1.03 per gallon. It is unusual to see ethanol trading at a 33 cent per gallon premium to gasoline, rather than a 30 cent discount."

 

Mike

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Veteran Contributor

Re: Floor Talk, March 17, 2020

Farmer's can't make it on these prices!!!!

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