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marketeye
Veteran Advisor

Floor Talk, March 20, 2020

At the close:

At the close, the May corn futures finished 1 3/4¢ lower at $3.43 3/4. July corn futures ended 1 1/2¢ lower at $3.49 1/2.

May soybean futures closed 19 1/4¢ higher at $8.62 1/2. July soybean futures settled 16 1/4¢ higher at $8.64 3/4.

May wheat futures closed 4 1/4¢ higher at $5.39 1/4.

May soymeal futures finished $10.40 per short ton higher at $325.20.

May soy oil futures closed $0.16 cents higher at 25.64¢ per pound.

In the outside markets, the NYMEX crude oil market is $2.56 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 485 points lower.

 

Mike

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At midsession:

At midsession, the May corn futures are 1/2¢ lower at $3.45. July corn futures are unchanged at $3.51.

May soybean futures are 14 3/4¢ higher at $8.57 1/2. July soybean futures are 13 1/4¢ higher at $8.61.

May wheat futures are 4¢ higher at $5.39.

May soymeal futures are $3.10 per short ton higher at $317.90.

May soy oil futures are $0.22 cents higher at 25.70¢ per pound.

In the outside markets, the NYMEX crude oil market is $2.83 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points higher.At 8:45am:

Mike

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In early trading, the May corn futures are 8 1/4¢ higher at $3.53. July corn futures are 6 1/4¢ higher at $3.57.

May soybean futures are 11 3/4¢ higher at $8.55 1/2. July soybean futures are 11 1/4¢ higher at $8.59.

May wheat futures are 10 3/4¢ higher at $5.45.


May soymeal futures are $1.90 per short ton higher at $316.70.

 May soy oil futures are $0.44 cents higher at 25.92¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.15 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 113 points higher.

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

--Export sales of 756,000 metric tons of corn for delivery to China during the 2019/2020 marketing year;

--Export sales of 340,000 metric tons of hard red winter wheat for delivery to China during the 2020/2021 marketing year and;

--Export sales of 110,000 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year.

The marketing year for wheat began June 1; corn and soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that investors are watching to see how much China begins to buy from the U.S.

“After the nice bounce in grain prices Thursday, we could see grain prices settle into a sideways trading channel. We will still see some outside pressure due to the volatility of stock and energy markets," Kluis told customers in a daily note.

Kluis added, "On Thursday, U.S. grain prices found some support. Soybeans were pushed up by rumors of China looking to buy grain from the U.S., as well as Argentina shutting a port due to the COVID-19 virus. We are also seeing some bottom picking of commodities after the recent sell-off."

 

Mike

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7 Replies
roarintiger1
Honored Advisor

Re: Floor Talk, March 20, 2020

Yea for the actual marketing post on the marketing page.  Keep them coming Mike.  We need real marketing news on this site.  Not more TDS stuff.  How about more news out of South America concerning the crops down there.  I know there has been some, but we need some reports from folks who have boots on the ground there.  Is Luis still around? 

Is anyone here in the U.S. concerned about the supply chain when it comes to spring farm inputs?  Many are saying stay in your home during this crisis.  Not sure our tractors are set up with remote control just yet.  Seems to me that I can isolate myself pretty good in my tractor cab.  Can't get more than ten folks in there anyways.   🙂

Thanks for all you do Mike

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Hobbyfarmer
Honored Advisor

Re: Floor Talk, March 20, 2020

Last evenings storms put the river out here in the Thompson fork of grand river in southern Iowa.

Seed Corn has been delivered at average of $148.18 bag all RR, some with duracade.

Been gonna ck on herb prices and availability.

 

Weather maps of Brazil raining on their corn...

https://www.weather-forecast.com/maps/Brazil?symbols=none&type=prec

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Hobbyfarmer
Honored Advisor

Re: Floor Talk, March 20, 2020

#2 diesel is not dropping price wise here like in some areas.

$1.61 to $1.89 locally for red delivered. Almost no competition left.

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rickgthf
Senior Advisor

Re: China buys 756 thousand MT of corn, what's that all about?

China has only bought anything like 700,000 MT once in the past few years, in 2017.  Is this just a token purchase to deflect from the lack of soybean sales?  Or is there some supply&demand reason for this purchase?

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Hobbyfarmer
Honored Advisor

Re: China buys 756 thousand MT of corn, what's that all about?

Been rumors that there could be a run on the banks.

Can't happen this time.

45% have zero savings

24% have less than $1000

69%

Might be a reason for the 2 welfare pmts.

There has been a run but only on banks that issue credit cards.

The stores didnt get cleaned out with cash or only debit cards.

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ksimpke
Contributor

Re: China buys 756 thousand MT of corn, what's that all about?

Is anyone here in the U.S. concerned about the supply chain when it comes to spring farm inputs? 

 

That's has been a topic of discussion here , Last Sunday and One on Monday , I received 3 calls from neighbors , all 3 young guys asking that very question -- What If ? I had no good answer for any of them , other than it could happen . Most app. drivers and general workers for the co-op's  , CPS - it don't really matter are older - best guess may be around a average in the 50's and 60's in age , Think that the local co-op said last year that there average was right at 60 . As we know - they do both dry and spray , now what IF , just one got it ?? You just can not pull somebody off the street to fill there shoes . So just how far back would that set a plant back ? As in covering spray or dry acres , then what if it's wet again ? 

What if the height of this hits later than sooner ? Say side dress time ? Drivers sick , N trucks late getting in to keep things going ?? 

Seed dealer getting sick ? 

The list goes on and on fellers 

The only thing I could tell any of them we can not control what is not in our control , but we can with what we can control . Get inputs in now , top off 28 tanks , seed and chemicals on hand - everything that you have control of and --- BEST of luck 

Now one last thing - I did do lots of custom spraying forever - and I shut that down 2 years ago , Now I'm getting calls on the what if's ?? Can I be on stand  by IF , they can't get there crops sprayed ?? Now the boys are thinking - what they can control , have a back up plan , It don't always work , Like mine last year - lol 

I blew right by plan b threw f with out leaving the house last year , but I had a plan , lol 

Be safe ! 

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wrightcattle
Veteran Advisor

The World Food

Process is ongoing.. 

The markets are now Normallacy having that. 

Bullish IS obvious with more consumption at homes now. 

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