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Veteran Advisor

Floor Talk, March 22, 2019

At the close:

At the close, the May futures finished 2¢ higher at $3.78 1/2. July futures closed 2¢ higher at $3.87 1/2.

May soybean futures ended 6 3/4¢ lower at $9.03 3/4. July soybean futures finished 7¢ lower at $9.17 3/4.


 

May wheat futures finished 1/2¢ lower at $4.66.

 



May soymeal futures finished 0.30 per short ton lower at $315.00.

 May soy oil futures closed 0.44 lower at 28.66¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.94 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 321 points lower.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 300,000 metric tons of corn for delivery to China during the 2018/2019 marketing year.

The marketing year for corn began Sept. 1.

 

Jack Scoville, PRICE Futures Group, says that investors are weighing the significance of China buying U.S. corn.

 

Yes, it is the big question. But I think we have been firm anyway and this has been talked about. Still, China did buy and it did support the market, as it created some new spec buying. We ran into strong overhead resistance at $3.80, basis the May futures and also found some farm selling at that level,” Scoville says.

 

Scoville added, “I think we will rally more once we see the damage but we need to take some profits and fade from resistance a bit,” Scoville says.

 

Mike

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At midsession:

 

At midsession, the May futures are 1/4¢ higher at $3.76 1/2. July futures are 1/4¢ higher at $3.85 3/4.

May soybean futures are 7¢ lower at $9.03 1/2. July soybean futures are 7 1/2¢ lower at $9.16 3/4.


 

May wheat futures are 1/4¢ higher at $4.66.



 

May soymeal futures are 0.90 per short ton lower at $314.40.

 May soy oil futures are 0.37 lower at 28.73¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $1.55 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 387 points lower.

 

 

Mike

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At 9:30am:

 

In early trading, the May futures are 3 1/2¢ higher at $3.79 1/4. July futures are 3 1/4¢ higher at $3.88.

May soybean futures are 2 1/2¢ lower at $9.08. July soybean futures are 2 3/4¢ lower at $9.21 1/2.


 

May wheat futures are 4 1/2¢ higher at $4.71.



 

May soymeal futures are 0.10 per short ton lower at $315.20.

 May soy oil futures are 0.23 lower at 28.87¢ per pound.



 

In the outside markets, the NYMEX crude oil market is $0.94 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 241 points lower.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 300,000 metric tons of corn for delivery to China during the 2018/2019 marketing year.

The marketing year for corn began Sept. 1.

 

Al Kluis, Kluis Advisors, says that the U.S., China trade talk is getting to be old hat for investors.

 

“Thirty-day forecasts suggest a continuation of the cold and wet pattern for the plains. Crude oil hit a new five-month high on Thursday as prices surpassed the $60 mark. The damage caused by flooding in the Dakotas, Minnesota, Iowa and Nebraska won’t be known for weeks. Traders have plenty of material to digest as spring unfolds across the heart of the US.,” Kluis told customers in a daily note.

 

He added, “Will the Commitments of Traders report (to be released this afternoon) show funds adding to their short positions in the grains? Open interest in corn is suggesting new buyers are entering the market. If validated, then this would mean the funds holding shorts have not started exiting those positions, yet."

 

 

Thanks,

 

Mike

 

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