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marketeye
Veteran Advisor

Floor Talk, March 23, 2020

At the close:

 

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

May soybean futures settled 21 1/2¢ higher at $8.84. July soybean futures finished 20 3/4¢ higher at $8.85 3/4.

May wheat futures closed 23 1/4¢ higher at $5.62 1/4.

May soymeal futures finished $8.40 per short ton higher at $333.60.

May soy oil futures closed $0.50 cents higher at 26.14¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.05 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 633 points lower.

Mike

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At 11:38am:

USDA Export Sales Correction:

 

FAS program Announcement FAS-ESR-022-20, issued at 9:00 a.m. on March 20, 2020, which announced export sales of 340,000 metric tons of hard red winter wheat to China during the 2020/2021 marketing year was issued in error. The corrected announcement is as follows:

 

-- Private exporters reported to the U.S. Department of Agriculture export sales of 340,000 metric tons of hard red winter wheat for delivery to China. Of the total, 55,000 metric tons is for delivery during the 2019/2020 marketing year and 285,000 metric tons is for delivery during the 2020/2021 marketing year.

 

All other details of the announcement released on March 20, 2020 are correct.

 

The marketing year for wheat began June 1.

 

Mike

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At midsession:

At midsession, the May corn futures are 1 1/4¢ lower at $3.42 3/4. July corn futures are 1 1/4¢ lower at $3.48 1/2.

May soybean futures are 13¢ higher at $8.75. July soybean futures are 13 1/4¢ higher at $8.78 3/4.

May wheat futures are 18 1/4¢ higher at $5.58 1/4.

May soymeal futures are $4.20 per short ton higher at $329.40.

 May soy oil futures are $0.18 cents higher at 25.82¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.70 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 689 points lower.

Mike

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At 8:45am:

In early trading, the May corn futures are 3/4¢ lower at $3.43 3/4. July corn futures are 1/4¢ lower at $3.49 1/2.

May soybean futures are 13 3/4¢ higher at $8.76. July soybean futures are 13 1/4¢ higher at $8.78 3/4.

May wheat futures are 17 1/4¢ higher at $5.56 1/4.

May soymeal futures are $8.80 per short ton higher at $334.00. 

May soy oil futures are $0.07 cents higher at 25.71¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 455 points lower.

Al Kluis, Kluis Advisors, says that investors are watching to see whether the South American port strikes will benefit U.S. bean prices.

“The potential lock-out of workers at the ports in Argentina and then Brazil later this week will create huge near-term demand for US soybeans and soybean meal," Kluis told customers in a daily note.

Kluis added, "Will the workers at the grain exporting terminals in Argentina and Brazil refuse to go to work? If so, then the May contracts of corn, soybeans, and meal will rally compared to the July and new crop contracts."

Mike

1 Reply
k-289
Senior Advisor

Re: Floor Talk, March 23, 2020

Equities  settling  back  to  from ,   Irrational  Exuberance  levels , while  commodity  staples  gain  value is  encouraging -  -  -

Stag-flation  is  another  story,  lurking  in  the  arena  -   -   - 

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