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marketeye
Veteran Advisor

Floor Talk, March 5, 2020

At the close:

At the close, the May corn futures closed 3 1/4¢ lower at $3.83. July corn futures finished 2 1/2¢ lower at $3.83 3/4.

May soybean futures settled 10 1/4¢ lower at $8.97. July soybean futures closed 10 1/4¢ lower at $9.05 1/2.

May wheat futures finished 1/2¢ higher at $5.18 1/2.

May soymeal futures closed $5.00 per short ton lower at $303.90.

 May soy oil futures ended $0.35 cents lower at 29.39¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.01 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 1,015 points lower.

 

Jack Scoville, PRICE Futures Group, says that the markets drop due to profit-taking, outside market pressure.

“Back and fill day for corn and soybeans with some indications of good cash movement on the rally, especially corn. The export sales report was very bad for beans and a reason to see prices lower. Corn were not great, but were in the low end of expectations. Wheat sales were good. Specs taking profits on longs and holding back on new buying after futures in corn and soy went to resistance areas but did not move on through. Looking for a sideways to weaker trade to develop for the rest of the week," Scoville says.

Mike

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At midsession:

At midsession, the May corn futures are 4¢ lower at $3.81. July corn futures are 3¢ lower at $3.83 3/4.

May soybean futures are 8 3/4¢ lower at $8.99. July soybean futures are 8 1/4¢ lower at $9.07 1/2.

May wheat futures are 4 1/4¢ higher at $5.22 1/2.

May soymeal futures are $3.70 per short ton lower at $305.20.

 May soy oil futures are $0.30 cents lower at 29.44¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.18 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 666 points lower.

 

Mike

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At 8:45am:

In early trading, the May corn futures are 4 1/4¢ lower at $3.80 3/4. July corn futures are 3¢ lower at $3.83 3/4.

May soybean futures are 5 3/4¢ lower at $9.01 1/4. July soybean futures are 6¢ lower at $9.09 1/2.

May wheat futures are 1 1/2¢ lower at $5.16 1/2.

May soymeal futures are $2.20 per short ton lower at $306.70.

 May soy oil futures are $0.13 cents lower at 29.61¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.04 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 660 points lower.

Separately, the USDA’s Weekly Export Sales Report Thursday shows weak soybean demand figures.

Corn= 869,200 metric tons vs. the trade’s expectations of between 700,000-1.3 mmt.

Soybeans= 346,400 metric tons vs. trade’s expectations of 500,000-1.0 mmt.

Wheat= 570,400 mt. the trade’s expectations of between 375,000-600,000 mt.

Soybean meal= 321,600 mt. the trade’s expectations of 225,000-400,000mt.

Al Kluis, Kluis Advisors, says that as the outside markets go so go the ag markets.

“U.S. grain prices remain very well supported. Strength in the stock market helped support grain prices on Wednesday as confidence is slowly restored in the US and around the world. The US did sell some sorghum to China yesterday, so this could be the start of some good demand coming to the US from China. Grain prices will remain heavily influenced by the outside markets such as the stock market and crude oil. However, as long as they are stable, we expect grain prices to remain stable, too," Kluis stated in a daily note to customers.

Kluis added, "China is slowly getting back to conducting business as normal pre-coronavirus. As they get back to 100%, we should see an increase in demand for US commodities."

 

Mike

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2 Replies
samalan1140
Veteran Contributor

Re: Floor Talk, March 5, 2020

Just love how the cornavirus is the farmer's problem we always gotta take the hit.

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k-289
Senior Advisor

Re: Floor Talk, March 5, 2020

I'm  thinking  my  corn  yields ,  expectations  are   125   -  225  ,  report  due  in  October   -  -  -

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