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Veteran Advisor

Floor Talk, March 6, 2020

At midsession:

At midsession, the May corn futures are 5¢ lower at $3.76 1/2. July corn futures are 3 1/2¢ lower at $3.80.

May soybean futures are 5 3/4¢ lower at $8.91 3/4. July soybean futures are 5 1/2¢ lower at $8.99 1/2.

May wheat futures are 4 1/4¢ lower at $5.14 1/4.


May soymeal futures are $1.00 per short ton higher at $304.90.

 May soy oil futures are $0.76 cents lower at 28.63¢ per pound.



In the outside markets, the NYMEX crude oil market is $3.61 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 539 points lower.

 

Mike

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At 8:45am:

In early trading, the May corn futures are 1 1/4¢ lower at $3.80 1/2. July corn futures are 1 1/2¢ lower at $3.82.

May soybean futures are 2 1/4¢ lower at $8.94 3/4. July soybean futures are 1 1/2¢ lower at $9.03 1/2.

May wheat futures are 1/4¢ higher at $5.19.

May soymeal futures are $1.70 per short ton higher at $305.60.

 May soy oil futures are $0.44 cents lower at 28.95¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.90 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 757 points lower.

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

--Export sales of 211,336 metric tons of corn received in the reporting period for to delivery to unknown destinations during the 2019/2020 marketing year;

--Export sales of 234,688 metric tons of corn for delivery to Japan during the 2019/2020 marketing year.

The marketing year for corn began Sept. 1.

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

“One thing about the stock market and this violent action back and forth is when we see this type of trade action it typically signals we are close to a top or bottom. Time will tell if we are at a bottom. For the grains we will likely just trend sideways waiting for the Stock market to stabilize and China to start buying US products," Kluis stated in a daily note to customers.

Kluis added, "I think with pressure on grain prices from the coronavirus and a volatile stock market lately our timing cycles that suggest a low for corn and soybean in early March will prove to be spot on this year."

 

Mike

 

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3 Replies
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Honored Advisor

Re: Floor Talk, March 6, 2020

Hopefully, Al realizes that when the stock market goes up, grain prices go down. Also, when the stock market goes down, grain prices go down.

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Veteran Contributor

Re: Floor Talk, March 6, 2020

When the china deal was signed the idiot traders were looking for anything they could find to keep our prices low they needed something new badly and boom what a miracle the cornavirus just happens to come out.

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Senior Advisor

Re: China deal? What China deal?

China deal? What China deal?

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