Floor Talk, November 1, 2019
At midsession, the Dec. corn futures are 1 3/4¢ lower at $3.88. March corn futures are 2¢ lower at $3.96 1/4.
Jan. soybean futures are 5¢ higher at $9.37. March soybean futures are 4 3/4¢ higher at $9.49 3/4.
Dec. wheat futures are 2 1/2¢ higher at $5.11 3/4.
December soymeal futures are $0.80 per short ton higher at $305.20. December soy oil futures are 0.22 cents higher at 30.97¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.01 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 236 points higher.
In early trading, the Dec. corn futures are 1/2¢ lower at $3.89. March corn futures are 3/4¢ lower at $3.98 1/4.
Nov. soybean futures are 5 1/4¢ higher at $9.22. Jan. soybean futures are 2 3/4¢ higher at $9.35.
Dec. wheat futures are 3 3/4¢ higher at $5.12 3/4.
December soymeal futures are $2.00 per short ton higher at $306.40. December soy oil futures are 0.05 cents lower at 30.70¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.84 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 160 points higher.
On Friday, private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that trade news and harvest progress dominate the minds of investors.
“Weekly export sales were yet again disappointing for corn, and soybean export sales were within expectations. The grain market shrugged off early weakness in the session on Thursday to close a little higher in the soybeans and wheat and a fraction lower in corn. We continue to find support on breaks, but our upside is limited with some harvest hedge pressure,” Kluis told customers in a daily note.
Kluis added, “Some of the recent pressure on soybeans was because the November soybeans were heading into delivery. Now that we have First Notice behind us, the soybean market could push a little higher.”
What say you?
Re: Floor Talk, November 1, 2019
IF You notice:
The Total grain products price mix IS Steadily slightly Higher.
Could be a fair amount of corn that Dries till Spring in the fields this round.
Just not enough propane to dry it And propane cost eats up a Lot of corn $$$$ worth.