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Veteran Advisor

Floor Talk, November 11, 2019

At the close:

At the close, the Dec. corn futures finished 4¢ lower at $3.73 1/4. March corn futures finished 4 1/2¢ lower at $3.82.

Jan. soybean futures ended 14 1/2¢ lower at $9.17. March soybean futures closed 13 1/2¢ lower at $9.30 1/2.

Dec. wheat futures closed 4 1/4¢ lower at $5.05.



December soymeal futures settled $4.30 per short ton lower at $300.60.

 December soy oil futures settled 0.08 cents lower at 31.42¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.36 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points higher.

Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that the markets have a softer tone, across the board today, after little changes were made to the balance sheets in the USDA's WASDE report on Friday.

“The soybean market had obviously priced in a production reduction of some fashion. With no changes and a reduction to the crush demand, the soybean carryout estimate grew slightly. A softer tone on 'stage 1' of a deal with China isn't helping today either,” O’Connell says.

She added, “While the USDA did reduce corn yield, it also offset demand. Ethanol, feed usage and exports were all trimmed and rightly so. Exports, in particular, are behind schedule for corn this year. Other than that the news is light today. Trading volume was light early on as well,” O’Connell says.

 

At 9am:

In early trading, the Dec. corn futures are 1¢ lower at $3.76. March corn futures are 1¢ lower at $3.85.

Jan. soybean futures are 7 3/4¢ lower at $9.23 1/4. March soybean futures are 7 3/4¢ lower at $9.36.

Dec. wheat futures are 1/4¢ higher at $5.10.



December soymeal futures are $3.10 per short ton lower at $301.80.

December soy oil futures are 0.21 cents higher at 31.71¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.30 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 91 points lower.

Al Kluis, Kluis Advisors, says that investors are still digesting Friday’s USDA data.

“On Friday, the grain markets closed mixed after the confusing USDA Crop Reports at 11 AM. The reports showed a slightly smaller corn crop, a soybean crop that was virtually unchanged from October and a slightly smaller wheat crop,” Kluis told customers in a daily note.

Kluis added, “When the USDA's corn yield drops between October and November, it almost always is reduced again in the final USDA Crop Production report in January.”

 

Mike

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3 Replies
Advisor

Seems that


@marketeye wrote:

At 9am:

In early trading, the Dec. corn futures are 1¢ lower at $3.76. March corn futures are 1¢ lower at $3.85.

Jan. soybean futures are 7 3/4¢ lower at $9.23 1/4. March soybean futures are 7 3/4¢ lower at $9.36.

Dec. wheat futures are 1/4¢ higher at $5.10.



December soymeal futures are $3.10 per short ton lower at $301.80.

December soy oil futures are 0.21 cents higher at 31.71¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.30 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 91 points lower.

Al Kluis, Kluis Advisors, says that investors are still digesting Friday’s USDA data.

“On Friday, the grain markets closed mixed after the confusing USDA Crop Reports at 11 AM. The reports showed a slightly smaller corn crop, a soybean crop that was virtually unchanged from October and a slightly smaller wheat crop,” Kluis told customers in a daily note.

Kluis added, “When the USDA's corn yield drops between October and November, it almost always is reduced again in the final USDA Crop Production report in January.”

Mike


Seems like the USDA will be so far off base by their Jan final crop production that they simply do a data RESET,  to get back to the real world. 

We'll see. 

 

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Re: Floor Talk, November 11, 2019

So, holiday sure wish these guys didn’t show up to work today.  Look at the money we’d save.  Pretty sad when everyday is lower and farmers make more when you guys don’t work at all.

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Re: Floor Talk, November 11, 2019

For what it's worth, if anyone didn't get a chance to view the USDA's "Oilseeds:  World Market and Trade" full Nov 2019 report, here's the link:

https://downloads.usda.library.cornell.edu/usda-esmis/files/tx31qh68h/7d2797406/cj82kp34g/oilseeds.p...

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