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Veteran Advisor

Floor Talk, November 12, 2019

At the close:

At the close, the Dec. corn futures finished 4 1/2¢ higher at $3.77 3/4. March corn futures closed 4 1/2¢ higher at $3.86 1/2.

Jan. soybean futures closed unchanged at $9.17. March soybean futures closed 1/4¢ lower at $9.30 1/4.

Dec. wheat futures finished 11 1/4¢ higher at $5.17.



December soymeal futures closed $1.70 per short ton higher at $302.30.

 December soy oil futures closed 0.39 cents lower at 31.03¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.01 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points higher.

 

Mike

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At 11:14am:

 

At midsession, the Dec. corn futures are 2 3/4¢ higher at $3.76. March corn futures are 2 1/4¢ higher at $3.84 3/4.

Jan. soybean futures are 1¢ higher at $9.18. March soybean futures are 1/2¢ higher at $9.31.

Dec. wheat futures are 8 1/4¢ higher at $5.14.



December soymeal futures are $1.20 per short ton higher at $301.80.

 December soy oil futures are 0.35 cents lower at 31.07¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.10 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points higher.

 

Mike

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At 8:58am:

In early trading, the Dec. corn futures are 1/2¢ lower at $3.72 1/4. March corn futures are 1/4¢ lower at $3.81 3/4.

Jan. soybean futures are 1¢ lower at $9.16. March soybean futures are 1 1/2¢ lower at $9.29.

Dec. wheat futures are 1/4¢ higher at $5.06.



December soymeal futures are $0.50 per short ton higher at $301.10.

 December soy oil futures are 0.25 cents lower at 31.17¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.37 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points higher.

Al Kluis, Kluis Advisors, says that outside markets may influence the ag commodities.

“The announcement by Trump that he would not agree to a partial rollback on tariffs with China prior to “Phase 1” signing put pressure on the stock and commodity markets on Monday,” Kluis told customers in a daily note.

Kluis added, “The timing was right for a low in the corn market on Monday. The last two lows each month have come in on 9/9/19 and then on 10/10/19 maybe the corn market put in the low on 11/11/19?”

 

Mike

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3 Replies
Advisor

Re: Floor Talk, November 12, 2019

Deans milk is filing for bankruptcy.  Shocking considering how wonderful the economy is doing.  The USA #1 milk company going under, just another example of how actual farmers are doing.  Sad.  Oh and you can’t say the low is in every month on the 9,10,or 11th when they’re all lower than the last.  I believe it would be more accurate to say grains have continued to disappoint yet fall to new lows every month.

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Advisor

Re: The dairy industry, I agree...

The dairy industry in bad shape, I agree.  Big dairies here who I never thought would hurt for money are having a hard time paying their bills.  Grain farmers don't dare sell them corn for fear not getting paid.

  The word is, that shiny new milk powder plant near here, they've got so much unsold powder that all the warehouses in the vicinity are stacked to the rafters with product.  The local dairies are buy truck loads of  it cheap  in unmarked bags to feed back to their calves.  Anything to move some  and make space for more while they desperately wait for an end to this trade war that never seems to come. 

  That big $140 million dollar  powder plant that all the biggest local dairies went in on to build was a gamble to export milk powder to, you guessed it, China.

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Veteran Advisor

Re: The dairy industry, I agree...

Somebody should have done more market research before trying to sell dairy

products to a population where lactose intolerance among adults is common.

 

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