Floor Talk November 12, 2020
At the close:
At the close, the Dec. corn futures settled 9¢ lower at $4.08 3/4. March corn futures closed 8 1/2¢ lower at $4.18 1/2.
January soybean futures finished 7¢ lower at $11.45 1/2. March soybean futures closed 6 3/4¢ lower at $11.44 1/2.
Dec. wheat futures closed 9 3/4¢ lower at $5.88 1/2.
Dec. soymeal futures settled $4.60 per short ton lower at $388.10.
Dec. soy oil futures finished 0.08 cent lower at 37.05¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.31 per barrel lower (-0.75%) at $41.14. The U.S. dollar is lower, and the Dow Jones Industrials are 366 points lower (-1.32%) 29,009 points.
n early trading, the Dec. corn futures are 2 1/4¢ lower at $4.15. March corn futures are 2 1/4¢ lower at $4.24 1/2.
January soybean futures are 3 1/2¢ lower at $11.49. March soybean futures are 3¢ lower at $11.48.
Dec. wheat futures are 10 1/2¢ lower at $5.98.
Dec. soymeal futures are $1.70 per short ton lower at $391.00.
Dec. soy oil futures are 0.08 cent lower at 37.05¢ per pound. In the outside markets, the NYMEX crude oil market is $0.26 per barrel higher (0.63%) at $41.71. The U.S. dollar is lower, and the Dow Jones Industrials are 153 points lower.
Al Kluis, Kluis Advisors, says that despite yesterday's price setback, the market's trend is higher.
"It is healthy for futures to back-and-fill on the charts. Crude oil prices have rallied $9.42 from low to high in the past 10 days. The high on Wednesday was the highest level since September 2. The energy bulls are hopeful that a Covid vaccine will ignite energy demand across the globe. This rally in the energy market might be a bit premature. Further headlines suggest mass production and distribution has not been thoroughly tackled yet," Kluis told customers in a daily note.
He added, "The weekly export sales report is delayed until Friday due to the Veterans Day holiday Wednesday. The corn and export data is only going to get more important given the tighter balance sheets provided by the USDA this week."