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Floor Talk, November 13, 2018

[ Edited ]

At the close:

 

At the close, the December corn futures finished 4 3/4¢ lower at $3.66 1/2. March futures closed 4 1/4¢ lower at $3.77 3/4.
 
January soybean futures closed 5¢ lower at $8.78 1/4. March soybean futures closed 5¢ lower at $8.91 3/4.

December wheat futures closed 12¢ lower at $5.07 3/4.

December soymeal futures settled 1.70¢ per short ton lower at $303.90.

December soy oil futures closed 0.16 lower at 27.55¢ per pound.


In the outside markets, the NYMEX crude oil market is $4.24 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 148 points lower.

 

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that It has been a Turnaround Tuesday.
“News that China and the U.S. are indeed talking and that the finance ministers might meet before the big leaders meet at the G-20 helped the beans overnight, but not so much today,” Scoville says.
Scoville added, “Cold but dry in most of the Midwest, so harvest should be active. Corn and wheat prices are lower which seems to have people scratching their heads.
USDA’s corn and soybean Weekly Export Inspections Report Tuesday was strong and should have provided more support to grains today, Scoville says.
“But, the weakness came from crude oil and the stock market creating some fears of a meltdown in the global economy or something like that. If nothing else it is creating some selling, as people look to cover losses in crude with profits elsewhere.”

Scoville adds, “Good harvest progress is expected to show up in this afternoon’s USDA Report and good harvest progress expected this week, as the harvest finally starts to wind down. Now to get the rest of the WW planted! Might not happen.”

 

 

Mike

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At the open:

 

In early trading, the December corn futures are 4 1/2¢ lower at $3.66. March futures are 4 1/4¢ lower at $3.78.

 

January soybean futures are 1/2¢ higher at $8.83. March soybean futures are 1/2¢ higher at $8.97.



 

December wheat futures are 8 1/4¢ lower at $5.11.



December soymeal futures are 0.10¢ per short ton lower at $305.70.

 December soy oil futures are 0.10 lower at 27.61¢ per pound.


In the outside markets, the NYMEX crude oil market is $1.17 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 276,732 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

The marketing year for soybeans began Sept. 1.

 

Al Kluis, Kluis Advisors, says that investors will be watching this afternoon’s USDA Crop Progress Report.

 

“Winter wheat crop conditions will show some crop deterioration when they are released tomorrow afternoon. However, with freezing temps all the way down to Oklahoma this night, conditions will show a major decline in the Crop Conditions report out on November 19th,” Kluis stated in a daily note to customers.

 

Mike