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Veteran Advisor

Floor Talk, November 13, 2019

At the close:

At the close, the Dec. corn futures finished 2 1/2¢ lower at $3.75 3/4. March corn futures ended 2 3/4¢ lower at $3.84 3/4.

Jan. soybean futures ended 1 3/4¢ lower at $9.15. March soybean futures settled 1 1/4¢ higher at $9.28 1/2.

Dec. wheat futures settled 8¢ lower at $5.09.



December soymeal futures closed $1.80 per short ton higher at $304.10.

December soy oil futures settled 0.50 cents lower at 30.53¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.34 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 29 points higher.

Mike

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At midsession:

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

Jan. soybean futures are 1/4¢ higher at $9.17. March soybean futures are 1/4¢ higher at $9.30 3/4.

Dec. wheat futures are 9¢ lower at $5.08.



December soymeal futures are $2.60 per short ton higher at $304.90.

December soy oil futures are 0.41 cents lower at 30.62¢ per pound.


Darin D. Fessler, Lakefront Futures & Options LLC, says that investors are looking for more news to trade.

“The market is lacking bullish headlines, with the USDA not showing their cards much on Friday’s report. The spreads continue to firm and basis levels continue to be getting strong. I think that’s telling a lot of the story regardless what the USDA and outright futures are doing here,” Fessler says.

Mike

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At 8:45am:

In early trading, the Dec. corn futures are 2 1/4¢ lower at $3.75 3/4. March corn futures are 2¢ lower at $3.84 1/2.

Jan. soybean futures are 2 3/4¢ lower at $9.14. March soybean futures are 2 1/2¢ lower at $9.27 3/4.

Dec. wheat futures are 4 3/4¢ lower at $5.12 1/4.



December soymeal futures are $0.50 per short ton higher at $301.80. 

December soy oil futures are 0.26 cents lower at 30.77¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.32 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points lower.

On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 106,000 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that wheat may hold the key to a rally.

“The rally in wheat on Tuesday could be the spark that the grain bulls were needing. The corn and soybean charts are oversold and have gotten close to strong levels of support,” Kluis told customers in a daily note.

Kluis added, “The strength in wheat can be largely attributed to the much-better-than-expected weekly export inspection report. The Crop Progress report pegged the US corn harvest at 66% complete. This compares to 85% for the five-year average. Soybean harvest was reported at 85% complete, which compares to the five-year average at 92%.”

 

Mike

 

 

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5 Replies
Veteran Contributor

Re: Floor Talk, November 13, 2019

Move along nothing to fear  the basis is just moving up because all the end users have money to burn USDA says bins are full .....Chicago clueless

Esteemed Advisor

Re: Floor Talk, November 13, 2019

So, harvest is basically over and Indigo Atlas still is over  a BIL bu under NASS on corn crop size. With the exisiting demand base, that 1 Bil bu is worth about $2 a bu on $4 corn. Wonder who is right? Indigo Sat's and Sensors or NASS surveys?

Advisor

On wheat,

 

Generally in a lot of wheat country,  the better the winter wheat looks on Thanksgiving,  the better the crop IS. 

This year it's been to cold for wheat to emerge yet in many areas. 

So the new crop in the USA is so far hurting. 

That could change w some warm winter temps... As is predicted. 

The wheat for the East 2/3 of OK does look good. 

KS is hurting though. 

 

Advisor

Re: Floor Talk, November 13, 2019

"delivery to unknown destinations"

...visions of ships just circling the globe endlessly

sarcasm aside, or maybe just more sarcasm:  is this doublespeak for "Chinese destinations"?

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Veteran Advisor

Re: Floor Talk, November 13, 2019

Yes, it is, indeed.

 

Mike

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