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Floor Talk, November 19, 2018

[ Edited ]

At the close:
At the close, the December corn futures finished 2 1/4¢ lower at $3.62 1/4. March futures settled 2 1/4¢ lower at $3.73.
 


January soybean futures closed 18 1/4¢ lower at $8.73 3/4. March soybean futures closed 18 1/4¢ lower at $8.87 1/2.

March wheat futures finished 8 3/4¢ lower at $5.06 1/2.

 

December soymeal futures closed 5.40¢ per short ton lower at $305.50.

December soy oil futures closed 0.05 lower at 27.32¢ per pound.

 

In the outside markets, the NYMEX crude oil market is $0.71 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 440 points lower.

 

Mike

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At midsession:

 

At midsession, the December corn futures are 2 1/4¢ lower at $3.62. March futures are 2 1/4¢ lower at $3.73.
 


 

January soybean futures are 17 1/4¢ lower at $8.75. March soybean futures are 17¢ lower at $8.88.



 

March wheat futures are 9 1/4¢ lower at $4.97.

 

December soymeal futures are 5.80¢ per short ton lower at $305.10.

December soy oil futures are 0.01 higher at 27.38¢ per pound.

 

In the outside markets, the NYMEX crude oil market is $0.26 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 415 points lower.

 

Britt O'Connell, Commodity Risk Management Group cash advisor, says that the soybean market, this morning, is seeing pressure as hopes of progress with China regarding a trade deal cool.

 

“Last week, the Chinese did submit a list of concessions that President Trump had requested, while the list was unimpressive, the general feel was that it was good faith effort to walk towards a trade deal. Plus, over the weekend the Asia Pacific Economic Cooperation summit ended with no formal joint statement, for the first time in 25 years. The Chinese and US officials could not agree on the language of a formal statement regarding the summit. Vice President Pence indicated that the US is in no hurry to end the trade war,” O’Connell says.

 

O’Connell adds, “As the prevail sentiment regarding the timeline of a trade deal goes, so goes the soybean market.”

 

Corn and wheat are once again followers and a casualty to the soybean market, O’Connell says.

 

“The fund money has moved to a near net neutral position on corn. With technical damage being done last week on the lowest close since October 31st, follow thru selling is possible. Going forward, $3.60 and $3.56 are the next areas of key support to monitor versus the December contract,” O’Connell says.

 

Mike

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At 9:00am:

In early trading, the December corn futures are 3/4¢ lower at $3.64. March futures are 3/4¢ lower at $3.75.
 
January soybean futures are 14¢ lower at $8.78. March soybean futures are 13 1/2¢ lower at $8.92.


 
March wheat futures are 6 1/4¢ lower at $5.09.

 





December soymeal futures are 4.90¢ per short ton lower at $306.00.

 December soy oil futures are 0.07 lower at 27.30¢ per pound.

 




In the outside markets, the NYMEX crude oil market is $1.25 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 175 points lower.

 

USDA announced Monday that private exporters reported export sales of 138,000 metric tons of corn for delivery to South Korea during the 2018/2019 marketing year.

The marketing year for corn began Sept. 1.

Al Kluis, Kluis Advisors, says that the grain markets look mixed to lower, today.

“Can nearby soybeans close above the $9.00 resistance level this week? If the market turns lower, support is at the bottom of the continuation gap at $8.75,” Kluis told customers in a daily note.

 

 

 

Mike

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Re: Floor Talk, November 19, 2018

Great day thankyou traders