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Advisor
Posts: 4,062
Registered: ‎05-03-2010
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Floor Talk, November 2, 2018

[ Edited ]

After the close:

 

The USDA released a sneek-peek of its Baseline numbers. Here are the acreage estimates:

 

 

USDA forecast for U.S. planted acres in 2019/20: #Corn at 92 million acres (89.1 mln this year) #Soybeans at 82.5 million acres (89.1 mln this year) #Wheat at 51 million acres (47.8 mln this year)

 

What say you? Will we really lose 6.0 million soybean acres?

 

 

Mike

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At the close:

At the close, the December corn futures finished 4 1/2¢ higher at $3.71 1/4. March futures finished 4 1/4¢ higher at $3.83.

 

January soybean futures closed 5 3/4¢ higher at $8.87 3/4. March soybean futures finished 5 3/4¢ higher at $9.00.

 



December wheat futures ended 3/4¢ higher at $5.08 3/4.
 


 

December soymeal futures closed 2.40¢ per short ton lower at $311.00.

December soy oil futures ended 0.12 lower at 28.20¢ per pound.

 


 

In the outside markets, the NYMEX crude oil market is $0.63 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 180 points lower.

 

Mike

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At 9am:

 

At 9:00am, the December corn futures are 1/2¢ lower at $3.66. March futures are 1/4¢ lower at $3.78.

 

January soybean futures are 3¢ higher at $8.85. March soybean futures are 3 3/4¢ higher at $8.97.



 

December wheat futures are 1 1/2¢ lower at $5.06.
 


December soymeal futures are 1.90¢ per short ton lower at $311.50.

 December soy oil futures are 0.01 at 28.31¢ 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 97 points higher.

 

What say you? Does the Trump tweet have a long tail?

 

Mike

Honored Advisor
Posts: 8,647
Registered: ‎07-18-2011
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Re: Floor Talk, November 2, 2018

[ Edited ]

update this ----- or we just don't believe today should be an up market day???

 

Cherry picked data....  How many hours since yesterdays close has corn been negative ?  Minutes maybe?

 

 

 

crooks are disagreeing with the market.... so we get silence..

Veteran Advisor
Posts: 4,128
Registered: ‎05-13-2010

Re: Floor Talk, November 2, 2018

Tariffs  have  performed  their  destiny  -  downward leverage of market pressure - while container load shipments of rail cargo from US ports being moderately firm ---

Long  &  short  of  it  -  the  import  items   continue  to  arrive  from  offshore  - Long beach  Calif. record off- loading's -  -  -

 

Trade  War  flag  football  at  best  -  maybe ?      

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Veteran Contributor
Posts: 485
Registered: ‎09-20-2018
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Re: Floor Talk, November 2, 2018

The conventional thought on the subject is that if a new pipeline for beans to China through South America or Australia doesn't materialize soon, there will be pressure on bean farmers to switch to a different crop next year as they either will have huge unsold supplies of beans from this season or they will not want to repeat the losses they took this season when  the Chinese demand was blocked by tariff issues. 

 

My guess is that this all plays into the long term bear market in corn, and that there will be an increase in corn acreage that used to grow beans, thus adding additional downward pressure to corn prices.