Floor Talk November 2, 2020
At the close:
At the close, the Dec. corn futures finished 1¢ lower at $3.97. March corn futures finished 1 1/2¢ lower at $4.01 3/4.
January soybean futures ended 4¢ lower at $10.52 1/4. March soybean futures settled 2 3/4¢ lower at $10.45 1/4.
Dec. wheat futures closed 9¢ higher at $6.07 3/4.
Dec. soymeal futures settled $3.50 per short ton lower at $375.10. Dec. soy oil futures closed 0.42 cent lower at 33.19¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.00 per barrel higher (2.79%) at $36.79. The U.S. dollar is higher, and the Dow Jones Industrials are 358 points (1.35%) higher at 26,859 points.
At midsession, the Dec. corn futures are 3 1/4¢ lower at $3.95 1/4. March corn futures are 3 1/2¢ lower at $3.99 3/4.
January soybean futures are 5 3/4¢ lower at $10.50 1/4. March soybean futures are 4 3/4¢ lower at $10.43.
Dec. wheat futures are 6 1/4¢ higher at $6.04 3/4.
Dec. soymeal futures are $3.10 per short ton lower at $375.50. Dec. soy oil futures are 0.46 cent lower at 33.15¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.44 per barrel higher (1.23%) at $36.23. The U.S. dollar is higher, and the Dow Jones Industrials are 413 points (1.53%) higher at 26,907 points.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that investors are still operating under the influence of the key reversal from last week.
"Globally fears are mounting as Covid 19 infection rates rise and the possibility of government imposed lock downs remain camped at the front of traders minds. Better weather in South America has also given the bulls pause, but investors are waiting to jump back should weather appear to pose further threats to yield and or acres. Rumors were circulating, this morning, that cargos of both corn and soybeans are headed to Brazil - not surprising if true, considering they have lifted import tariffs. With the election just 1 day away markets could be poised to react rather quickly and with added volatility, O'Connell says.
In early trading, the Dec. corn futures are 5 1/2¢ lower at $3.93. March corn futures are 5 1/2¢ lower at $3.97 3/4.
January soybean futures are 6 3/4¢ lower at $10.49 1/4. March soybean futures are 5¢ lower at $10.43.
Dec. wheat futures are 1 1/4¢ lower at $5.97 1/2.
Dec. soymeal futures are $1.50 per short ton higher at $380.10. Dec. soy oil futures are 0.29 cent lower at 33.32¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.40 per barrel lower (1.15%) at $35.39. The U.S. dollar is higher, and the Dow Jones Industrials are 302 points (1.14%) higher at 26,804 points.
On Monday, Private exporters reported to the USDA export sales of 204,000 metric tons of corn for delivery to unknown destinations during the 2020/2021 marketing year.
The marketing year for corn began Sept. 1.
Al Kluis, Kluis Advisors, says that investors remain in a holding pattern.
"The macro markets remain negative. Global stock and energy markets moved lower as more countries expand the lockdown. On Friday, the grain markets closed mixed with corn and wheat lower, and soybeans slightly higher," Linneman told customers in a daily note.
He added, "With the election tomorrow, traders will get short, buy puts or move to the sidelines. With the earlier sales you have in place, there is nothing to do now but wait for the election results--and the market reaction--later this week."