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Tony_Dreibus
Veteran Contributor

Floor Talk November 20

At the close, the December corn futures finished 2¢ higher at $3.45. March futures closed 1 1/2¢ higher at $3.56 1/2.

January soybean futures closed 1/2¢ lower at $9.90. March soybean futures finished 1/4¢ lower at $10.01.

December wheat futures closed 5 ¼¢ lower at $4.22.

December soy meal futures finished $1.60 per short ton higher at $319.80. December soy oil futures closed 0.49¢ lower at 33.95¢ per pound. 

In the outside markets, the Brent crude oil market is $0.32 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 82 points higher.

 

Jack Scoville, The PRICE Futures Group’s Senior Market Analyst, says that the corn and soybean markets should rally this week. 

“Wheat I am not so sure.  But, there are record short speculative position and corn and a big one, although not quite q record, in wheat and this is helping.  Seasonally the old saw is to buy Thanksgiving and sell Christmas. We are in the zone for the first part now,” Scoville says. 
Export inspections Monday were decent for wheat and soybeans and off but still decent in corn, he says. 
“The lower crude and higher U.S. Dollar are the primary negatives. Investors want to own this market, right now,” Scoville says.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are steady at $3.43. March futures are 1/4¢ lower at $3.54. Jan. soybean futures are 3¢ lower at $9.87.  March soybean futures are 3¢ lower at $9.98. December wheat futures are 6 1/4¢ lower at $4.21. Dec. soy meal futures are $1.00 per short ton lower at $317.20. Dec. soy oil futures are 0.45¢ lower at 33.99¢ per pound.  In the outside markets, the Brent crude oil market is $0.55 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 85 points higher.

 

Mike

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In early trading:

At 9am, the Dec. corn futures are steady at $3.43. March futures are 1/4¢ lower at $3.54. Jan. soybean futures are 6 1/2¢ lower at $9.84.  March soybean futures are 6 1/2¢ lower at $9.95. December wheat futures are 6 1/4¢ lower at $4.21. Dec. soy meal futures are $1.70 per short ton lower at $316.50. Dec. soy oil futures are 0.57¢ lower at 33.87¢ per pound.  In the outside markets, the Brent crude oil market is $0.54 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 55 points higher.

 

Mike

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Soybeans and grains were lower overnight on favorable growing conditions in Brazil and a strong dollar. Beans were down about 5 cents, corn lost a penny and wheat dropped 4-5 cents. Money managers pushed their net-short positions, or bets on lower price, in corn to record levels last week while lowering their bullish position in soybeans. In weather news, flooding is expected in parts of Indiana and Ohio today after several inches of rain fell overnight weekend in the region. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-november-20.

 

Brent Crude Oil = down 1.2%

West Texas Intermediate = down 0.5%

Dollar = up 0.1%.

Wall Street = U.S. stock futures lower in pre-market trading.

World Markets = Global stocks higher overnight.

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9 Replies
cborman11
Senior Contributor

Re: Floor Talk November 20

When is someone gonna write a report on how farmer's are supposed too keep making it on these BS low prices?
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roarintiger1
Honored Advisor

Re: Floor Talk November 20

Most folks in this country don't have a clue just how good their food supply and costs are.  The abundance and affordability of the food in this country is astounding.  What is also astounding is the complacency of the market place in determining what a fair price is for our commodities. Someday, this "just in time" delivery system is going to run into a snag. This is after all, Thanksgiving week. No better time to be very thankful of what the Lord has provided for us.

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elcheapo
Veteran Advisor

Re: Floor Talk November 20

Cb.....I hate to say it but nobody gives a &$@!.
All out for themselves (keep advertising happy)
Traders, so what, we'll bet on something else.
End users, get it as cheap as possible....the
Old ways, the gentleman, and morals are gone.

Sad
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BF2012
Advisor

Re: Floor Talk November 20

Well.   We're obviously growing too much.   and if we can't afford to grow it, then it's time to stop growing it.   Seriously.  I'm sure there are a lot more folks who could take 2018 off and just leave it idle.   It's cheaper to leave it idle and control weeds than it is to grow it for a loss, wear out equipment and work for nothing....then bitch about it.   Renting it out to another BTO isn't the answer either....somewhere along the line, we just need to stop doing what we're doing, then SA can take up the slack and no one will need us anymore.    Problem solved.   Just go on EBT card, Free Medical, Housing allowance....and drink beer.

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sw363535
Honored Advisor

Re: Floor Talk November 20

Maybe it is time for a corn "allotment" 

 

NnnnnnnnnnOOOOOOOOOO No  No   ......... just kidding....  Smiley Happy

 

We should just struggle and fail until we figure it out...........

 

Govermnent intervention lowers IQ.      Just watch the public protest their food sources.......... no sense at all.

 

Gonna take a lot of suffering to raise intelligence enough to make simple decisions for ourselves.

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sw363535
Honored Advisor

Re: Floor Talk November 20

Wow BF      that's tempting as a low collar view point.................... well I don't want to get a sexual harrassment suit...................don't look.

 

 

But then again in this environment, I feel pretty terrible, not getting one yet.   What a worthless wimp.   Smiley Happy

 

The sad life of the short.

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JimMeade
Veteran Advisor

Re: Floor Talk November 20

"When is someone gonna write a report on how farmer's are supposed too keep making it on these BS low prices?"

 

What kind of income do you have in mind?

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cborman11
Senior Contributor

Re: Floor Talk November 20

I'm just a lowly farmer,you're a veteran advisor you tell me.
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elcheapo
Veteran Advisor

Re: Floor Talk November 20

BF I've got to pull rank on you for a minute........being a "veteran advisor".......

 

here is the problem of "going idle"........that is still a loss........the county still want's their money for the schools, motor graders,

keystone cops, and the public library sytem.......then to mow.....you break things down, use the tractor, uses fuel, oil, run over

a deer horn while mowing and have to put a boot in the rear tire, or something.......also might also have to spray.....looocoo

coop just over $7 acre to spray.  And if you are into the new buzz stuff, the big deal is cover crop........hate to tell you, but

they charge for the seed, then you'll have to control them.....and if you plant in spring, you'll have a forest.  

hate to say it, but renting it out to the BTO or MTO or WBBMTOMTO (Wanna Be Big Time Operator Or Medium Time Operator),

at least you'll have income (ways to protect yourself) controlling weeds, not wearing out the tractor and mower.

and not having to buy fuel, chemical, or hire spray.

I know that's like the sound of fingernails on a chalk board.......but the numbers show it.....remember, the Blood, Sweat & Tears,

song, spinning wheels.........."what goes up, must come down"....remember your physics courses.. the first law of thermodynamics, that

energy in a closed system (well considered the CME as a closed system....they will not let us in), cannot be created nor destroyed,

but can change from one form to another..........so and remember that other silly market thing we were told for years..........

"low prices cure low prices"......so maybe someday, things will turn around, you let the others make you a little money,

while you dine on bologna sandwichs, and Milwaukee best beer.......heat with wood, and ride around on your bicycle (not

atv, have to buy gas)........

 

 

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