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Veteran Contributor

Floor Talk November 21

Thanksgiving Holiday Trading Hours:

 

HOLIDAY schedule.... Weds: Markets close at 1:20 pm.

 

Thurs: Markets closed.

 

Friday: Markets open at 8:30 am, and close at 12:05 pm.

 

Sunday: Markets open at 7:00 pm, and regular schedules resume.

 

I hope this helps,

 

Mike

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At the close:

At the close, the Dec. corn futures finished steady at $3.45. March futures finished 1/4¢ lower at $3.56. Jan. soybean futures finished 1¢ lower at $9.89.  March soybean futures closed 1¢ lower at $10.00. March wheat futures settled 2 3/4¢ higher at $4.41 1/4. Dec. soy meal futures settled $1.50 per short ton lower at $318.30. Dec. soy oil futures closed 0.22¢ higher at 34.17¢ per pound.  In the outside markets, the Brent crude oil market is $0.22 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 165 points higher.

 

 

Dustin Johnson, AgYield’s Senior Strategist, says that the wheat and corn markets have been especially inverse as of late.
“It’s as if the funds can't help but spread one against the other. The market is coming up on First Notice day on the 30th, corn markets have been especially weak due to the contractual selling that often comes into those expiration periods,” Johnson says.
He adds, “The December corn futures contract is highly traded, from what we hear, so the market may find some additional farmer pressure starting early next week.”
Slow holiday movement may be why the last few days have been supported, he says.


Sal Gilbertie, Teucrium Trading, says that the ag markets are seeing quiet holiday activity with trade and funds largely on the sidelines except to square up commitments and weak speculative positions.
“The belief by many traders that the Thanksgiving holiday is a time of strength for many markets could lead to some short covering of the large open short positions in the grain markets, most especially because we are in the midst of the seasonal harvest low in corn prices and because there is very little likelihood of any significant new news to support large bearish positions from this point forward into the off-season,” Gilbertie says.

 

Mike

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At mid-session:

At mid-session, the Dec. corn futures are steady at $3.45. March futures are 1/2¢ lower at $3.56. Jan. soybean futures are 1 3/4¢ lower at $9.88.  March soybean futures are 1 3/4¢ lower at $9.99. March wheat futures are 3 1/2¢ higher at $4.42. Dec. soy meal futures are $1.70 per short ton lower at $318.10. Dec. soy oil futures are 0.14¢ higher at 34.09¢ per pound.  In the outside markets, the Brent crude oil market is $0.33 higher, the U.S. dollar is steady, and the Dow Jones Industrials are 179 points higher.

 

Mike

 

At 10:40am:

If you missed it, the USDA announced fresh soybean exports Tuesday.

 

Private exporters reported to the U.S. Department of Agriculture export sales of 130,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.

 

The marketing year for soybeans began Sept. 1

 

Mike

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In early trading:

At 9am, the Dec. corn futures are steady at $3.45. March futures are 1/2¢ lower at $3.56. Jan. soybean futures are 1/4¢ higher at $9.90.  March soybean futures are 1/4¢ higher at $10.01. March wheat futures are 2 1/4¢ higher at $4.40. Dec. soy meal futures are $1.40 per short ton lower at $318.40. Dec. soy oil futures are 0.28¢ higher at 34.23¢ per pound.  In the outside markets, the Brent crude oil market is $0.33 higher, the U.S. dollar is steady, and the Dow Jones Industrials are 135 points higher.

 

Mike

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Soybeans and grains were little changed overnight on low volume and little fundamental news. The harvest is all but wrapped up, though a couple states still are lagging behind, and South American weather is mixed this morning, so there's not much to trade on in a holiday-shortened week. Corn lost a penny, beans were down about 1 cent and wheat moved less than that. In weather news, flooding is still ongoing in parts of Indiana while strong winds are expected today in the north-central Plains wiht gusts of up to 50 miles an hour possible, the National Weather Service said. 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-21.

 

Brent Crude Oil = up 0.4%

West Texas Intermediate = up 0.4%

Dollar = up 0.1%.

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

World Markets = Global stocks higher overnight.

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