Floor Talk, November 22, 2019
At midsession, the Dec. corn futures are 3/4¢ higher at $3.69 3/4. March corn futures are 1/2¢ higher at $3.79.
Jan. soybean futures are 1 3/4¢ lower at $8.99. March soybean futures are 2¢ lower at $9.13 1/4.
March wheat futures are 7 3/4¢ higher at $5.19 3/4.
January soymeal futures are $1.80 per short ton lower at $301.40. January soy oil futures are 0.30 cents higher at 31.18¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.75 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 71 points higher.
In early trading, the Dec. corn futures are 3/4¢ lower at $3.67 3/4. March corn futures are 1/2¢ lower at $3.78.
Jan. soybean futures are 3/4¢ higher at $9.01. March soybean futures are 1/4¢ lower at $9.15 1/4.
Dec. wheat futures are 2 3/4¢ higher at $5.14 3/4.
January soymeal futures are $0.30 per short ton lower at $302.90. January soy oil futures are 0.27 cents higher at 31.15¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.12 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 63 points higher.
Al Kluis, Kluis Advisors, says that the cash markets could be improving even more soon.
“The second round of MFP hitting farmers over the next couple weeks will be positive to corn and soybean basis levels. Farmers will get some much-needed cash and be less likely to sell cash grain. December corn and wheat options expire today. What strike prices will come into play? Will December corn hang around the $3.70 level and exercise the $3.70 puts or calls,” Kluis told customers in a daily note.
He added, “The weekly export sales reports were pretty good for all three grains Thursday morning. Corn is still lagging behind for the year, but we are seeing an uptick in the last 3 weeks. Soybeans saw another great week of export sales. However, with the US/China trade deal on hold until perhaps after January 1, the market struggles to maintain an uptick.”