Floor Talk November 3, 2020 (Election Day)
At midsession, the Dec. corn futures are 4 1/4¢ higher at $4.01 3/4. March corn futures are 4 1/4¢ higher at $4.06 3/4.
January soybean futures are 13 3/4¢ higher at $10.66. March soybean futures are 13 1/2¢ higher at $10.58 1/4.
Dec. wheat futures are 1 1/2¢ higher at $6.09 3/4.
Dec. soymeal futures are $0.90 per short ton higher at $376.00. Dec. soy oil futures are 0.49 cent higher at 33.68¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.78 per barrel higher (2.12%) at $37.59. The U.S. dollar is lower, and the Dow Jones Industrials are 613 points (2.15%) higher at 27,481 points.
Jack Scoville, PRICE Futures Group, says that the market is higher, due to an end of fund-selling.
“Traders are also building in a Biden win which is thought to be good for demand and especially China demand. It's thought that the Chinese hate Trump and would reward Biden. Truth is they need the grain and will keep buying either way. A Biden win and control of the Senate by the Democrats also implies a bigger stimulus which is affecting all markets today," Scoville says.