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Veteran Advisor

Floor Talk, November 4, 2019

At 12:55pm:

 

USDA's Weekly Inspection Report released today:

 

Corn:  276,000 metric tons vs. the trade's expectation of 400-650,000 mt.

 

Soybeans= 1.481 mmt. vs. the trade's expectations of 850,000-1.5 mmt.

 

Wheat= 293,000 mt. vs. the trade's expectations of between 450-700,000 mt.

 

Mike

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At 11am:

At midsession, the Dec. corn futures are 3¢ lower at $3.86. March corn futures are 3¢ lower at $3.95 1/4.

Jan. soybean futures are 1 3/4¢ higher at $9.38 1/2. March soybean futures are 2 1/2¢ higher at $9.51 3/4.

Dec. wheat futures are 4 1/2¢ lower at $5.11 1/2.



December soymeal futures are $1.10 per short ton lower at $302.80.

 December soy oil futures are 0.76 cents higher at 31.79¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.11 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 93 points higher.

Al Kluis, Kluis Advisors, says that it’s a weather market and trade market.

“Weather concerns are increasing for South America, and the news is positive about the U.S./China trade talks,” Kluis told customers in a daily note.

Kluis added, “The USDA Crop Production report this coming Friday will not show the low test-weight corn that is being reported by most farmers. That increases the odds that the final crop production report in January will report a smaller corn crop than this week’s report.”

 

Mike

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6 Replies
Honored Advisor

Re: Floor Talk, November 4, 2019

Test weight on corn you say?   Last year my test weights were running 59-61.5.   This year?   54-55.   That's around 70-80 bushels less on one semi load for me.........About a 10% reduction.   169 bpa less 10%?????     Hmmmmm.. That's gonna leave a mark.   In my area we are nearing the middle of corn harvest.  (what acres of corn that got planted)   and the basis is holding firm.   Went to the local ethanol plant this morning.........There were only two other trucks there delivering corn.

I would guess that USDA's yield prediction is gonna have a long tail.

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Frequent Contributor

Re: Floor Talk, November 4, 2019

Just saw the report by chuck abbott saying farmers are gonna have a massive crop next yr wow right when i think people can't get any dumber i get proven wrong. Can i please have your crystal ball chuck or share whatever ur smokin.

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Advisor

Re: It's never too early for the short sellers to....

I guess it's never too early for the short sellers to start to talk down next year's crop.

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Veteran Advisor

Re: Floor Talk, November 4, 2019

Yep, too soon, they could have waited to start reaming us in January.

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Advisor

Re: It's never too early for the short sellers to....

I saw a rather disturbing article today. 

Bill Gates of fake-meat company fame and the "let's pretend we're volcanoes to cool the Earth" fame has partnered with BIG OIL to develop fuels based on sucking CO2 out of the air.

https://www.cnbc.com/video/2019/06/21/this-bill-gates-and-big-oil-backed-company-sucks-co2-out-of-th...

And why didn't he partner with Big Ethanol???? 

Anyway, if you've got:

1.  Big Oil and follow-the-money Bill Gates partnered up to create fuel...

2.  Then the big push for electricity-fueled cars using "clean energy" (whose end-sum game is the building of even more nuclear power plants, not more corn ethanol, for fuel)...

3.  The United Nations championing the dismantling of large farms in favor of a grow-your-own-food push.

4.  The Meanie-Greenies wanting to outlaw cows and pigs and basically any livestock.

...what side of the "happy ever after" tale do you see corn farmers ending up on?

 

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Honored Advisor

Re: It's never too early for the short sellers to....

we need blinders as they whip us back into the field again.

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