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Veteran Advisor

Floor Talk, November 6, 2019

At 1:41pm:

At the close, the Dec. corn futures finished 3¢ lower at $3.78 3/4. March corn futures ended 4¢ lower at $3.87 1/2.

Jan. soybean futures settled 6 3/4¢ lower at $9.27 1/4. March soybean futures closed 6 1/2¢ lower at $9.40 3/4.

Dec. wheat futures ended 1 1/2¢ higher at $5.16 1/4.



December soymeal futures finished $3.80 per short ton lower at $298.90.

December soy oil futures closed 0.18 cents higher at 31.75¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.86 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 3 points lower.

Jason Roose, U.S. Commodities, says that the farm markets try to decipher mixed trading news.

“Corn and beans are seeing a risk off trade today, as the November USDA/WASDE report approaches, harvest continues in the Midwest, but at a much slower pace than normal. Even though the yields are variable, in both corn and beans, and lower than last year, markets are trading as if a yield and production increase is in site by the USDA Friday. No formal announcement from China on a solid trade agreement will give the grains resistance.”

Roose added, “Also beans are under pressure with fear of a potential sharp increase in world bean ending stocks, with an adjustment in China consumption and thoughts that the USDA may have overstated 2018/19 demand.”

Mike

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At 11am:

At midsession, the Dec. corn futures are unchanged at $3.81 3/4. March corn futures are 1 1/2¢ lower at $3.90 1/2.

Jan. soybean futures are 3 3/4¢ lower at $9.30 1/4. March soybean futures are 3 3/4¢ lower at $9.43 1/4.

Dec. wheat futures are 3 1/4¢ higher at $5.18 1/4.



December soymeal futures are $1.50 per short ton lower at $301.20.

 December soy oil futures are 0.15 cents higher at 31.72¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.66 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points lower.

 

Mike

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At 10:50am:

Renewable Fuels Association Press Release Wednesday:

"According to EIA data analyzed by the Renewable Fuels Association for the week ending Nov. 1, ethanol production expanded for the sixth consecutive week, up 10,000 b/d or 1.0% to 1.014 million barrels per day (b/d)—equivalent to 42.59 million gallons daily. Conversely, production was 5.1% below the same week a year ago and 4.1% below the level two years ago. The four-week average ethanol production rate increased 1.2% to 996,000 b/d, equivalent to an annualized rate of 15.27 billion gallons," RFA stated.

Ethanol stocks popped up 3.7% to 21.9 million barrels following two weeks of declining volumes. However, inventories were 5.5% lower than the same week last year. Stocks built across all regions (PADDs).

 

Mike

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At 8:45am:

In early trading, the Dec. corn futures are 2¢ higher at $3.83 3/4. March corn futures are 1/2¢ higher at $3.92.

Jan. soybean futures are 1 1/2¢ lower at $9.32 1/4. March soybean futures are 1 3/4¢ lower at $9.45 1/4.

Dec. wheat futures are 3 1/4¢ higher at $5.18 1/4.

December soymeal futures are $0.90 per short ton lower at $301.80.

December soy oil futures are 0.12 cents higher at 31.69¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points higher.

Al Kluis, Kluis Advisors, says that investors await the USDA’s updated yield estimates.

“Grain traders are patiently awaiting the USDA report on Friday. It appears that some bearish data is being expected: corn prices are nearly 20 cents off the high of October 14, while soybean futures are 25 cents off their high. Will the USDA report have shocking numbers, or will it be in line with estimates,” Kluis told customers in a daily note.

Kluis added, “It is more likely that we see the USDA report on Friday provide a bigger surprise for soybeans than for corn. The corn bulls may have to wait for the January Final Production report as the slow harvest pace continues to drag on this fall.”

In early trading, the Dec. corn futures are 2¢ higher at $3.83 3/4. March corn futures are 1/2¢ higher at $3.92.

Jan. soybean futures are 1 1/2¢ lower at $9.32 1/4. March soybean futures are 1 3/4¢ lower at $9.45 1/4.

Dec. wheat futures are 3 1/4¢ higher at $5.18 1/4.

December soymeal futures are $0.90 per short ton lower at $301.80.

December soy oil futures are 0.12 cents higher at 31.69¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.15 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points higher.

Al Kluis, Kluis Advisors, says that investors await the USDA’s updated yield estimates.

“Grain traders are patiently awaiting the USDA report on Friday. It appears that some bearish data is being expected: corn prices are nearly 20 cents off the high of October 14, while soybean futures are 25 cents off their high. Will the USDA report have shocking numbers, or will it be in line with estimates,” Kluis told customers in a daily note.

Kluis added, “It is more likely that we see the USDA report on Friday provide a bigger surprise for soybeans than for corn. The corn bulls may have to wait for the January Final Production report as the slow harvest pace continues to drag on this fall.”

 

Mike

 

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