Floor Talk October 13, 2020
At the close:
At the close, the Dec. corn futures settled 2 1/4¢ higher at $3.91 1/4. March corn futures finished 2 1/2¢ higher at $3.99 1/2.
Nov. soybean futures settled 10 1/4¢ higher at $10.44. January soybean futures finished 10 1/4¢ higher at $10.47.
Dec. wheat futures ended 1/4¢ lower at $5.94.
Dec. soymeal futures closed $1.70 per short ton higher at $356.00. Dec. soy oil futures finished $0.46 cent higher at 33.62¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.85 per barrel higher at $40.28. The U.S. dollar is higher, and the Dow Jones Industrials are 147 points lower.
Jack Scoville, PRICE Futures Group, says that the market has many reasons to be firm.
“It looks like the computer models have taken some of the rain out of the forecast for Brazil, plus the market still hopes for more demand from China in the beans and corn. Specs of all kinds were the best buyers, but some commercial buying was probable as end users get caught up on purchases. A lot of the end users felt like prices should be going down but that is not what happened and now they are paying up. Farmers are selling beans right off the combine but trying to store corn which makes a lot of upside for corn that much harder to think about. But, basis s firm due to demand and the tight farmer holding patterns in the corn," Scoville says.
At midsession, the Dec. corn futures are 2¢ higher at $3.91. March corn futures are 1 3/4¢ higher at $3.98 1/2.
Nov. soybean futures are 8¢ higher at $10.41 1/4. January soybean futures are 7 1/2¢ higher at $10.44 1/4.
Dec. wheat futures are 2 1/2¢ higher at $5.96 3/4.
Dec. soymeal futures are $2.50 per short ton higher at $356.80. Dec. soy oil futures are $0.22 cent higher at 33.38¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.86 per barrel higher at $40.29. The U.S. dollar is higher, and the Dow Jones Industrials are 109 points lower.
It's Turnaround Tuesday in the ag markets.