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marketeye
Veteran Advisor

Floor Talk, October 14, 2019

Note: Today's regularly scheduled Crop Progress Report is delayed until tomorrow.

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At the close:

 

At the close, the Dec. corn futures finished unchanged at $3.97 3/4. March corn futures closed 1/4¢ lower at $4.07 1/2.

Nov. soybean futures settled 4 1/4¢ higher at $9.40 1/2. Jan. soybean futures closed 4 1/2¢ higher at $9.55 1/2.

Dec. wheat futures closed 3¢ higher at $5.11.



December soymeal futures settled $0.10 per short ton higher at $310.90.

 December soy oil futures closed 0.03 cents higher at 30.00¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.18 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points higher.

Mike

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At 8:45am:

In early trading, the Dec. corn futures are 3/4¢ higher at $3.97 1/4. March corn futures are 1¢ lower at $4.06.

Nov. soybean futures are 1/4¢ higher at $9.36 1/2. Jan. soybean futures are 1/2¢ higher at $9.50 1/2.

Dec. wheat futures 3¢ higher at $5.10 3/4.



December soymeal futures are $1.00 per short ton lower at $309.80.

 December soy oil futures are 0.03 cents lower at 29.94¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.25 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 170 points lower.

Al Kluis, Kluis Advisors, says that investors are trading weather and demand.

“Weather concerns and optimism about positive trade talks with China rallied the grain markets. On Friday corn closed up 17 cents, soybeans 12 higher and wheat futures closed 11 to 16 cents higher. Later on Friday, a “Phase 1” trade agreement with China was announced. The stock and commodity markets traded sharply higher on this news initially but at this hour stock futures are lower,” Kluis told customers in a daily note.

Kluis added, “The winter storm in the western Corn Belt will take the national corn yield down by 1 to 2 bushels per acre and soybeans lower by 0.5 to 1 bushel per acre. This reduction in the crop size may not be reflected until the final crop production report in January.”

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7 Replies
sw363535
Honored Advisor

Re: Floor Talk, October 14, 2019

Spoiler
Day traders paradise.  +9 beans at 10pm.  -1 at. 10 am.  Where will they take profit and turn it ?

Miss ya.  Giolucas 

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Hobbyfarmer
Honored Advisor

Re: Floor Talk, October 14, 2019

I can't quite see their dart board from my perch here in the peanut gallery.

roarintiger1
Honored Advisor

Re: Floor Talk, October 14, 2019

Big Al says the bad weather has taken the national corn & bean yields lower. So..... soybeans have lost 40-80 million bushels.....possibly taking the carryover below 400 million bushels.

yep......small crops get smaller.

samalan1140
Veteran Contributor

Re: Floor Talk, October 14, 2019

Wow mike you did work on a holiday you feeling ok?

sw363535
Honored Advisor

Re: Floor Talk, October 14, 2019

Well I don't need Al or usda to confirm how bad the yeilds are 2019..... They continue to come in.

Compared to the rest of the cornbelt us sw folks have had it pretty good.  Yet these yields will be the worst since the 2011 heat and drought.... when you factor in the price ------not sure when worse was ..... 

Corn consistantly coming in at 60 bushel below recent years and beans coming in 25-30 below..... 

This stinks.....   But that is where you are when we live with every business in the US getting a share of the crop.  They probably can't operate the turn signals without an internet connection and a federal permit.

gurly3801539
Advisor

Re: Floor Talk, October 14, 2019

SW you talk about federal permits.  Just talked to a guy today whose combine is in the shop with a non repairable blown engine.  He says $37,000 for a reman engine and it will be shipped when the government gets around to testing it out for emissions. OUCH

k-289
Senior Advisor

Re: Floor Talk, October 14, 2019

Where's  it  coming  from , Europe,   Mexico,  or  China  -   all   the  while,   Tier  4  doesn't  apply   -  -  -

$37,000.oo   -  politely  gouging  insanity  -  -  -      

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