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Veteran Advisor

Floor Talk October 19, 2020

At the close:

At the close, the Dec. corn futures finished 3 1/4¢ higher at $4.05 1/2. March corn futures closed 3 1/2¢ higher at $4.10 1/4.

Nov. soybean futures closed 4 1/4¢ higher at $10.54 1/2. January soybean futures finished 3 3/4¢ higher at $10.54.

Dec. wheat futures settled 1 3/4¢ higher at $6.27.


Dec. soymeal futures closed $5.70 per short ton higher at $373.20.

Dec. soy oil futures finished 0.46 cent lower at 32.53¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.02 per barrel higher (0.05%) at $40.90. The U.S. dollar is lower, and the Dow Jones Industrials are 202 points (0.71%) lower.

 

Mike

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At midsession:

At midsession, the Dec. corn futures are 2 1/2¢ higher at $4.04 1/2. March corn futures are 2 3/4¢ higher at $4.09 1/4.

Nov. soybean futures are 5 1/2¢ higher at $10.55 1/2. January soybean futures are 5¢ higher at $10.55.

Dec. wheat futures are 7¢ higher at $6.32 3/4.

Dec. soymeal futures are $7.60 per short ton lower at $375.10.

Dec. soy oil futures are 0.42 cent lower at 32.57¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.25 per barrel higher (0.61%) at $41.13. The U.S. dollar is lower, and the Dow Jones Industrials are 96 points (0.24%) lower.

Mike

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At 10:45am;

 

On Monday, the USDA released its Weekly Export Inspection Report. These are shipments inspected last week for export.

Corn beat expectations, soybeans hit the high end, and wheat missed expectations.

Corn=  911,000 metric tons vs. the trade's expectation of between 700-900 mt.

Soybeans= 2.17 mmt. vs. the trade's expectations of between 1.2-2.2 mmt.

Wheat=  240,000 mt. vs. the trade's expectation of between 400-600 mt.

China was the main buyer for corn and soybeans. What say you?

 

Thanks,

 

Mike

At 8:45am:

 

Monday's ag markets start higher. 

 

Read full story on fresh corn demand and markets here.

 

Thanks,

 

Mike

0 Kudos
3 Replies
Highlighted
Senior Advisor

Re: Tells us what we need to know.

Quote: "With corn trading at $9.60 a bushel, soybeans at over $18 a bushel in China, and the U.S. dollar at 93%,..."

Trade deal or not, the Chinese have a good reason to buy.  Now if we can just keep the politics out it for the next few years, we might just be alright.

Highlighted
Honored Advisor

Re: Tells us what we need to know.

Rick I kudoed it ----- because I too wish we could keep the ignorant american politics out of it.... But as you point out we are selling to a political entity that will never do that.... China will use every negotiating tool it can.  China is a political party that has taken over a country.  We are the ones that are supposed to be honorable enough to walk away from an election and leave politics in the ballot box....  It is what seperates us from them, according to the history books

Even in terms of price..... we cannot accurately quote what corn sells for in China.  There is not an open competitive market...  Your quote is not accurate--- corn is not allowed to seek a competitive price level in China..... The quote is political propaganda.

Highlighted
Honored Advisor

Re: Tells us what we need to know.

And, I kudoed SW just because I like his style, and his point is extremely well taken.

fwiw, politics and ag policy are never going to be seperated, just too important, especially with climate change scaring the youth so badly.  :-0  

We Indiana residents are no longer welcome in Ohio, didn't stop us from visiting of course, but on the way back we heard an NPR story interviewing young adults unwilling to have children because of climate change, didn't want to bring a child in to such a dark world.   Clearly a post-God culture....they are the dark and sad ones.....