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marketeye
Veteran Advisor

Floor Talk, October 22, 2019

At the close:

At the close, the Dec. corn futures finished 3/4¢ higher at $3.88. March corn futures closed 1/2¢ higher at $4.00.

Nov. soybean futures settled 3/4¢ higher at $9.34. Jan. soybean futures closed 1 1/2¢ higher at $9.48 3/4.

Dec. wheat futures ended 5 1/4 lower at $5.18.



December soymeal futures settled $0.80 per short ton lower at $306.90.

 December soy oil futures closed 0.37 cents higher at 30.85¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.90 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 42 points higher.

Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that corn and bean markets find themselves higher today, after the Chinese Vice Foreign Minister said that if the U.S. and China continue to respect each other no problem could not be resolved.

“After a strong open, the markets have backed off their earlier highs. Both markets continue to trade a 20 cent range where they have found comfort. I expect that to continue until we have reason not to - possibly the Nov 8 WASDE as it is supposed to include either real or perceived damage from the frost and snow a couple of weeks ago,” O’Connell says.

Mike

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At 8:50am:

 

In early trading, the Dec. corn futures are 4¢ higher at $3.91. March corn futures are 3 1/4¢ lower at $4.02 1/2.

Nov. soybean futures are 10 1/2¢ higher at $9.43 1/2. Jan. soybean futures are 9¢ higher at $9.55 3/4.

Dec. wheat futures are 6 1/4 higher at $5.28 1/2.



December soymeal futures are $2.90 per short ton higher at $310.60.

 December soy oil futures are 0.22 cents higher at 30.70¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.72 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 57 points higher.

Al Kluis, Kluis Advisors, says that investors are reacting to harvest delays.

“I am watching harvest progress of soybeans in Minnesota, North and South Dakota. Wet weather and snow later this week will slow down the already slow soybean harvest. When the USDA factors in a smaller crop and increased exports, the November USDA supply/demand report will take projected soybean ending stocks down from 460 million bushels to less than 400 million bushels,” Kluis told customers in a daily note.

Kluis added, “The weather looks wetter in South America and a lot of crop was harvested over the last weekend ahead of the rain.”

 

Mike

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4 Replies
roarintiger1
Honored Advisor

Re: Floor Talk, October 22, 2019

And........you get soybeans down to a 400 million bushel carryover (or probably lower) you get soybeans into double digits.  

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lsc76cat
Veteran Advisor

Re: Floor Talk, October 22, 2019

Almost everybody in our neighborhood of SCMN were combining beans Saturday and Sunday.

Light rain Saturday morning but with the strong wind and some sunshine it was good by about 2 pm.

Last 2 loads Saturday checked 12.6% but Sunday's checked 13.2 to 13.6%.

Only 1 neighbor I spoke with Sunday combined beans under 12%.

Only 1 neighbor was taking corn and that was ranging 20 - 22%.

101 day corn planted middle of May.

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wrightcattle
Veteran Advisor

Re: Floor Talk, October 22, 2019


@lsc76cat wrote:

Almost everybody in our neighborhood of SCMN were combining beans Saturday and Sunday.

Light rain Saturday morning but with the strong wind and some sunshine it was good by about 2 pm.

Last 2 loads Saturday checked 12.6% but Sunday's checked 13.2 to 13.6%.

Only 1 neighbor I spoke with Sunday combined beans under 12%.

Only 1 neighbor was taking corn and that was ranging 20 - 22%.

101 day corn planted middle of May.


 

Say quite a bit of NW Iowa SE SoDak is finishing up beans... Hopefully this week. 

Corn is pretty wet... Maybe try to feed it all.... And simply leave some stand till Spring... Combine it then. 

 

 

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lsc76cat
Veteran Advisor

Re: Floor Talk, October 22, 2019

Leaving corn in the field probably not an option for our area.

If this year's weather pattern continues thru winter we'll get BURIED!!

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