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Floor Talk, October 24, 2018

[ Edited ]

At 12-Noon:

 

The RFA announced weekly ethanol production numbers, Wednesday.

 

According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 1.024 million barrels per day (b/d)—or 43.01 million gallons daily. That is up 13,000 b/d from the week before. However, the four-week average for ethanol production slid to a 24-week low of 1.023 million b/d, yielding an annualized rate of 15.68 billion gallons.
 
Stocks of ethanol tightened for the first time in four weeks, settling at 23.9 million barrels. That is an 0.8% change from last week.
 
 

t 9am:
 
In early trading, the December corn futures are 1 1/4¢ lower at $3.69. March futures are 1 1/2¢ lower at $3.81.



 

November soybean futures are 4 1/2¢ lower at $8.53. January soybean futures are 4 1/2¢ lower at $8.66.

December wheat futures are 6¢ lower at $5.03.



 

December soymeal futures are 3.10¢ per short ton lower at $307.60.

December soy oil futures are $0.12 lower at 28.64¢ per pound.


 

In the outside markets, the NYMEX crude oil market is $0.73 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points lower.


Al Kluis, Kluis Advisors, says that the outside markets are catching the attention of investors involved in the ag markets.

 

“At first glance, this might appear to be boring. However, it feels like a win for the bulls. The stock market experienced another wild downturn on Tuesday, yet the grains managed to close almost steady,” Kluis stated in a daily note to customers.

 

Kluis added, “Even though we have not seen an overwhelming correlation between grains and the stock market recently, it is always concerning for grain traders when the stock market sees a washout move lower.”

 

Meanwhile, investors have one eye on South America’s soybean planting season.

 

“South American weather will start moving to center stage as the US harvest has hit the halfway point. Any stories regarding problem areas will be magnified,” Kluis stated to customers, Wednesday.

 

What say you? Let's see you weigh in.

 

Mike

 

Senior Contributor
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Registered: ‎08-02-2012
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Re: Floor Talk, October 24, 2018

Crooks
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Registered: ‎05-13-2010
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Re: Floor Talk, October 24, 2018

NUMM  bers   -   again  buying  the  rumors,  selling  the  facts   OR    Divorce  the  Dow   ?

 

Remember  just  a  @  week  ago  crude  WAS  bullish  -  now  wasn't  it  ? 

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Re: Floor Talk, October 24, 2018

Market advisories are clichet factories