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Veteran Advisor

Floor Talk, October 24, 2019

At the close:

At the close, the Dec. corn futures finished 3/4¢ lower at $3.87. March corn futures closed 1 3/4¢ lower at $3.98.

Nov. soybean futures settled 1/4¢ lower at $9.33 3/4. Jan. soybean futures closed 1 1/4¢ lower at $9.47.

Dec. wheat futures closed 4¢ lower at $5.17.



December soymeal futures settled $3.00 per short ton lower at $305.60.

 December soy oil futures finished 0.76 cents higher at 31.34¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.39 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 69 points lower.

 

Mike

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At 11am:

At midsession, the Dec. corn futures are 3/4¢ lower at $3.87. March corn futures are 3/4¢ lower at $3.99.

Nov. soybean futures are 1 3/4¢ higher at $9.35. Jan. soybean futures are 1 1/4¢ higher at $9.49.

Dec. wheat futures are 3 1/4¢ lower at $5.17 1/4.



December soymeal futures are $2.00 per short ton lower at $306.60.

 December soy oil futures are 0.79 cents higher at 31.37¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.23 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 52 points lower.

 

Mike

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At 9am:

If you missed it:

On Thursday, the USDA’s Weekly Export Sales Report shows strong corn figures.

Corn= 582,900 metric tons vs. the trade’s expectations of between 400,000-900,000 mmt.

Soybeans= 475,200 mt. trade’s expectations of 700,000-2.0mmt.

Wheat= 262,400 mt. the trade’s expectations of between 200,000-600,000 mt.

Soybean meal= 110,100 mt. the trade’s expectations of 100,000-300,000mt.

Mike

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At 8:51am:

In early trading, the Dec. corn futures are 1/4¢ higher at $3.88. March corn futures are 3/4¢ lower at $3.99.

Nov. soybean futures are 3 1/4¢ higher at $9.37 1/4. Jan. soybean futures are 3/4¢ higher at $9.49.

Dec. wheat futures are 3/4¢ lower at $5.20 1/4.

December soymeal futures are $1.10 per short ton lower at $307.50.

December soy oil futures are 0.34 cents higher at 30.92¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.06 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 19 points lower.

Private exporters reported to the U.S. Department of Agriculture export sales of 264,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that investors are still digesting what the Chinese announcement on trade tariffs means for the soybean market.

“We simply have not had much for new news to trade on lately. The markets seem to be drifting sideways. Harvest is progressing in most places. However, with harvest so spread out and late, we just are not seeing the commercials pressure the market lower like we normally see in the middle of harvest,” Kluis told customers in a daily note.

Kluis added, “Based on the soybean yields we have been seeing, the USDA will likely lower the soybean yield again in the November 8th crop report.”

 

FYI:

China's annual imports of US agricultural products: 2010: $18b

2011: $19b

2012: $26b

2013: $25b

2014: $24b

2015: $20b

2016: $21b

2017: $19b

2018: $9b

2018 Jan-Aug: $8b 2

019 Jan-Aug: $8b

According to The Hightower Report, Thursday

 

Mike

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10 Replies
Frequent Contributor

Re: Floor Talk, October 24, 2019

Marketeye,

Can you tell us what the total exported ag products has been for the U.S. since 2010?Obviously we aren't exporting near as much to China, but would like to know how much our TOTAL exports have dropped year over year. Thanks!

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Frequent Contributor

Re: Floor Talk, October 24, 2019

Can't wait to see how you idiots try to keep the prices down if the US and China sign phase 1 next month but i'm sure you will find a way.

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Honored Advisor

Re: Floor Talk, October 24, 2019

Would be more accurate to compare tonnage than $ .

The three highest years were the best farm gate prices.

Still had $10+ beans less than two years ago.

Veteran Contributor

Re: Floor Talk, October 24, 2019

"Can't wait to see how you idiots try to keep the prices down if the US and China sign phase 1 next month but i'm sure you will find a way."

 

 

That's a pretty big "if" right there. 

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Honored Advisor

Re: Floor Talk, October 24, 2019

Mike describe why you did not convert that Hightower stuff to tonage ---- the $$$ comparison is almost meaningless.

And it needs a clear definition as to what is considered "agriculture Products"...... It can be all over the place in products...... Like beans are in and meal is out....... corn is in ethanol DDGs are out..  Live cattle are in boxed beef are out....   

Whatever it takes to promote an agenda.

Journalism ???????

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Frequent Contributor

Re: Floor Talk, October 24, 2019

Hence why i put it in there glad you can read.

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Frequent Contributor

Re: Floor Talk, October 24, 2019

Did you get my message Marketeye? Still waiting to hear a reply from you. Hello..........

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Veteran Advisor

Re: Floor Talk, October 24, 2019

Article with 2018 US Ag Exports -- https://www.ers.usda.gov/data-products/ag-and-food-statistics-charting-the-essentials/agricultural-t...

"U.S. agricultural exports were valued at $140 billion in 2018, a 1-percent increase relative to 2017. "

Here's world total and top 10 country export destinations for US Ag Products 2008-2017

https://www.ers.usda.gov/data-products/foreign-agricultural-trade-of-the-united-states-fatus/calenda...

  Country CY2017   Country CY2016
  World Total 138,397,299,190   World Total 134,713,554,641
1 Canada 20,494,208,078 1 China 21,401,393,249
2 China 19,612,135,009 2 Canada 20,308,767,886
3 Mexico 18,615,063,430 3 Mexico 17,832,525,534
4 Japan 11,929,127,053 4 European Union-28 11,522,751,366
5 European Union-28 11,478,228,700 5 Japan 11,036,438,671
6 South Korea 6,889,455,200 6 South Korea 6,185,578,341
7 Hong Kong 4,216,326,139 7 Hong Kong 3,832,292,065
8 Taiwan 3,322,318,044 8 Taiwan 3,227,074,072
9 Indonesia 2,892,621,213 9 Indonesia 2,679,562,312
10 Philippines 2,591,675,978 10 Vietnam 2,657,611,195

 

  Country CY2015   Country CY2014
  World Total 133,070,450,998   World Total 149,990,023,973
1 Canada 20,988,423,676 1 China 24,219,231,110
2 China 20,242,526,772 2 Canada 21,962,897,367
3 Mexico 17,695,338,492 3 Mexico 19,364,035,495
4 European Union-28 12,132,629,327 4 Japan 13,157,819,682
5 Japan 11,136,306,400 5 European Union-28 12,565,101,099
6 South Korea 6,028,084,757 6 Korea, South 6,884,334,087
7 Hong Kong 3,581,923,483 7 Hong Kong 4,086,301,038
8 Taiwan 3,150,466,089 8 Taiwan 3,489,698,764
9 Colombia 2,409,738,104 9 Indonesia 2,911,696,943
10 Philippines 2,310,216,095 10 Philippines 2,733,132,324

 

  Country CY2013   Country CY2012
  World Total 144,356,063,529   World Total 141,550,210,635
1 China 25,498,785,401   China 25,859,456,537
2 Canada 21,374,899,427   Canada 20,626,896,420
3 Mexico 18,099,078,369   Mexico 18,891,975,166
4 Japan 12,230,821,982   Japan 13,503,153,510
5 European Union-28 11,901,785,962   European Union-28 10,114,460,221
6 South Korea 5,257,136,669   South Korea 6,030,819,929
7 Hong Kong 3,851,561,207   Hong Kong 3,412,858,100
8 Taiwan 3,081,006,428   Taiwan 3,210,421,670
9 Indonesia 2,823,239,000   Indonesia 2,497,039,712
10 Philippines 2,509,921,875   Philippines 2,377,429,799

 

Country CY2011   Country CY2010
World Total 136,444,449,459   World Total 115,820,101,548
Canada 19,040,891,979   China 17,563,710,178
China 18,897,565,976   Canada 16,897,178,396
Mexico 18,350,964,614   Mexico 14,585,241,675
Japan 14,066,243,252   Japan 11,784,140,071
European Union-28 9,659,165,700   European Union-28 8,924,822,351
South Korea 6,976,254,560   South Korea 5,307,238,965
Taiwan 3,612,418,342   Taiwan 3,190,064,020
Hong Kong 3,314,874,233   Hong Kong 2,803,391,637
Indonesia 2,813,691,513   Indonesia 2,245,522,765
Egypt 2,507,070,946   Egypt 2,095,482,174

 

Country CY2009   Country CY2008
World Total 98,453,932,724   World Total 114,761,407,400
Canada 15,725,928,221   Canada 16,254,282,216
China 13,109,277,879   Mexico 15,507,843,829
Mexico 12,932,472,425   Japan 13,223,138,233
Japan 11,072,298,525   China 12,114,771,880
European Union-27 7,445,376,506   European Union-27 10,080,479,432
South Korea 3,917,446,373   South Korea 5,561,388,583
Taiwan 2,987,918,761   Taiwan 3,419,411,583
Hong Kong 2,008,298,022   Indonesia 2,194,977,199
Indonesia 1,795,793,891   Egypt 2,050,079,968
Turkey 1,499,310,396   Russia 1,838,140,790
Frequent Contributor

Re: Floor Talk, October 24, 2019

THANK YOU WCMO! Much appreciated. 

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