Floor Talk, October 24, 2019

[marketeye]

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

[4KSU]

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!

[samalan1140]

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.

[Hobbyfarmer]

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.

[futurestrader92]

"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. 

[sw363535]

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 ???????

[samalan1140]

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

[4KSU]

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

[WCMO]

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

[4KSU]

THANK YOU WCMO! Much appreciated.