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Veteran Advisor

Floor Talk, October 25, 2019

At the close:

At the close, the Dec. corn futures finished unchanged at $3.86 3/4. March corn futures closed 1/2¢ lower at $3.97.

Nov. soybean futures closed 13¢ lower at $9.20 1/2. Jan. soybean futures closed 12 1/2¢ lower at $9.34 1/2.

Dec. wheat futures settled 1 3/4¢ higher at $5.17 1/4.



December soymeal futures closed $2.30 per short ton lower at $303.30.

 December soy oil futures finished 0.38 cents lower at 30.96¢ 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 153 points higher.

Jack Scoville, PRICE Futures Group, says that beans and corn prices weakeed late in the session, because after all it is harvest time and elevators usually sell ahead for potential purchases over the weekend.

“For beans, there was some spec selling on no new China buys,” Scoville says. Plus, the daily charts show a downturn getting started that could move another 8¢ lower with extended swing targets just below $9.00 per bushel. So, a reason for spec longs to get out and spec shorts to add. Wheat is still firm on firm world markets. Overall, another light volume day around here,” Scoville says.

 

Mike

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At midsession:

At midsession, the Dec. corn futures are 2 1/2¢ higher at $3.89 3/4. March corn futures are 1 3/4¢ higher at $3.99 3/4.

Nov. soybean futures are 1/2¢ higher at $9.33 3/4. Jan. soybean futures are 1/2¢ higher at $9.47 1/2.

Dec. wheat futures are 5 1/4¢ higher at $5.21 1/4.



December soymeal futures are $1.10 per short ton higher at $306.70.

 December soy oil futures are 0.05 cents lower at 31.29¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.19 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 193 points higher.

Mike

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In early trading, the Dec. corn futures are 1/2¢ lower at $3.86 3/4. March corn futures are 1/4¢ lower at $3.97 3/4.


Nov. soybean futures are 1 3/4¢ lower at $9.31 3/4. Jan. soybean futures are 2 1/4¢ lower at $9.44 3/4.

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



December soymeal futures are $0.70 per short ton higher at $306.30.

 December soy oil futures are 0.20 cents lower at 31.14¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.11 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points higher.

Al Kluis, Kluis Advisors, says that investors are not finding the bullish news that they are looking to trade.

“Weekly export sales yesterday were rather dismal. U.S. grain prices continue to look for new news to trade on. This continued sluggish start for corn exports is a concern for bulls in the marketplace. Soybeans had an off week for sales, but have seen an uptick in demand, which gives some confidence. Expect grains to continue in this choppy back-and-forth trade,” Kluis told customers in a daily note.

Kluis added, “Corn exports are off to a very sluggish start in the new marketing year. This will eventually put pressure on the basis levels at the ethanol plants. Without a robust export market, the processors could fill up quickly once corn starts to move.”

Mike

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8 Replies
Honored Advisor

Re: Floor Talk, October 25, 2019

There are going to be some surprised at what it may take to source corn after july next summer.

Three weeks ago an e plant in central iowa could not source enough corn to keep all their digesters in operation. That was with a large positive basis as enticement.

 

Tell me again why klueless traders and speculators are necessary...

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Honored Advisor

Re: Floor Talk, October 25, 2019

Iowa might be a net importer of corn and we have a decent crop 

Two new chicken houses 525ft long

And one new hog building in a 2 mile radius of me this year .

Demand destruction... I dont think so.

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Veteran Advisor

Re: Floor Talk, October 25, 2019

That IS interesting Hobby:

Difficulty sourcing corn - IN OCTOBER - IN IOWA.

Maybe they need to bring Ray out of retirement!!Smiley Happy

 

 

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Veteran Advisor

Re: Floor Talk, October 25, 2019

Put me in coach....I'm ready to play!!

Veteran Advisor

Re: Floor Talk, October 25, 2019

E -Plant,   in  Platte  Valley  of  Nebraska   corn  bid   current  $ 3,87   -  Jan  $3.88

One  North  of  there   $3.72

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Honored Advisor

Re: Floor Talk, October 25, 2019

Why would you want to bring somebody back whose job was to purchase your corn at the lowest possible price?

And why would you want to come back to the job and face comments like mine?

Just asking.....  Smiley Happy

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Advisor

Re: Floor Talk, October 25, 2019

As announced today the government debt balloons 26% to just near a trillion$.  So, why wouldn’t the Dow go up a few hundred and grains down again.? It’s awful hard to play against the  house when the house always cheats lies and steals. CanRealOversightOverlookKingsSociety!! 

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Honored Advisor

Re: Floor Talk, October 25, 2019

Ray you have been missed..... Hope 2019 has been easy on you and the Mrs.

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