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Veteran Advisor

Floor Talk, October 28, 2019

At 3:00pm:

USDA Crop Progress Report disappoints.

 

--The amount of soybeans harvested totaled 62%, below a 80% five-year average.The trade expected 64-65%.

--The USDA pegged the U.S. corn harvest at 41% complete, below the trade’s expectation of 48% and below a five-year average 61%.

Mike

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At the close:

At the close, the Dec. corn futures finished 2¢ lower at $3.84. March corn futures finished 3¢ lower at $3.94 1/2.

Nov. soybean futures settled 1/2¢ higher at $9.20 1/2. Jan. soybean futures finished 1¢ higher at $9.35 1/4.

Dec. wheat futures closed 6¢ lower at $5.11 3/4.



December soymeal futures finished $0.70 per short ton higher at $304.00.

December soy oil futures closed 0.18 cents lower at 30.78¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.86 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 136 points higher.

Mike

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At midsession:

At midsession, the Dec. corn futures are 2¢ lower at $3.84 3/4. March corn futures are 2 1/2¢ lower at $3.95.

Nov. soybean futures are 1 1/2¢ higher at $9.21 1/2. Jan. soybean futures are 1 3/4¢ higher at $9.36 1/4.

Dec. wheat futures are 5 3/4¢ lower at $5.12.



December soymeal futures are $0.80 per short ton higher at $304.10.

 December soy oil futures are 0.33 cents lower at 30.63¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.63 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 114 points higher.

 

Mike

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At 9:06am:

In early trading, the Dec. corn futures are 2 1/2¢ lower at $3.84 3/4. March corn futures are 2 1/2¢ lower at $3.95.

Nov. soybean futures are 16¢ higher at $9.36 1/2. Jan. soybean futures are 2 1/2¢ higher at $9.37.

Dec. wheat futures are 5 3/4¢ lower at $5.12.



December soymeal futures are $0.30 per short ton higher at $303.60.

 December soy oil futures are 0.13 cents higher at 31.09¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.11 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 155 points higher.

On Monday, private exporters reported to the USDA export sales of 135,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2019/2020 marketing year.

The marketing year for soybean cake and meal began Oct. 1.

Al Kluis, Kluis Advisors, says that the markets are still searching for solid bullish news to trade.

“The comments from the U.S./China trade negotiators were bullish one hour, and bearish the next. That is also how the grain markets traded,” Kluis told customers in a daily note.

Kluis added, “With rain and snow in the forecast for the next two weeks, it may take until Thanksgiving--even Christmas--to get the last of the U.S. corn and soybean harvested.”

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5 Replies
Honored Advisor

Re: Floor Talk, October 28, 2019

And the export inspectiona were.............................................................................

 

 

 

conveniently left out...

 

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Veteran Advisor

Re: Floor Talk, October 28, 2019

USDA Weekly Export Inspection Report:

 

Corn= 381,000 metric tons, below the trade's expectations.

 

Soybeans= 1.568 millions mt., above the trade's expectations.

 

Wheat= 523,000 mt., within the trade's expectations.

 

Mike

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Honored Advisor

Re: Floor Talk, October 28, 2019

Spoiler
57,493,333.333333
Bushels of beans

÷ by 46 bu/ac = 1,249,855.0724637

One and a quarter million acres of production.
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Honored Advisor

Re: Floor Talk, October 28, 2019

143 unit trains at 400,000 bu per train.

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Veteran Contributor

Re: Floor Talk, October 28, 2019

Don't know how far north they are going. Just counted 178 cars headed somewhere.

The reason I counted them was because they had 6 locomotives in front, plus I'm hauling corn to feed the ckicks and was waiting in line.. 

Normally  don't see 6 engines in a row around here, usually 3 sometimes 4

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