Floor Talk, October 29, 2018
At midsession, the December corn futures are 1/2¢ higher at $3.68. March futures are 1/2¢ higher at $3.80.
November soybean futures are 6 1/2¢ lower at $8.38. January soybean futures are 6 1/4¢ lower at $8.51.
December wheat futures are 1/2¢ higher at $5.05.
December soymeal futures are 0.40¢ per short ton lower at $306.90. December soy oil futures are $0.15 lower at 28.01¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.41 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 76 points higher.
Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that harvest progress and Brazil’s soybean planting progress will drive this week’s markets.
“The USDA Crop Progress report today will show corn harvest about 60% complete and soybeans will be at about 68% complete. More trade attention will now be focused on South American weather and crop development,” Kluis stated in a daily note to customers.
He added, “The conservative candidate in Brazil won the presidential election yesterday. That is viewed as being positive for the Brazilian currency (the Real) and supportive for US soybean prices.”