Floor Talk, October 29, 2019
At the close:
At the close, the Dec. corn futures finished 2 1/4¢ higher at $3.86 1/4. March corn futures closed 1 1/2¢ higher at $3.96.
Nov. soybean futures ended 2 1/2¢ lower at $9.18 1/4. Jan. soybean futures settled 2¢ lower at $9.33 1/4.
Dec. wheat futures settled 1/4¢ lower at $5.11 1/2.
December soymeal futures closed $1.00 per short ton lower at $303.00. December soy oil futures are 0.22 cents higher at 31.00¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.07 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 20 points higher.
In early trading, the Dec. corn futures are 1 3/4¢ lower at $3.82 1/4. March corn futures 2 1/4¢ lower at $3.92.
Nov. soybean futures are 1 1/4¢ lower at $9.19 1/2. Jan. soybean futures are 1¢ lower at $9.34 1/4.
Dec. wheat futures are 2¢ higher at $5.13 3/4.
December soymeal futures are $0.60 per short ton lower at $303.40. December soy oil futures are 0.07 cents higher at 30.85¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.85 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 16 points higher.
Al Kluis, Kluis Advisors, says that investors still need something solid to trade, in order for the markets to catch fire.
“When will the Trump administration say it will begin taking off tariffs on Chinese products? That would open the door for large Chinese purchases of ag products, especially pork and beans,” Kluis told customers in a daily note.
Kluis added, “The USDA Crop Progress report next Monday will show corn harvest falling even further behind with the rain and snow that are in the forecast for later this week.”
Re:Suppose to sign the phase one deal Nov. 16-17 but that changes daily.
The US and China are suppose to sign the deal Nov. 16-17 but that changes daily. Today wasn't a good day, the Navarro is backpedaling.