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Veteran Advisor

Floor Talk, October 30, 2019

At the close:

At the close, the Dec. corn futures finished 4 3/4¢ higher at $3.90 3/4. March corn futures finished 3 1/2¢ higher at $3.99.

Nov. soybean futures closed 2 1/4¢ lower at $9.16. Jan. soybean futures settled 3¢ lower at $9.30 1/2.

Dec. wheat futures closed 2 1/4¢ lower at $5.09 3/4.

December soymeal futures finished $0.80 per short ton lower at $302.20.

December soy oil futures closed 0.02 cents lower at 30.98¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.52 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 25 points higher.

Jack Scoville, PRICE Futures Group, says that investors remain watchful of the fallout from Chile canceling an international November meeting where the U.S. and China were scheduled to sign a trade agreement.

“Chile cancelling the meetings was a deal, but both sides say the negotiations are going well and an agreement should be ready for signing at or near the middle of November. But, the market did not really react too much. Maybe a little selling in the beans but that is it,” Scoville says.

He added, “Corn prices were up as the Midwest harvest weather is not real nice and basis reported higher today. The market wants to know corn yields, while the farmer is harvesting mostly beans, as the corn in many cases is still too wet and the farmer wants to get the beans out before the snow gets bigger, anyway. All in all, a decent day and I think more choppy action is coming,” Scoville says.

 

Mike

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At midsession:

 

At midsession, the Dec. corn futures are 2 1/2¢ higher at $3.88 3/4. March corn futures are 1 1/2¢ higher at $3.97.

Nov. soybean futures are 1 1/4¢ higher at $9.19 1/4. Jan. soybean futures are 1¢ higher at $9.34.

Dec. wheat futures are 1 1/4¢ lower at $5.10.



December soymeal futures are $0.20 per short ton lower at $302.80.



December soy oil futures are 0.09 cents higher at 31.09¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.93 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 22 points lower.

Mike

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At 8:45am:

In early trading, the Dec. corn futures are 1/2¢ higher at $3.86 3/4. March corn futures are unchanged at $3.96.

Nov. soybean futures are unchanged at $9.18 1/4. Jan. soybean futures are 1/2¢ higher at $9.34.

Dec. wheat futures are 3 1/4¢ lower at $5.08.

December soymeal futures are $0.30 per short ton lower at $302.70.

December soy oil futures are 0.50 cents higher at 31.25¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.11 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.

On Wednesday, private exporters reported to the USDA export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that investors still need something solid to trade, in order for the markets to catch fire.

“China announced that Phase One of the US and China trade agreement will be signed in Chile November 17th. That helped pop the US grain prices for a very short time on Tuesday. We continue to drift as the market looks for something to trade on,” Kluis told customers in a daily note.

Kluis added, “Some of the recent pressure on grain prices is due to commercial selling. As the national soybean harvest reached 60% complete, home storage is filling up and starting to head to town.”

 

Mike

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7 Replies
Senior Contributor

Re: Floor Talk, October 30, 2019

Chile has canceled both summit meetings.!  There will be no signing at least not there and then.

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Esteemed Advisor

Re: Floor Talk, October 30, 2019

Hard to have global summit when the natives are rioting in the streets and burning down the town...

And, these are the best of times, just imagine what happens when times are tough.

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Veteran Advisor

Re: Floor Talk, October 30, 2019

Macu is the new meeting location.

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Advisor

Re: Floor Talk, October 30, 2019

Nah, that's not a riot in Chile, just the University of Chicago homecoming parade.

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Honored Advisor

Re: Floor Talk, October 30, 2019

Macu??   IS that a trailer park in Columbia?  

It's cold and harvest is delayed,  Lets all be there early.

Lets travel light---control your foul mouthed loud children,  Save them for the press conference,   no butts left on premisses -- We only have one world to abuse.  We will have a 5 kilo gift for you each to take home and promote world peace and Columbian culture.

No toy haulers,  must sleep 6...... no GMOs, no silicone, no steroids, no charCOAL and no insecticides.

And absolutely no large footprints or crop circles.  Be on your best behavior.  

Security cameras and email scanners in use 24/7.   

Leave Congress persons at home we have no need for their corruption or the bad debt they leave behind.

Take at least one Venezuelan home with you...... look for good gardening skills or an exceptional curve ball.

Enjoy your visit even if this is not the right location for that ........."Climate" thing........ 

 

 

 

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Senior Contributor

Re: Floor Talk, October 30, 2019

USDA says corn harvest is 40% and Scoville has no grasp of yields?

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Honored Advisor

Re: Floor Talk, October 30, 2019

On the oklahoma line snow fell for the second time in two weeks---the temps are 10 degrees..... we are two minutes into Halloween- last day of october and we are 40% harvested in corn??????

This is a very big problem....     gurly has a good question?   Scoville still hasn't got a clue.....

I can enlighten a little ...... sw has seen the worst yields since 2011 on the corn acres actually harvested... about 30% of normal harvested ----- the other 70% was not planted..... diverted to other crops or fallowed to save costs...... 

What I am hearing is that bushels delivered are down in all regions for corn....... as well as acres.... 

Beans what I hear most is yields are down and acres with green beans going into the snow and cold were not ready and poor in pod counts.  Basis has started to get better as well as price as we move into the January futures.

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