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Veteran Advisor

Floor Talk, October 31, 2019

At the close:

At the close, the Dec. corn futures finished 3/4¢ lower at $3.90. March corn futures ended 3/4¢ lower at $3.98 1/4.

Nov. soybean futures settled 3/4¢ higher at $9.16 3/4. Jan. soybean futures ended 1 3/4¢ higher at $9.32 1/4.

Dec. wheat futures closed 1/2¢ lower at $5.08 3/4.



December soymeal futures closed $2.20 per short ton higher at $304.40.

 December soy oil futures settled 0.23 cents lower at 30.75¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.01 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 212 points lower.

Mike

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At midsession:

At midsession, the Dec. corn futures are 5 1/4¢ lower at $3.85. March corn futures are 4¢ lower at $3.95 1/4.

Nov. soybean futures are 4 1/4¢ lower at $9.11 3/4. Jan. soybean futures are 3 1/4¢ lower at $9.27.

Dec. wheat futures are 6 1/2¢ lower at $5.02 3/4.



December soymeal futures are $0.20 per short ton lower at $302.00.

 December soy oil futures are 0.38 cents lower at 30.60¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.88 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 181 points lower.

Mike

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At 9am:

In early trading, the Dec. corn futures are 3 3/4¢ lower at $3.87. March corn futures are 3 1/2¢ lower at $3.96 1/4.

Nov. soybean futures are 4¢ lower at $9.12. Jan. soybean futures are 3 1/4¢ lower at $9.27.

Dec. wheat futures are 5 1/2¢ lower at $5.03 3/4.



December soymeal futures are $0.40 per short ton lower at $301.80.

December soy oil futures are 0.27 cents lower at 30.71¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.69 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 102 points lower.

Al Kluis, Kluis Advisors, says that trade news and harvest progress dominate the minds of investors.

“Chile announced that it has canceled the APEC summit for November 17 in light of protests and riots. This throws into the air now of when the US and China will sign phase 1 of the long term trade deal. This is just more news that will keep the grain markets drifting sideways as we head into the USDA Crop Production report next Friday November 8th,” Kluis told customers in a daily note.

Kluis added, “I think the basis levels on soybeans will start to firm up here as soybean harvest is on the last leg and with the smaller crop along with more farm storage due to the prevent plant acres the commercials did not get the bushels bought they had hoped.”

 

Mike

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13 Replies
Honored Advisor

Re: Floor Talk, October 31, 2019

GERONIMO.

Nancy, chuchie and crew are doing everything in their power and beyond to tank the economy.

They are nothing but pure terrorists. The deep state is showing its colors. White on a black background..

 

Advisor

Re: Floor Talk, October 31, 2019

I don't suppose that there was anyone inside your echo chamber who might have gently suggested that the proposed trade policies would prove problematic for agriculture?

The professionals at the commodity organizations certainly did, although they're generally despised by farmers for some reason- stuff like building a billion bushel soybean market in China was just old news.

Looks like the Chinese are playing some games today- "sources" out of Asia are saying that they don't think the US is negotiating in good faith and they don't trust Trump to keep a deal even if he inks one.

My guess is that they will ultimately sign a Phase 1 deal that will essentially be what they agreed to 2 years ago.

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Veteran Advisor

Re: Floor Talk, October 31, 2019

The "deal" is only as good or bad as the enforcement mechanisms built into it.

Kind of like real estate = "it ain't the price sonny it's the TERMS"

 

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Senior Contributor

Re: Floor Talk, October 31, 2019

Hobby, tank the economy?  Just got third rate cut last time that happened was the last republican pres. Bush, followed shortly by a major crash.  How much more help can these guys give them?  If the dunce in the White House would quit breaking the law and lying thousands of times this wouldn’t be happening.  He brought it on himself.  All will be satisfied when him and his entire family and colleagues are in jail, like the rest.  Checks and balances my friend.

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Advisor

Re: Floor Talk, October 31, 2019

@sdholloway56   I betcha none of your friends are China-born Chinese, are they? 

Ever been invited to an all-Chinese wedding in New York's Chinatown?  We have.

And you all talk about us "getting off the farm" Smiley LOL   (What's a hoot is only liberals would use "you need to get off the farm" as an insult to a farmer.)

You seem to think that the Chinese government is this aboveboard, amazing, trustworthy Communist entity and that President Trump is the non-trustworthy member of this trade equation.

...that's exceptionally naive.

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Senior Advisor

Re: Floor Talk, October 31, 2019

If Nancy was more worried about the economy than unelecting Trump she would take up the USMCA and try to help instead of destroy. She doesn't have time for the people's business she is too busy trying to stick a pacifier in the mouth of the squad members. They are in charge she just runs around saying yes, I'll do what you say. What a looser.

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Advisor

Re: For reference, soybean sales as of 10/26/19

For reference, total soybean sale commitments as of 10/26/19, 19.3 MMT compared with 30.3 MMT same week in 2017.

For corn it's 11.4 MMT vs 17.0 MMT respectively.  It looks like the global economic slowdown is having an effect on grain exports.

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Honored Advisor

Re: For reference, soybean sales as of 10/26/19

Well, that must be the reason. It certainly isn’t the high price of grain.

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Senior Advisor

Re: For reference, soybean sales as of 10/26/19

Well may be just may be if Nancy would get off her do nothing backside and pick up the USMCA those numbers would get better.