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Veteran Advisor

Floor Talk October 7, 2020

At the close:

At the close, the Dec. corn futures finished 3 3/4¢ higher at $3.88 1/2. March corn futures closed 3 3/4¢ higher at $3.97, after hitting the $4.00 mark.

Nov. soybean futures settled 7¢ higher at $10.51 1/2, trading as high as $10.59. January soybean futures closed 6¢ higher at $10.51 1/2.

Dec. wheat futures settled 14 3/4¢ higher at $6.07 3/4.

Dec. soymeal futures finished $6.30 per short ton higher at $361.80.

Dec. soy oil futures are $0.06 cent lower at 33.03¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.69 per barrel lower at $39.98. The U.S. dollar is lower, and the Dow Jones Industrials are 561 points (2.02%) higher.



At 8:48:

$4 corn and a 32¢ soybean rally. Wow! 

Read about Wednesday's markets


I'm hearing farmers are selling a lot of $10 soybeans. 


Keep this in mind:


On Tuesday, the funds bought:

--20,000 contracts of soybeans

--25,000 contracts of corn

--9,000 wheat contracts 

--10,000 soymeal contracts


The funds' total positions are as follows:

--Long the soybean market by 277,000 contracts

--Long the soymeal market by 87,000 contracts

--Long the soy oil market by 98,000

--Long corn by 190,000 contracts





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4 Replies
Honored Advisor

Re: Floor Talk October 7, 2020

Well, I, one small voice in the wilderness, want to thank the Dubai Algo traders for buying 2.5Bil bu of beans in the last 6 weeks. It has turned 2020 in to one of our most profitable years in history. The Fed's election year bullish S&D surprises have helped of course.

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Re: Floor Talk October 7, 2020

I second that 

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Honored Advisor

Re: Floor Talk October 7, 2020

Might want to keep an eye on this also...

Animate the precip forecast map and not a lot of moisture in near future.

Till that changes the four or five farmers that haven't sold out a dollar and a half ago stand to have a dead even chance at a profitable day.

Mostly done with beans here, nothing to brag about yet.

Neighbor running also said getting about 2/3 of expected.

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Senior Advisor

Re: Floor Talk October 7, 2020

We finished our little patch of beans today.  Moisture dropped from 12.4 on Monday to 9.1 today's.

What didn't drown from the 7" rain turned out ok but below average.

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