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Veteran Advisor

Floor Talk, September 11, 2019

At 12:40pm:

 

At midsession, the Dec. corn futures are 3/4¢ lower at $3.60 1/4. March corn futures are 1 3/4¢ lower at $3.72 1/4.

Nov. soybean futures are 6 1/2¢ lower at $8.65 1/4. Jan. soybean futures are 6 1/2¢ lower at $8.79 1/4.

Dec. wheat futures are 3 3/4¢ lower at $4.78 1/2.



December soymeal futures are $3.90 per short ton lower at $294.20.

 December soy oil futures are $0.25 higher at 28.78¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.34 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 93 points higher.

 

Mike

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In early trading, the Dec. corn futures are unchanged at $3.61 1/4. March corn futures are even at $3.74 1/4.

Nov. soybean futures are 2 3/4¢ lower at $8.69 1/4. Jan. soybean futures are 2 3/4¢ lower at $8.83.

Dec. wheat futures are 2 1/4¢ lower at $4.80.

December soymeal futures are $0.90 per short ton lower at $297.20.

December soy oil futures are $0.08 higher at 28.61¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.26 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 4 points lower.

Al Kluis, Kluis Advisors, says that at some point the funds will have to consider the late developing crops.

“The pop on Tuesday was encouraging to see after the slide lower over the past month. However, it is likely that we saw some funds covering shorts ahead of the USDA report tomorrow. More position-squaring is likely again today,” Kluis told customers in a daily note.

Kluis added, “Corn and soybeans closed above the prior two-day high on the charts. CBOT wheat closed at the highest level since August 14. KC wheat and Minneapolis spring wheat traded above last week's high. All of these are great milestones for the bulls. However, we need to see follow-through to confirm the trend is changing. Traders will need to see what the USDA report says tomorrow before any major changes to strategy will be made.”

 

Mike

 

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