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Veteran Advisor

Floor Talk, September 19, 2019

At the close:

At the close, the Dec. corn futures finished 1 1/2¢ higher at $3.72 3/4. March corn futures are 1 1/2¢ higher at $3.84.

Nov. soybean futures settled 4 1/2¢ lower at $8.93. Jan. soybean futures settled 3 3/4¢ higher at $9.06.

Dec. wheat futures ended 1 1/2¢ lower at $4.88.



December soymeal futures finished $0.70 per short ton higher at $296.10.

 December soy oil futures closed $0.03 lower at 29.97¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.06 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 10 points lower.

Matt Tranel, Cash Advisor for Commodity Risk Management Group, says that investors are building in premium into the soybean market.

“Soybeans have seen a bounce ever since September 9th. A few reasons for that. The $8.50/bu level has served as fairly solid support ever since the beginning of August. Every crop tour that has published data has found low pod counts in fields. So, that offers support as well, especially if the crop has trouble finishing out. The South China Post reported that an interim trade deal could be agreed upon next month, so traders are building some premium into the market for that. We have heard this headline many times before, so traders are a little hesitant to push the market significantly. We'll see how it all unfolds to that end,” Tranel says.

Mike

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At midsession:

At midsession, the Dec. corn futures are unchanged at $3.71 3/4. March corn futures are 1/2¢ higher at $3.83.

Nov. soybean futures are 5 1/2¢ lower at $8.94. Jan. soybean futures are 5¢ lower at $9.07 1/4.

Dec. wheat futures are 1 3/4¢ lower at $4.87.



December soymeal futures are $1.60 per short ton higher at $297.00.

 December soy oil futures are $0.11 lower at 29.89¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.44 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 81 points higher.

Mike

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At 9am:

In early trading, the Dec. corn futures are unchanged at $3.71 3/4. March corn futures are 1/2¢ lower at $3.82 1/2.

Nov. soybean futures are 1/2¢ lower at $8.88 1/4. Jan. soybean futures are 1/4¢ lower at $9.02 1/4.

Dec. wheat futures are 1/2¢ lower at $4.89.



December soymeal futures are $1.10 per short ton higher at $296.50.

 December soy oil futures are $0.13 lower at 29.87¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.73 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 63 points higher.

On Thursday, the USDA’s Weekly Export Sales Report shows strong corn, soybean figures.

Corn= 1.529 million metric tons vs. the trade’s expectations of between 500,000-1,550,000 mmt.

Soybeans= 1.72 mmt. vs. the trade’s expectations of between 600,000-1,500,000 mmt.

Wheat= 286,600 mt. the trade’s expectations of between 200,000-700,000 mt.

Soybean meal= 435,800 mt. the trade’s expectations of between 125,000-350,000 mt.

Al Kluis, Kluis Advisors, says that investors are liking the recent activity of Chinese purchases of U.S. soybeans.

“Traders are patiently awaiting the next face-to-face meeting between the U.S. and China to see about any new trade deals. So far this week, China has been rather actively buying up some U.S. soybeans. The weather in South America might be changing, allowing those folks a chance to get some soybeans planted early,” Kluis told customers in a daily note.

Kluis added, “China has been buying soybeans from the U.S. (instead of South America) over the past couple of weeks. This has to do more with the fact that soybeans in South America are getting very tight. World supplies seem to be dwindling.”

 

Mike

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4 Replies
Veteran Advisor

Re: Floor Talk, September 19, 2019

Drove through mid-Michigan yesterday. 

Maybe there's a new soybean hybrid that's supposed to have 10-foot-wide black polka dots scattered throughout fields of yellow/green.

And just maybe all those 4-foot-tall cornstalks are growing that little Chinese corn.  I hear there's a huge market for that.

 

Honored Advisor

Re: Floor Talk, September 19, 2019

My gosh, traders want bullish news everyday huh?  Very good export sales, rumored progress on talks with China, yield results coming in significantly lower than estimates, beans & corn finishing  with either too wet or too dry weather & gas prices higher meaning that ethanol is still a bargain......  And yet all we can achieve is a measly few cents gain today. The complacency of the market place is astounding.

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Veteran Advisor

Re: What do you bet, that if they reallocated all that ethanol .....

What do you bet, that if they reallocated all that ethanol, the price of corn would come up some?

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Veteran Contributor

Re: Floor Talk, September 19, 2019

for the aholes in Chicago we took our first field of soys off today. Our 5 year average is 60.5 Bu this year 43 and 40% didn't get planted ...Better rethink the numbers USDA. on the brite side corn looks better maybe 150 BU 5 year average 190 BU ....

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