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Veteran Advisor

Floor Talk, September 20, 2019

At the close:

At the close, the Dec. corn futures finished 2¢ lower at $3.70 3/4. March corn futures finished 21/4¢ lower at $3.81 1/4.

Nov. soybean futures ended 10 1/4¢ lower at $8.82 3/4. Jan. soybean futures closed 9 1/2¢ lower at $8.96 1/2.

Dec. wheat futures closed 3 3/4¢ lower at $4.84 1/4.



December soymeal futures settled $1.10 per short ton lower at $295.00.

 December soy oil futures ended $0.57 lower at 29.40¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.04 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 74 points lower.

 

Mike

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At midsession:

At midsession, the Dec. corn futures are 1¢ higher at $3.73 3/4. March corn futures are 1 1/4¢ higher at $3.85 1/4.

Nov. soybean futures are 5¢ lower at $8.88. Jan. soybean futures are 5¢ lower at $9.01.

Dec. wheat futures are 1 1/2¢ lower at $4.86.



December soymeal futures are $0.10 per short ton lower at $296.00.

 December soy oil futures are $0.38 lower at 29.59¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.65 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 61 points higher.

Jason Roose, U.S. Commodities, says that this week’s trade action has mostly spurred selling, not buying.

“It has been an exiting week in the grain market, with strong exports giving the market underlying support. Also, crude oil gave the grains mild support. Harvest will limit rallies at any given minute on the grains, but any indication that yields are much below the USDA figures, premium will be added in quickly,” Roose says.

 

Mike

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At 9am:

In early trading, the Dec. corn futures are 1 1/2¢ lower at $3.71 3/4. March corn futures are 1¢ lower at $3.83.

Nov. soybean futures are 3 1/2¢ lower at $8.89. Jan. soybean futures are 3 3/4¢ lower at $9.02.

Dec. wheat futures are 3/4¢ higher at $4.88.



December soymeal futures are unchanged at $296.10.

 December soy oil futures are $0.27 lower at 29.70¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.80 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 49 points higher.

Al Kluis, Kluis Advisors, says that investors are watching yield reports closely.

“As harvest draws closer, the market will remain a bit choppy as we start hearing some initial yield results. The upside is limited, since weather will let a good portion of the crop finish off. However, we will also have support. Many feel the USDA will cut the production number further in future reports,” Kluis told customers in a daily note.

Kluis added, “The cash basis for corn will remain pretty strong as we head into harvest. The late crop this year will get harvested later than normal, plus we could see the crop a lot wetter. This would result in bushels not coming to town until later in harvest.”

 

Mike

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