Floor Talk, September 3, 2019
At midsession, the Dec. corn futures are 7 1/2¢ lower at $3.62 3/4. March corn futures are 7 1/4¢ lower at $3.75.
Nov. soybean futures are 4 1/4¢ lower at $8.64 1/4. Jan. soybean futures are 3 1/2¢ lower at $8.78 1/2.
Dec. wheat futures are 9 3/4¢ lower at $4.52 3/4.
December soymeal futures are $0.90 per short ton lower at $294.40. December soy oil futures are $0.05 lower at 28.76¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.69 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 334 points lower.
In early trading, the Dec. corn futures are 4¢ lower at $3.65 3/4. March corn futures are 3 1/2¢ lower at $3.78 3/4.
Nov. soybean futures are 6 3/4¢ lower at $8.62 1/4. Jan. soybean futures are 5 3/4¢ higher at $8.76 1/2.
Dec. wheat futures are 6 1/4¢ lower at $4.56 3/4.
December soymeal futures are $0.20 per short ton lower at $295.10. December soy oil futures are $0.31 lower at 28.50¢ per pound.
In the outside markets, the NYMEX crude oil market is $2.06 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 203 points lower.
Al Kluis, Kluis Advisors, says that investors will now start to watch South America’s planting season weather.
“Welcome to September! Grain prices ended last week on a quiet note. The weekly charts posted a small gain for corn and nearly a 13-cent gain for soybeans. The problem for the bulls is that both corn and soybeans posted lower lows and lower highs on the weekly charts. We need to see this trend reverse to feel comfortable saying prices are poised for a rebound rally,” Kluis told customers in a daily note.
Kluis added, “South American farmers are gearing up to begin planting soon if the weather allows. The weather models will be watched closely over the next few weeks to ensure the South American season gets off to a good start. China is likely holding their breath hoping the growing season is ideal.”