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Veteran Advisor

Floor Talk, September 4, 2019

At the close:

At the close, the Dec. corn futures finished 2 1/2¢ lower at $3.58 1/2. March corn futures finished 2 1/2¢ lower at $3.71 3/4.

Nov. soybean futures closed 7¢ higher at $8.75 1/4. Jan. soybean futures settled 7¢ higher at $8.89 1/4.

Dec. wheat futures settled 7 1/4¢ higher at $4.60 3/4.



December soymeal futures closed $4.40 per short ton higher at $298.50.

 December soy oil futures settled $0.10 lower at 28.99¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.33 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 225 points higher.

 

Mike

---------

At midsession:

 

At midsession, the Dec. corn futures are 4¢ lower at $3.57. March corn futures are 4¢ lower at $3.70 1/4.

Nov. soybean futures are 2¢ lower at $8.66 1/4. Jan. soybean futures are 2¢ lower at $8.80 1/4.

Dec. wheat futures are 6 1/2¢ higher at $4.60.



December soymeal futures are $1.10 per short ton higher at $295.70.

 December soy oil futures are $0.23 lower at 28.86¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.23 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 207 points higher.

 

Mike

-----------

At 10am:

On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 451,766 metric tons of soybeans for delivery to Mexico during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

---------

At 8:52am:

In early trading, the Dec. corn futures are 1/4¢ lower at $3.60 3/4. March corn futures are 1/4¢ lower at $3.74.

Nov. soybean futures are 2¢ higher at $8.70 1/4. Jan. soybean futures are 1 1/4¢ higher at $8.84.

Dec. wheat futures are 3¢ higher at $4.56 1/2.



December soymeal futures are $0.60 per short ton higher at $294.70.

 December soy oil futures are $0.05 lower at 29.04¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.50 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 219 points higher.


Al Kluis, Kluis Advisors, says that investors will now start to watch South America’s planting season weather.

“Soybeans managed to close nearly steady yesterday as traders weigh the idea of lower production in the U.S. If South America does not get off to a good start to their growing season, then how might that impact the world balance sheet,” Kluis told customers in a daily note.


Kluis added, “The USDA Crop Progress reports may not be telling the full story. We are getting reports from clients that there is big variability within individual fields. We need to get reports from the combines before these conditions will be fully understood by traders. November soybeans are within a dime of the prior two-week high. A close over $8.82 would signal a change in trend is underway. Before this can happen, we need a strong close over the 20-day.”

 

Mike

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2 Replies
Advisor

Re: Floor Talk, September 4, 2019


@marketeye wrote:

At midsession:

 

At midsession, the Dec. corn futures are 4¢ lower at $3.57. March corn futures are 4¢ lower at $3.70 1/4.

Nov. soybean futures are 2¢ lower at $8.66 1/4. Jan. soybean futures are 2¢ lower at $8.80 1/4.

Dec. wheat futures are 6 1/2¢ higher at $4.60.



December soymeal futures are $1.10 per short ton higher at $295.70.

 December soy oil futures are $0.23 lower at 28.86¢ per pound.



In the outside markets, the NYMEX crude oil market is $2.23 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 207 points higher.

 

Mike

-----------

At 10am:

On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 451,766 metric tons of soybeans for delivery to Mexico during the 2019/2020 marketing year.

The marketing year for soybeans began Sept. 1.

 

Mike

---------

At 8:52am:

In early trading, the Dec. corn futures are 1/4¢ lower at $3.60 3/4. March corn futures are 1/4¢ lower at $3.74.

Nov. soybean futures are 2¢ higher at $8.70 1/4. Jan. soybean futures are 1 1/4¢ higher at $8.84.

Dec. wheat futures are 3¢ higher at $4.56 1/2.



December soymeal futures are $0.60 per short ton higher at $294.70.

 December soy oil futures are $0.05 lower at 29.04¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.50 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 219 points higher.


Al Kluis, Kluis Advisors, says that investors will now start to watch South America’s planting season weather.

“Soybeans managed to close nearly steady yesterday as traders weigh the idea of lower production in the U.S. If South America does not get off to a good start to their growing season, then how might that impact the world balance sheet,” Kluis told customers in a daily note.


Kluis added, “The USDA Crop Progress reports may not be telling the full story. We are getting reports from clients that there is big variability within individual fields. We need to get reports from the combines before these conditions will be fully understood by traders. November soybeans are within a dime of the prior two-week high. A close over $8.82 would signal a change in trend is underway. Before this can happen, we need a strong close over the 20-day.”

 

Mike

 


It takes Even fields for decent yield crops. 

The " big variability " in crops conditions Within fields IS the yield detriment of the 2019 corn crop. 

Beans are somewhat more even.... But they been low on daylight hours.   

Quite a few bean fields are Trash this year.  

They look good from a distance But the pods are Empty. 

Oh well.... Maybe next year will be better for many. 

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Senior Contributor

Re: Just need to ....

Just need to be patient & wait for the combines to roll.  I’m not even going to think about prices until I get some beans in the bin.

 The truth is, our price depends far more on trump’s trade war & ethanol exemptions than how many bushels get harvested.

  The lack of pork, beef & milk exports is just as important to the price of beans & corn as actual corn & bean exports.

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