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Veteran Advisor

Floor Talk, September 5, 2019

At the close:

 

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

Nov. soybean futures closed 14¢ lower at $8.61 1/2. Jan. soybean futures settled 13 1/2¢ lower at $8.75 1/4.

Dec. wheat futures finished 5 1/2¢ higher at $4.66 3/4.



December soymeal futures closed $4.00 per short ton lower at $294.50.

 December soy oil futures ended $0.35 lower at 28.64¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.08 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 386 points higher.

Mike

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At 11am:

At midsession, the Dec. corn futures are 3 1/4¢ higher at $3.61 1/2. March corn futures are 3¢ higher at $3.74.

Nov. soybean futures are 11 1/2¢ lower at $8.64. Jan. soybean futures are 11 1/2¢ lower at $8.77 1/4.

Dec. wheat futures are 7 3/4¢ higher at $4.68 3/4.



December soymeal futures are $2.30 per short ton lower at $296.20.

 December soy oil futures are $0.30 lower at 28.69¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.16 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 427 points higher.

Mike

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At 9am:

In early trading, the Dec. corn futures are 1 3/4¢ higher at $3.60 1/2. March corn futures are 1 3/4¢ higher at $3.73.

Nov. soybean futures are 1/2¢ lower at $8.75. Jan. soybean futures are 1/2¢ lower at $8.88 1/4.

Dec. wheat futures are 6¢ higher at $4.66 3/4.



December soymeal futures are $0.20 per short ton lower at $298.30.

 December soy oil futures are $0.05 lower at 28.94¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.69 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 277 points higher.


Al Kluis, Kluis Advisors, says that investors are being fed plenty of bearish news.

“The weather forecasts are non-threatening. Of course, this could change, but the funds are looking at a non-threatening forecast and a poor export situation. There are not many reasons for them to be concerned,” Kluis told customers in a daily note.

Kluis added, “Soybeans managed to close above the 20-day average with a strong response to larger-than-expected soybean purchases by Mexico. This is only the third time we have seen November soybeans close over this moving average since July 1. The next target for the bulls is $8.82, which is the prior two-week high. It was announced overnight that US and China will meet in October to discuss trade. This is encouraging, but will it be just more of the same.”

 

Mike

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2 Replies
Honored Advisor

Re: Floor Talk, September 5, 2019

Al  really talks in circles.  Buy him some coffee. 

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Senior Contributor

Re: Floor Talk, September 5, 2019

Non- threatening weather seems to be the go to term now. No one can see the future(except for "the market") but the weather we are having and being forecast is a threat to many acres of maturity lagging crops. We are not getting the GDUs we need.  Apparently the market knows the corn belt has no deadline for the crops to be mature.

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