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marketeye
Veteran Advisor

Floor Talk September 9, 2020

At the close:

At the close, the Dec. corn futures finished 1 1/2¢ lower at $3.60 3/4 1/4. March corn futures endede 1 1/4¢ lower at $3.70 3/4.

Nov. soybean futures settled 5 3/4¢ higher at $9.78 3/4. January soybean futures closed 5¢ higher at $9.83 1/4.

Dec. wheat futures settled 1/2¢ lower at $5.43 1/2.


Dec. soymeal futures closed $3.50 per short ton higher at $318.10.

 Dec. soy oil futures settled $0.19 cent lower at 33.21¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.38 per barrel higher at $38.14. The U.S. dollar is lower, and the Dow Jones Industrials are 648 points higher.

Mike

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At 8:45am:

The soybean market likes the fundamentals and China's demand.

 

See Wednesday's markets here.

 

Mike

 

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At 6:25am:

 

1. Ag markets seen lower, dollar higher

In overnight trading, the Dec. corn futures are 2 1/2¢ lower at $3.59 1/2. March corn futures 2 1/4¢ lower at $3.69 3/4.

Nov. soybean futures are 1/4¢ higher at $9.73 1/4. January soybean futures are 1/2¢ lower at $9.77 3/4.

Dec. wheat futures are 2¢ lower at $5.42 1/2.

Dec. soymeal futures are $0.60 per short ton higher at $315.20.

Dec. soy oil futures are 0.22 cent lower at 33.18¢ per pound.

In the outside markets, the U.S. dollar is higher, and the Dow Jones Industrials are expected to bounce back from a three-trading session sell-off.

Al Kluis, Kluis Advisors, says that wheat is leading the markets, this week.

“Watch the extended weather forecasts now in Brazil. Some states there are starting to plant soybeans; other states can start on Friday if they get some rain. The very dry conditions in Argentina are moving into about 25% of Brazil’s main crop area, ” Kluis stated in a daily note to customers.

Brazil's planting season could impact the November 2020 soybean futures contract.
In early January, the CBOT November 2020 soybean contract hit a high of $9.82 per bushel.
"From there, prices traded down to the low at $8.31 in late April 2020. From that low, prices rallied to $9.12, corrected back to $8.65, then rallied to the high yesterday at $9.77. Major resistance is at the January 2020 high at $9.82," Kluis stated Wednesday.

 

Marketeye

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2 Replies
Hobbyfarmer
Honored Advisor

Re: Floor Talk September 9, 2020

Back at 977.25 little bit ago up 4 basis also improved 7¢ this morning $9.60 cash.

That's a number I can see my bank account fatten up a little on. Insurance and taxes due here in less than 30 days.

Drizzling here so can't load right now. Beans are turning, corn is already dead, needed this several weeks ago.

Pastures and hay ground are the big winners of this moisture event.

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Wind
Advisor

Re: Floor Talk September 9, 2020

Up to 2.17" with this rain event.  Biggest rain (a rain event) for the intire year!!  I planted some cover crops in dry dirt before the rain last week, should come up nice now.  Still some concern about the down corn and continuing rain. We will do our best to bring it in. 

 

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