Announcements
Effective 9-25-19  Drying charges on corn delivered to Assumption Coop Grain Co. will be 1 3/4 cents per 1/2% of moisture....
 

Futures
@C - CORN - CBOT
Month Last Change Open High Low Close Time More
Dec 19 390'4 -3'6 394'0 395'6 389'6 391'0s 10/18 Chart for @C9Z Options for @C9Z
Mar 20 402'6 -3'6 405'4 407'2 401'6 402'6s 10/18 Chart for @C0H Options for @C0H
May 20 409'2 -3'2 411'4 413'2 408'4 409'4s 10/18 Chart for @C0K Options for @C0K
@S - SOYBEANS - CBOT
Month Last Change Open High Low Close Time More
Nov 19 933'6 2'4 931'0 938'4 930'4 934'0s 10/18 Chart for @S9X Options for @S9X
Jan 20 947'2 2'2 945'0 952'0 944'2 947'4s 10/18 Chart for @S0F Options for @S0F
Mar 20 959'4 2'2 956'2 964'0 955'6 959'2s 10/18 Chart for @S0H Options for @S0H
@W - WHEAT - CBOT
Month Last Change Open High Low Close Time More
Dec 19 530'4 6'6 526'0 532'6 521'0 532'2s 10/18 Chart for @W9Z Options for @W9Z
Jul 20 543'0 8'0 536'2 544'0 532'0 544'0s 10/18 Chart for @W0N Options for @W0N
@YM - E-MINI DOW JONES $5 - CBOT
Month Last Change Open High Low Close Time More
Dec 19 26769.00 - 239.00 26995.00 27023.00 26726.00 26754.00s 10/18 Chart for @YM9Z Options for @YM9Z
My Custom Markets
Symbol Last Change Open High Low Close Time More

Closing Market Comments

10.18.2019
 

CORN

    Corn closed 3¾ cents lower today in moderate trade and a 6-cent trading range. Funds were sellers of 5,000 contracts at mid-day to add to an estimated short position of 105,000 contracts. Corn seems to be catching some weakness from intra-commodity spreading as the short leg. For the week CZ fell 7 cents. News this week revolved around Chinese trade and weather. It is hoped phase one of trade negotiations will be signed in early November, which seems to revolve around the U.S. dropping tariffs and China agreeing to buy U.S. agricultural goods. The 40-50 bln. dollar range has been mentioned while at the same time “only if market forces dictate it making economic sense” also in the mix. Phase two involves all the thorny issues that started the whole trade war business in the first place. On and on it goes. Harvest weather seems to be improving, overall, for the Midwest as we are now in the second half of October. Most attention is now on bean harvest. Weekly export sales were once again disappointing at 14.5 mln. bu., bringing YTD commitments to 408 mln. bu. vs. 830 mln. bu. LY. As usual, Japan, Mexico, and Columbia the buyers of note. Argentina and Brazil remain much cheaper origins for corn, especially Argentina, as it works to move corn before a possible increase in their export tax is enacted. Informa’s latest 2020 corn acreage estimate is 95.3 mln. acres, up 5.9% from 2019  

 

 

 BEANS

   Soybeans closed 2½ cents higher today in an 8-cent trading range. Funds were buyers of 3,000 soybean contracts to add to their estimated long position of 38,000 contracts. For the week, SX fell 2 cents. There is underlying support in soybeans on hopes of additional Chinese purchases, though they are thought to have purchased 10 cargoes of Brazilian beans yesterday. Only one cargo was for November shipment though, the balance being new crop. There is at least some concern that dry weather in Brazil is pushing their bean harvest for next year back a touch, opening the door for more U.S. demand. U.S. values are competitive with Brazil into year’s end, especially off the PNW. Export inspections are expected to be solid again next week re: U.S. soybeans in the 50 mln. bu. range. Weekly export sales were very good today at 58.8 mln. bu., and bring YTD sales to 661 mln. bu. vs. 762 mln. bu. LY. China the main buyer and they account for 40% of known destination sales. Informa’s latest 2020 acreage estimate at 85.3 mln. acres, up 12% from 2019.


 
  

 


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