Afternoon Market Highlights


Highlights

The Ag markets bounced higher after several days of weakness. The market awaits USDA data to be released on August 12th.  No good news happened with the ongoing trade war between the US and China. Talk today was that China would be ready for a fight if the US is looking to fight.    

  • The energy markets are mostly higher with crude oil trading above $55/barrel.
  • DJIA down 86 at 26496, S&P down 19 at 2932, NASDAQ down 111 at 7999.
  • The US$ is down 260 at 98.10, the gold market is up 20 bucks at 1444 and the CD$ is up 0.00105 at 0.75737.
  • CHS Hedging will be at Farmfest next week. We will be at booth #316.Stop by for a visit. 

Corn

Corn prices turned higher as the bargain hunters emerged.  The corn market saw weakness over the past several weeks on ideas that there will be corn out there, it may not be the top of the crop but there will be bushels to harvest. The Dec contract hit a high of $4.73 back on June 17th and a low of $3.97 ¼ on August 1st. Crop conditions are expected to have improved form this week’s more favorable weather conditions on the later planted crop. 

  • Closes: September at $3.99 ½, up 6 ¾ cents, December at $4.09 ½, up 7 cents, July at $4.30 3/4, up 6 ¼ cents and red Dec at $4.12 ½, up 3 ½ cents.
  • CIF premiums looked 2 cents weaker across the board.
  • There remains an unfilled gap in the Dec from $3.80-$3.77 ½.
  • Spreads: U/Z 9 ¾ carry, Z/H 10 ¾ carry, Z/N 21 carry, N0/Z0 17 ¾ inverse. 

 December 2019 Corn Chart


Oilseeds

The soy complex came up for air on a bout of bargain buying and fund short covering, after being beat up for the past several days. The trade war continues with the US and China and looks like there is no end in sight (for a while yet anyway). Crop conditions could show an improvement as this week’s weather conditions were viewed as mostly favorable, especially for the crop that got planted later. 

  • Closes: November at $8.68 ½, up 3 ¼ cents, July at $9.17 ¼, up 2 cents and red November at $9.28 ½, up ½ cent. The product were mixed with meal down eighty cents and oil up 50 points.
  • CIF premiums were mostly steady.
  • The canola market traded higher on short covering. Gains were limited on slowed demand from China being reluctant to buy canola from Canada.
  • The Albert canola crop was last rated at 70% G/E.
  • Spreads: X/F 13 ¼ carry, F/K 23 ¾ carry, X/N 48 ¼ carry. 

November 2019 Soybean Chart


Wheat

 Wheat prices traded higher on borrowed strength in the row crows and a bout of short covering, in Chicago, after the past few days of weakness. 

  • September closes: Mpls at $5.22 ¼, up 3 ¾ cents, KC at $4.22 ½, up 6 ¾ cents and Chicago at $4.90 ¾, up 15 cents.
  • Spring wheat harvest could start as early as this weekend or next week the central parts of North Dakota.
  • Spreads: Mpls U/Z 12 ½ carry, Z/H 13 ¾ carry, U/U 54 ½ carry.....Kansas City U/Z 17 carry, U/U 65 carry.