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3 weeks ago
In early trading, the May futures are 1 1/2¢ lower at $3.60. July futures are 1 1/2¢ lower at $3.69.
May soybean futures ate 3/4¢ lower at $8.94 3/4. July soybean futures are 3/4¢ lower at $9.08.
May wheat futures are 6¢ lower at $4.56 3/4.
May soymeal futures are $0.40 short ton lower at $309.00. May soy oil futures are 0.15 higher at 28.72¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.59 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 72 points lower.
Al Kluis, Kluis Advisors, says that investors are shifting their focus.
“May soybeans are testing the first overhead resistance at $8.99. May corn will need to rally a little further before testing the 20-day average at $3.70. A private US-based firm increased their estimates for Brazilian corn production on Monday afternoon. This is in line with how South American analysts are updating their numbers to reflect the improved weather conditions as the crop reaches maturity,” Kluis told customers in a daily note.
He added, “Option trading on Monday saw a lot of corn calls being sold. This trade is thought to be directly tied to unwinding of short futures positions. This could be a signal that the funds are starting to exit some of their shorts.”