At the close:
At the close, the Sept. corn futures finished 4 3/4¢ lower at $5.50 1/4. New crop Dec. futures finished 2 3/4¢ lower at $5.51 1/2. March corn futures settled 3¢ lower at $5.61 1/4.
Sept. soybean futures finished 2 3/4¢ lower at $13.41 1/4.
Nov. soybean futures closed 7¢ lower at $13.29 3/4. January soybean futures ended 7 1/4¢ lower at $13.34.
Sept. wheat futures closed 7¢ lower at $7.11.
Sept. soymeal futures finished $1.50 per short ton higher at $357.30.
Oct. soy oil futures closed $1.24 lower at 60.07¢ per pound.
In the outside markets, the NYMEX crude oil market is 1.47 lower (-2.15%) at $66.81. The U.S. dollar is higher, and the Dow Jones Industrials are 80 points lower (-0.23%) at 35,127 points.
On Monday, private exporters reported to the USDA export sales of 104,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.
The marketing year for soybeans began Sept. 1.
Britt O'Connell, ever. ag, says that the grain complex has started the week with a fairly quiet trade.
"Moisture made its way across much of the Midwest over the weekend with forecasts calling for additional rain events. This week, Thursday, the USDA will release its monthly WASDE report with the headlining number being yield. The range of guesses heading into the report are wide with some believing that both the corn and soybean yields need to be trimmed below the current trendline estimates, while others believe that we could have a better than trendline, record crop on our hands. Typically the wider the range of estimates the more volatile a market will be post report.
She added, "We expect a fairly quiet market until those much anticipated numbers are released. Until recently, the soybean export market has been fairly quiet without any new purchases being announced. Should the Chinese need soybeans, the assumption is yes they will, time is working against them. The waiting game remains. Should the U.S. crop realize record yields the wait may pay off. Should issues arise in production then their efforts were in vain. Possibly more than the price of soybeans, the price of freight has held buyers at bay. Last week, record transport values were posted for sea going vessels. The Covid effect remains in full control of the supply chain."
Mike
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At 8:45am:
Corn falls Monday.
Mike
