At the close:
At the close, the March corn futures finished 2¢ higher at $3.90. May corn futures ended 1 1/4¢ higher at $3.96.
Jan. soybean futures settled 6 3/4¢ higher at $9.28 3/4. March soybean futures closed 4 3/4¢ higher at $9.40 1/2.
March wheat futures settled 6 1/2¢ higher at $5.56 1/2.
January soymeal futures ended $1.00 per short ton higher at $302.30.
January soy oil futures closed 0.67 cents higher at 33.81¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.73 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 51 points higher.
Mike
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At midsession:
At midsession, the March corn futures are 1 1/4¢ higher at $3.89 1/4. May corn futures are 1 1/4¢ higher at $3.96.
Jan. soybean futures are 5 1/4¢ higher at $9.27 1/4. March soybean futures are 4 1/2¢ higher at $9.40 1/2.
March wheat futures are 3¢ higher at $5.52 1/2.
January soymeal futures are $0.20 per short ton higher at $301.50.
January soy oil futures are 0.66 cents higher at 33.80¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.65 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 82 points higher.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that the markets are now trading post 'stage 1' trade agreement. Both corn and beans are now trading new, albiet, familiar ranges.
“Corn will likely trade the $3.85-$3.95 range that it initially found earlier this year vs the Dec contract. A move thru $4 may take additional positive news. Soybeans have recovered from the technical sell off that took place earlier this month, with the funds covering their newly acquired positions. Should we have follow through positive sentiment and/or experience actual purchases from China the funds will likely move into a long position.
She added, “Given the time of year, I would expect that corn follows to some degree. From a technical perspective soybeans have resistance about every 20 cents in this market; $9.20, $9.40 and $9.60. The $9.60 price really represents the top end of where this market has been for nearly a year. Without any large purchases or new news, the coming weeks could remain fairly quiet and range bound."
Mike
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At 8:50am:
In early trading, the March corn futures are 1¢ lower at $3.87. May corn futures are 1¢ lower at $3.93.
Jan. soybean futures are 1 1/4¢ higher at $9.23 1/2. March soybean futures are 3/4¢ higher at $9.36 1/2.
March wheat futures are 1¢ lower at $5.48 1/2.
January soymeal futures are $2.20 per short ton lower at $299.10.
January soy oil futures are 0.79 cents higher at 33.93¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.35 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 19 points higher.
Al Kluis, Kluis Advisors, says that the markets will be eyeing export results from the U.S., China trade agreement.
“The grain markets closed higher on Monday as weather concerns increase in South America and optimism that the “Phase 1” trade agreement will create additional export demand, ” Kluis stated in a daily note to customers. Will the weekly export sales report Thursday show us if the “Phase 1” trade agreement results in larger-than-usual US grain export sales to China and the rest of the world.”
Kluis added, “In Argentina, grain export taxes jumped to 30% on soybeans and 25% for corn and wheat. Farmer sales will slow down in Argentina and so will Argentine global exports.”
Mike
