At the close:
At the close, the March corn futures finished 4 1/4¢ lower at $3.66. May futures are 4¢ lower at $3.76.
March soybean futures closed 8¢ lower at $9.03 3/4.
May soybean futures ended 8¢ lower at $9.17.
May wheat futures finished 4 1/4¢ lower at $4.68 1/4.
May soymeal futures closed 2.10¢ per short ton lower at $307.30.
May soy oil futures ended 0.28 lower at 30.40¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.01 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 5 points lower.
Mike
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At midsession:
At midsession, the March corn futures 4 1/4¢ lower at $3.66. May futures are 4 1/4¢ lower at $3.75 3/4.
March soybean futures are 12¢ lower at $8.99 3/4. May soybean futures are 11 3/4¢ lower at $9.13 1/4.
May wheat futures are 6 1/4¢ lower at $4.66 1/4.
May soymeal futures are 3.30¢ per short ton lower at $306.10. May soy oil futures are 0.33 lower at 30.35¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.34 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 10 points lower.
Al Kluis, Kluis Advisors, says the grain market is pulling farm markets lower.
“The continued weakness in the wheat market (several contracts fell to new contract lows on Monday) is pressuring corn prices as well,” Kluis told customers in a daily note.
Kluis added, “Will the corn market and wheat market bottom in the first delivery days on the March contract? That is a key seasonal time that I watch for a possible change of trend and low in the corn and wheat markets.”
Mike
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At 9am:
In early trading, the March corn futures 3 1/4¢ lower at $3.67. May futures are 3 1/4¢ lower at $3.76 3/4.
March soybean futures are 10 1/4¢ lower at $9.01. May soybean futures are 10 1/2¢ lower at $9.14.
May wheat futures are 2 1/2¢ lower at $4.70.
May soymeal futures are 2.20¢ per short ton higher at $307.20.
May soy oil futures are 0.48 lower at 30.20¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.02 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 52 points lower.
On Tuesday, Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to Mexico.
Of the total, 48,000 metric tons is for delivery during the 2018/2019 marketing year and 72,000 metric tons is for delivery during the 2019/2020 marketing year.
The marketing year for soybeans began Sept. 1.
Mike
