At the close:
At the close, the March corn futures finished 2 1/2¢ lower at $3.63 3/4. May futures ended 2 1/4¢ lower at $3.73 3/4.
March soybean futures closed 1/4¢ lower at $9.03 1/2. May soybean futures settled 1/4¢ lower at $9.16 3/4.
May wheat futures closed 1 1/2¢ lower at $4.66 3/4.
May soymeal futures ended 1.90 per short ton higher at $309.20.
May soy oil futures closed 0.28 lower at 30.12¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.44 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 55 points lower.
Mike
---------
At midsession:
At midsession, the March corn futures are 1 1/2¢ lower at $3.64. May futures are 1 1/2¢ lower at $3.74.
March soybean futures are 4¢ higher at $9.07 3/4. May soybean futures are 4¢ higher at $9.21.
May wheat futures are 1/4¢ lower at $4.68.
May soymeal futures are 3.10 per short ton higher at $310.40.
May soy oil futures are 0.19 lower at 30.21¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.75 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 84 points lower.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that the corn market has suffered yet another day of losses with May corn besting key support at $3.75 per bushel.
“A close below this level could open the door to more fund selling and a test of $3.63, the May lifetime contract low,” O’Connell says.
Beneficial rains continue to fall in Brazil, keeping the second corn crop in good shape, he says.
“Beans have managed to tread water and stay in positive territory today, despite corns move lower. An FC Stone survey of producers pegged corn acreage at 91.2 million acres vs the recent USDA estimate of 92 million. This same survey had soybean acres estimated at 87.5 million acres, well over the USDA Outlook board’s estimate of 85 million acres. If this continues to hold and play out long term, this could prove to be very interesting for the corn market,” O’Connell says.
“Pretty quiet day otherwise. Crude has had a nice day, rebounding from comments President Trump made about the world not wanting high priced oil - OPEC seems to want to prove his comments wrong. Fat cattle are testing very key resistance at the 130 level. Harsh winter conditions have been tough on feedlots and cattle struggling to gain weight. This has widened the spring/summer fat cattle spread,” O’Connell says.
Mike
------
At 9:30am:
In early trading, the March corn futures are 1/2¢ higher at $3.66. May futures are 3/4¢ higher at $3.76.
March soybean futures are 3 3/4¢ higher at $9.07 1/2. May soybean futures are 3 3/4¢ higher at $9.20.
May wheat futures ended 4 1/2¢ higher at $4.72.
May soymeal futures are 3.00 per short ton higher at $310.30.
May soy oil futures are 0.19 lower at 30.21¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.02 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 131 points lower.
Al Kluis, Kluis Advisors, says that wheat market is oversold, finding strength.
“Momentum indicators are extremely oversold in wheat. We may see the tide turn in wheat after the March contracts enter delivery notice,” Kluis told customers in a daily note.
Kluis added, “Many wheat contracts hit new contract lows this week. Once the tides turn higher in wheat, it should help corn find strength. Closing above the prior two-day high is an important sign to suggest a change in trend is possible.”
Mike North, President Commodity Risk Management Group, says that investors want to see proof of China’s pledge to buy significantly more U.S. soybeans.
“The market has grown weary of the Chinese chatter and South American weather has continued to benefit a growing crop,” North says.
Mike
