At the close:
At the close, the Sept. corn futures finished 15 3/4¢ higher at $5.45 3/4. New crop Dec. futures closed 16¢ higher at $5.33 1/2. March corn futures ended 15 1/2¢ higher at $5.40.
August soybean futures settled 25¢ higher at $14.04.
Sept. soybean futures closed 19 3/4¢ higher at $13.58. New crop November soybean futures finished 21 1/4¢ higher at $13.50 1/4.
Sept. wheat futures closed 25 3/4¢ higher at $6.40 3/4.
Aug. soymeal futures closed $2.90 per short ton higher at $357.00.
Aug. soy oil futures settled $1.70 higher at 64.05¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.40 lower (-0.54%) at $74.16. The U.S. dollar is higher, and the Dow Jones Industrials are 110 points higher (+0.32%) at 34,980 points.
Mike
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At midsession:
USDA SAYS:
Little changes made to U.S. corn, soybean ending stocks Monday.
Mike
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At 9am:
In early trading, the Sept. corn futures are 3/4¢ higher at $5.30. New crop Dec. futures are 3/4¢ higher at $5.17. March corn futures are 1/4¢ higher at $5.25 1/4.
August soybean futures are 5 1/4¢ higher at $13.84.
Sept. soybean futures are 3¢ higher at $13.41 3/4. New crop November soybean futures are 2 1/4¢ higher at $13.31.
Sept. wheat futures are 2¢ lower at $6.13.
Aug. soymeal futures are $0.30 per short ton higher at $354.40.
Aug. soy oil futures are $0.82 higher at 63.17¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.84 lower (-1.13%) at $73.72. The U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower (-0.10%) at 34,835 points.
Al Kluis, Kluis Advisors, says that investors will be watching two USDA Reports today for price direction.
“I am watching both USDA report releases today. I think the trade is underestimating corn used for ethanol this year and next, and that the ending stocks of corn may be less than the trade expects for the 2021/2022 marketing year. As always, the most important part of the day is to watch the trade reaction *after* the report and the price action from 11:30 AM into the close of trade," Kluis stated in a note to customers.
Kluis added, "The USDA Crop Progress report later today will show corn and soybean ratings unchanged to 1% better. Even with slight improvement, these mid-July ratings are in the bottom 30% of the crop ratings for this week over the last 35 years. Unless we get timely rain each week for the rest of the year, it will be difficult to get trendline corn and soybean yields this year in the U.S."
Mike
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