At the close:
At the close, the July corn futures settled 2 1/2¢ higher at $3.33 1/4. Dec. corn futures closed 2 1/4¢ higher at $3.47 1/4.
July soybean futures settled 3¢ lower at $8.64 1/2. November soybean futures finished 1 1/2¢ lower at $8.78.
July wheat futures ended 3 1/2¢ lower at $5.11 1/4.
July soymeal futures closed $0.70 per short ton lower at $288.40.
July soy oil futures ended 0.04 cent lower at 28.10¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.36 per barrel lower at $38.21 per barrel. The U.S. dollar is lower, and the Dow Jones Industrials are 310 points higher.
Jason Roose, U.S. Commodities, says the markets have received some buying interest.
“Grains are mixed today with support in the corn and spreads tightening between the corn and beans. Overall, today showed short covering, with managed funds near record short in the corn with crop ratings potentially improving but not perfect in all areas by far. The grains are supported with interest from China, combined with a weaker dollar that makes U.S. products more competitive,” Roose says.
Mike
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At 10:15am:
On the export front, the USDA released its Weekly Export Inspection Report Monday. In the week ending June 4, 2020, here are the export inspections:
Corn= 1.1 mmt. vs. the trade's range of 800-1.2 mmt.
Soybeans= 213,047 mt. vs. the trade's range of 300-600,000 mt.
Wheat= 432,919 mt. vs. the trade's range of 400-625 mt.
Mike
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At 8:45am:
In early trading, the July corn futures are 3¢ higher at $3.34 1/4. Dec. corn futures 2 3/4¢ higher at $3.48.
July soybean futures are 1/2¢ lower at $8.67 1/2. November soybean futures are 1/4¢ higher at $8.79 3/4.
July wheat futures are 2¢ lower at $5.13 1/4.
July soymeal futures are unchanged at $289.10.
July soy oil futures are 0.13 cent higher at 28.27¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.71 per barrel lower at $38.84 per barrel. The U.S. dollar is lower, and the Dow Jones Industrials are 214 points higher.
The USDA Crop Progress report today will show corn conditions up another 1 to 2% (to 75 to 76%) good to excellent and that the soybean ratings will increase to 72% GE, up 2% from last week.
Al Kluis, Kluis Advisors, says that U.S. soybeans remain competitive on the world market.
"Watch the US dollar and the Brazilian currency, the Real. Over the last three weeks, the Real has rallied 16%. On Friday alone the Real gained 2.8%. The strength in the Real--at the same time the U.S. dollar has dropped by 7%--has made U.S. soybeans cheaper than Brazilian soybeans. This change in currency values opened the door for large U.S. soybean exports last week. I expect to see another week of active US soybean exports," Kluis told customers in a daily note.
Mike
