At the close:
Started lower, stayed lower, finished lower.
At the close, the May futures finished 1 3/4¢ lower at $3.71. July futures closed 1 1/2¢ lower at $3.80 3/4.
May soybean futures finished 3 1/2¢ lower at $9.05 3/4. July soybean futures finished 3 3/4¢ lower at $9.19 1/4.
May wheat futures ended 5 1/4¢ lower at $4.56 3/4.
May soymeal futures closed 1.00 per short ton lower at $309.80.
May soy oil futures finished 0.01 higher at 29.44¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.46 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 28 points higher.
Al Kluis, Kluis Advisors, says that investors will be watching the outside investors’ trading activity, in the coming weeks.
“The funds are short a record amount of corn futures, and a huge amount of soybeans and wheat. As funds buy back this huge short position, the grain markets may show a positive rally ahead of the USDA reports at the end of March,” Kluis told customers in a daily note.
He added, “Will grain prices make a low early in the week? From early January until last week, the corn, soybean, and wheat market could rally on Sunday night and into the early trade on Monday, then fade into the close on Friday. Prices were in a downtrend. Last week the low came in early and the high for the week came in on Friday. Can this signal a major change of trend?”
Mike
