At 2:05pm:
At the close, the May futures finished 1 1/2¢ higher at $3.79 3/4. July futures ended 1 3/4¢ higher at $3.89 1/4.
May soybean futures settled 2¢ higher at $9.06 3/4. July soybean futures closed 2 3/4¢ higher at $9.26.
May wheat futures finished 3 1/2¢ higher at $4.69 1/2.
May soymeal futures finished 0.10 per short ton higher at $315.10.
May soy oil futures settled 0.16 higher at 28.82¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.13 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 38 points lower.
Jason Roose, U.S. Commodities, says that the market is well supported.
“Grains are all showing strength. The support is coming from short covering, ahead of Friday's all important grain stocks and Prospective Planting Report, Friday. Also, support is coming from export optimism and uncertainty on planting,” Roose says.
Mike
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At 10:40am:
In early trading, the May futures are 1/4¢ lower at $3.78. July futures are 1/2¢ lower at $3.87.
May soybean futures are unchanged at $9.03 3/4. July soybean futures are 1/4¢ lower at $9.17.
May wheat futures are 1/2¢ higher at $4.66.
May soymeal futures are 0.10 per short ton higher at $315.10.
May soy oil futures are 0.06 lower at 28.60¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.28 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 115 points lower.
Al Kluis, Kluis Advisors, says that the funds’ positions and USDA data will dictate this week’s price direction.
“The CFTC Commitments of Traders report on Friday showed funds still very short corn, soybeans, and wheat. This will create a lot of buying on any setback,” Kluis told customers in a daily note.
He added, “Will the low come in early again this week (Monday or Tuesday) in the grain markets? Also watch the USDA report (Friday) and what the trade reaction is to the report."
Mike
