At the close:
At the close, the July corn futures settled 2¢ higher at $3.70 1/4. Dec. corn futures finished 3/4¢ higher at $3.87.
July soybean futures ended 8 1/2¢ lower at $8.43 1/4. November soybean futures finished 8¢ lower at $8.65.
July wheat futures closed 8¢ higher at $4.44.
July soymeal futures finished $3.40 per short ton lower at $296.20.
July soy oil futures finished $0.15 cent lower at 27.50¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.97 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 146 points lower.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that the corn market is getting rewarded, finishing higher for four consecutive sessions.
“Corn has seen a bit of a reprieve this week, as funds begin to take profit on some of the record shorts that they had on. Sentiment may be shifting in that crowd as well. Long range weather forecasts do not favor planting progress in most of the Corn Belt,” O’Connell says.
He added, “Soybeans have been the casualty to that acreage discussion. The prevailing thought now is that the further we get into May, the more acres you could see shift into soybeans.”
Mike
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At midsession:
At midsession, the July corn futures are 1 1/4¢ lower at $3.67 1/4. Dec. corn futures are 1 1/4¢ lower at $3.85.
July soybean futures are 9¢ lower at $8.42 3/4. November soybean futures are 8 3/4¢ lower at $8.64 1/4.
July wheat futures are 8 3/4¢ higher at $4.44 3/4.
July soymeal futures are $3.10 per short ton higher at $297.20.
July soy oil futures are $0.30 cent lower at 27.35¢ per pound.
I
n the outside markets, the NYMEX crude oil market is $2.52 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 236 points lower.
Mike
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At 9:18am:
In early trading, the July corn futures are 3/4¢ higher at $3.69 1/4. Dec. corn futures are 1/2¢ lower at $3.85 3/4.
July soybean futures are 4¢ lower at $8.47 3/4. November soybean futures are 3 3/4¢ lower at $8.69 1/4.
July wheat futures are 11 3/4¢ higher at $4.47 3/4.
July soymeal futures are $1.70 per short ton lower at $298.60.
July soy oil futures are $0.29 cent lower at 27.36¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.52 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 6 points higher.
Al Kluis, Kluis Advisors, says that the market is officially being driven by the weather.
“The weather looks to be very wet for the first 5 to 8 days of May for a good portion of the Corn Belt, so that has traders a bit nervous. However, any talks of late corn planting is putting pressure on the soybean market. If we get less corn acres planted, then those could get switched to soybeans. All in all, we are in a weather market. Expect some volatility the next few weeks,” Kluis told customers in a daily note.
On Thursday, the USDA’s Weekly Export Sales Report weak soybean, corn figures.
Corn= 796,000 metric tons vs. the trade’s expectations of between 600,000-1.000,000 mmt.
Soybeans= 336,900 mt. vs. the trade’s expectations of between 400,000 mt.-900,000 mt.
Wheat= 419,500 mt. the trade’s expectations of between 250,000-800,000 mt.
Soybean meal= 95,700 mt. the trade’s expectations of between 100,000-350,000 mt.
Mike
