At the close:
At the close, the July corn futures finished 3¢ lower at $3.15 3/4. Dec. corn futures closed 2 3/4¢ lower at $3.34.
July soybean futures settled 13¢ lower at $8.36 1/2. November soybean futures finished 9 1/4¢ lower at $8.45 3/4.
July wheat futures closed 3¢ higher at $5.19 1/2.
July soymeal futures settled $4.10 per short ton lower at $288.40.
July soy oil futures ended $0.35 cent lower at 26.15¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.58 per barrel higher at $20.36 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 115 points lower.
Jason Roose, U.S. Commodities, says that today's markets just can't find any bullish news to trade.
"Grains have trading lower most of the day. Friendly news is hard to find and old bearish news continues to find its way back to the market. There are talks of increased tariffs with China and ideal planting conditions that have eroded most of last week's short covering. Also, unknown spring weather and optimism on exports may limit breaks at these levels," Roose says.
Mike
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At midsession:
At midsession, the July corn futures are 4¢ lower at $3.14 3/4. Dec. corn futures are 4¢ lower at $3.33 3/4.
July soybean futures are 13 1/4¢ lower at $8.36 1/2. November soybean futures are 10 3/4¢ lower at $8.44 3/4.
July wheat futures are 1 3/4¢ lower at $5.14 1/2.
July soymeal futures are $3.30 per short ton lower at $290.20.
July soy oil futures are $0.40 cent lower at 26.10¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.10 per barrel higher at $19.88 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 187 points lower.
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At 8:45am:
In early trading, the July corn futures are 3 3/4¢ lower at $3.14 3/4. Dec. corn futures are 3 1/4¢ lower at $3.33 3/4.
July soybean futures are 14¢ lower at $8.35 1/2. November soybean futures are 12 3/4¢ lower at $8.42 3/4.
July wheat futures are 7 3/4¢ lower at $5.08 1/2.
July soymeal futures are $3.30 per short ton lower at $289.20.
July soy oil futures are $0.46 cent lower at 26.04¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.40 per barrel lower at $19.51 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 336 points lower.
Al Kluis, Kluis Advisors, says that the U.S., China tension over the coronavirus has the attention of the investors.
"The increase in tension with China will put pressure on the stock and commodity markets until somehow some cooperation begins," Kluis told customers in a daily note. We are watching the May-to-July soybean spread. The carry was out to 10 cents last week and has narrowed to just 1 ½ cents. When the bull spreads start working, it is a positive signal for prices--even if the futures are lower at this time.
Kluis added, "The energy markets posted an impressive rally back last week, which helped corn stabilize and soybeans rally."
On Monday, private exporters reported to the USDA export sales of 115,800 metric tons of corn for delivery to unknown destinations during the 2019/2020 marketing year.
The marketing year for corn began Sept. 1.
Mike
