Corn, soybean markets close higher | Wednesday, September 15, 2021
China cancels previously purchased U.S. soybean orders.
On Wednesday, the CME Group’s farm markets catch a tailwind.
At the close, the Dec. corn futures settled 13¢ higher at $5.33. March futures ended 12½¢ higher at $5.40½. May corn futures ended 11¢ higher at $5.44.
November soybean futures closed 12¢ higher at $12.94.
Jan. soybean futures finished 11¢ higher at $13.03½. March soybean futures settled 11½¢ higher at $13.07.
- Dec. wheat futures closed 11¼¢ higher at $7.12.
- Dec. soymeal futures closed $2.20 per short ton lower at $339.60.
- Dec. soy oil futures closed 1.50¢ higher at 58.37¢ per pound.
In the outside markets, the NYMEX crude oil market is 2.23 higher (+3.16%) at $72.69. The U.S. dollar is lower, and the Dow Jones Industrials are 232 points higher (+0.67%) at 34,809 points.
On Wednesday, private exporters reported to the USDA the following activity:
- Cancellations export sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
- Cancellations export sales of 196,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that investors eye South America’s planting weather.
“The early trade projections (for record corn and soybean production in Brazil again this year) may prove to be wrong again. Since so much of the forest in the Amazon has been cut down, the weather pattern has changed. That large forested area in Brazil used to produce moisture that created rain for the crop areas of central and southern Brazil. As the forested areas of the Amazon are depleted, the dry weather problems seem to intensify each year. The early forecasts from the Brazilian meteorologists are for normal rain in October with dry conditions likely to develop in November and December. I will be watching to see how this unfolds,” Kluis stated in a note to customers.
Kluis added, “Will the September-to-December continuation gaps get filled in the CBOT corn and wheat markets? The September-to-November soybean continuation gap was filled on Tuesday.”
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