Corn, soybean markets close up double digits

Next week’s crop ratings are expected to drop, analyst says.

On Tuesday, the CME Group’s farm markets run higher.

At the close, the Sept. corn futures finished 15¾¢ higher at $5.71¾. New-crop Dec. futures ended 13½¢ higher at $5.65½. March corn futures closed 13¼¢ higher at $5.73.

August soybean futures closed 15¾¢ higher at $14.43½.

Sept. soybean futures settled 16¢ higher at $13.99¾. New-crop November soybean futures ended 15¾¢ higher at $13.88¾.

Sept. wheat futures finished 2¾¢ higher at $7.00¼.

Aug. soymeal futures closed $5.70 per short ton higher at $365.50.

Sep. soy oil futures ended 0.33¢ higher at 67.02¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.88 higher (+1.32%) at $67.30. The U.S. dollar is higher, and the Dow Jones Industrials are 597 points higher (+1.76%) at 34,559 points.

Al Kluis Kluis Advisors, says that the markets trade on weather, weather, weather.

“I am watching the outside markets. The stock market had its worst day of the year on Monday. That down-move (and the hard down-move in energy prices) put pressure on the corn and soybean oil market. When traders move into a risk-off position, it puts pressure on the commodity complex. When the outside markets stabilize, odds are good we will start to trade weather and U.S. yield potential,” Kluis stated in a note to customers. “I expect both corn and soybean crop ratings to move lower in next week’s Crop Progress Report.

Kluis added, “The fear of another COVID global outbreak and a slowdown in economic growth put extreme pressure on the global stock and commodity markets in a risk-off day yesterday.”

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Tags: corn, soybeans, wheat, CME Group's farm markets, soy oil, futures