Corn, soybean markets settle mostly higher | Wednesday, August 11, 2021

China buys moe U.S. soybeans.
On Wednesday, the CME Group’s farm markets close mostly higher, awaiting tomorrow’s data dump.
At the close, the Sept. corn futures finished 7¢ higher at $5.56. New-crop Dec. futures ended 6¢ higher at $5.59. March corn futures closed 6¢ higher at $5.67.
Sept. soybean futures closed 1¼¢ lower at $13.47.
Nov. soybean futures finished 3¼¢ higher at $13.40. January soybean futures closed 3¢ higher at $13.44.
Sept. wheat futures closed unchanged at $7.27.
Dec. soymeal futures settled $3.60 per short ton lower at $353.90.
Dec. soy oil futures closed 0.98¢ higher at 61.60¢ per pound.
In the outside markets, the NYMEX crude oil market is 0.92 higher (+1.35%) at $69.21. The U.S. dollar is lower, and the Dow Jones Industrials are 193 points higher (+0.55%) at 35,458 points.
On Wednesday, private exporters reported to the USDA export sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
The marketing year for soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that all eyes will be on tomorrow’s USDA monthly Supply/Demand Report.
“The USDA is likely to increase projected U.S. corn exports in the report on Thursday. I expect them to factor in a much smaller Brazilian corn crop and a large reduction in Brazilian corn exports over the next year,” Kluis stated in a note to customers.
Linneman added, “What will the USDA project tomorrow for the U.S. corn and soybean crops? In the last six years, the USDA has come out with a larger corn crop than the pre-report trade estimates in the August report. In five of the last six years, the soybean crop forecast has been larger than the pre-report trade estimates. I am amazed by the huge range in the trade estimates for the Thursday reports.”
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