Corn, soybean prices end the session higher. Tuesday, October 26, 2021
On Tuesday, the CME Group’s farm markets started lower, but finished mostly higher.
At the close, the Dec. corn futures finished 6¼¢ higher at $5.44. March futures ended 6¢ higher at $5.52. May corn futures settled 6¼¢ higher at $5.57.
November soybean futures ended 1¢ higher at $12.38.
Jan. soybean futures closed ¾¢ higher at $12.47. March soybean futures closed 1¢ higher at $12.57.
Dec. wheat futures ended 2½¢ lower at $7.57.
Dec. soymeal futures closed unchanged at $327.20.
Dec. soy oil futures finished 0.63¢ lower at 62.51¢ per pound.
In the outside markets, the crude oil market is $0.88 per barrel higher at $84.64, the U.S. dollar is higher, and the Dow Jones Industrials are 65 points higher (+0.18%) at 35,805.
On Tuesday, private exporters reported sales of:
– 199,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year
– 125,730 metric tons of soybeans for delivery to Mexico during the 2021/2022 marketing year
Al Kluis, Kluis Advisors, says that China could be in the U.S. market looking to buy soybeans.
“Soybean harvest was 73% complete in the USDA Crop Progress report yesterday. Now, hedge pressure is going to result in higher basis levels and firming spreads. I think China will continue to be an active buyer again this week,” Kluis stated in a note to customers.
Kluis added, “I am watching the winter wheat crop condition reports each week. The first report Monday showed that 46% of the U.S. winter wheat crop is rated good to excellent. This is up 5% from last year but was less than trade estimates. Winter wheat emergence was at 55%, which is 4% below the five-year average.”
Tags: soybean futures, corn futures, soybeans, farm markets, wheat futures, soymeal futures, soy oil futures
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