Grain markets close mostly higher Tuesday

Corn, soybean prices strengthen, despite a bearish USDA report.

On Tuesday, the CME Group’s farm markets start mostly lower, end mostly higher.

Following a bearish USDA Report, investors bought the market, to end the trading session.

At the close, the May corn futures finished 1¼¢ lower at $5.46½. July corn futures settled 1¼¢ lower at $5.34¾. New-crop December corn futures closed 3¼¢ higher at $4.84½.

May soybean futures closed 6¼¢ higher at $14.40½. July soybean futures closed 7¾¢ higher at $14.26¾. New-crop November soybean futures closed 7¾¢ higher at $12.62¼.

May wheat futures finished 10¢ higher at $6.56½.

May soymeal futures settled $0.30 short term higher at $416.60.

May soy oil futures ended 1.09¢ higher at 53.55¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.96 lower (-1.48%) at $64.09. The U.S. dollar is lower, and the Dow Jones Industrials are 278 points higher (+0.87%) at 32,080 points.

Al Kluis, Kluis Advisors, says that investors are waiting for the USDA report.

“The USDA report will again take ending stocks slightly lower. The USDA is watching weekly export sales reports and monthly crush reports that continue to show better-than-expected usage. This is gradually taking ending stocks lower. This minor month-by-month change keeps feeding the bull market,” Kluis stated in a daily note to customers.

Kluis added, “Watch the extended forecasts in Argentina, where the models are again projecting rain into the dry areas of Argentina. The models have consistently overestimated the amount of rain that will hit this year.”

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