Soybean, wheat prices finish double-digits lower. Monday, November 29, 2021

In the outside markets, the crude oil market is $1.43 per barrel higher at $69.58, the U.S. dollar is higher, and the Dow Jones Industrials are 295 points higher (+0.85%) at 35,195.

Jack Scoville, PRICE Futures Group, says that today’s farm markets are down on the new coronavirus variant.

“We were up overnight, so the overseas crowd feels better about it than the Americans. Plus, first notice day for December is tomorrow and a lot of position adjustment is going on. So, it’s a liquidation day and the long specs are exiting stage left,” Scoville says.

After starting the day diverged, the ag markets sink together at midday.

At midday, the Dec. corn futures are 8½¢ lower at $5.78. March futures are 12¼¢ lower at $5.79. May corn futures are 12¼¢ lower at $5.83.

January soybean futures are 10½¢ lower at $12.42½.

March soybean futures are 10½¢ lower at $12.52½. May soybean futures are 11½¢ lower at $12.61½.

March wheat futures are 18¾¢ lower at $8.22.

Jan. soymeal futures are $5.00 per short ton lower at $344.40.

Jan. soy oil futures are 0.50¢ lower at 58.38¢ per pound.

In the outside markets, the crude oil market is $2.72 per barrel higher at $70.87, the U.S. dollar is higher, and the Dow Jones Industrials are 336 points higher (+0.96%) at 35,235.

Jason Roose, U.S. Commodities, says that the grain markets are experiencing a sell-off for many reasons.

“Risk off trade continues today in all grains in an overbought market. Adding to the daily selling pressures are factors such as a strong dollar, fear of slower demand with a new COVID strain, nonthreatening weather in South America, and limited grain buying from China,” Roose says.

On Monday, the CME Group’s farm markets trade mixed.

In early trading, the Dec. corn futures are 3½¢ lower at $5.83. March futures are 4¢ lower at $5.87. May corn futures are 4¢ lower at $5.91.

January soybean futures are 5½¢ higher at $12.58½.

March soybean futures are 5½¢ higher at $12.68. May soybean futures are 5½¢ higher at $12.78.

March wheat futures are 4¾¢ lower at $8.35.

Jan. soymeal futures are $3.10 per short ton higher at $352.50.

Jan. soy oil futures are 0.27¢ higher at 59.15¢ per pound.

In the outside markets, the crude oil market is $4.39 per barrel higher at $72.54, the U.S. dollar is higher, and the Dow Jones Industrials are 235 points higher (+0.68%) at 35,135.

Al Kluis, Kluis Advisors, says that investors will not be deterred by the new COVID variant.

“The new COVID variant scare will prove to be short-term. We are much better prepared to deal with this than two years ago,” Kluis stated in a note to customers.

Kluis added, “I am watching the U.S. and global energy markets. If crude oil prices can close higher today, then it will signal a short-term low for the entire commodity complex.”

Tags: soybean futures, corn futures, farm markets, wheat futures, soymeal futures, soy oil futures