Soybeans close 22¢ lower, corn 11¢ lower. Thursday, January 13, 2021

The CME Group’s farm markets could not find any bullish news to trade.

At the close, the March corn futures finished 11¼¢ lower at $5.87. May futures finished 11¢ lower at $5.89. July corn futures settled 10¾¢ lower at $5.87. December futures are ½¢ lower at $5.57.

March soybean futures settled 22¢ lower at $13.77.

May soybean futures closed 21¢ lower at $13.86. New-crop November soybean futures ended 8¢ lower at $13.04.

March wheat futures finished 11½¢ lower at $7.46.

March soymeal futures settled $7.30 per short ton lower at $408.90.

March soy oil futures finished 0.93¢ lower at 58.44¢ per pound.

Jack Scoville, PRICE Futures Group, says that the trade had nothing but negative news to operate with today.

“The selling is primarily based on forecasts for very beneficial rains in Argentina that will make conditions more stable there and the drier weather in northern Brazil that will help with maturation of beans. The bad export sales report was bearish across the board,” Scoville says.

The hard down in the soybean complex has moved into the corn and wheat markets.

At midsession, the March corn futures are 10¼¢ lower at $5.88. May futures are 10¢ lower at $5.90. July corn futures are 9¾¢ lower at $5.88. December futures are 2½¢ lower at $5.55.

March soybean futures are 22¢ lower at $13.77.

May soybean futures are 21¢ lower at $13.86. New-crop November soybean futures are 13¢ lower at $12.99.

March wheat futures are 14½¢ lower at $7.43.

March soymeal futures are $9.50 per short ton lower at $406.70.

March soy oil futures are 0.52¢ of a cent lower at 58.85¢ per pound.

In the outside markets, the crude oil market is $0.03 per barrel lower at $82.61. The U.S. dollar is lower, and the Dow Jones Industrials are 3 points lower (-0.01%) at 36,286.

On Thursday, the CME Group’s farm markets fall as investors see improved weather in South America.

In early trading, the March corn futures are 5½¢ lower at $5.93. May futures are 5½¢ lower at $5.95. July corn futures are 5¼¢ lower at $5.92. December futures are ½¢ lower at $5.57.

March soybean futures are 20¼¢ lower at $13.79.

May soybean futures are 20½¢ lower at $13.87. New-crop November soybean futures are 17¼¢ lower at $12.95.

March wheat futures are 9½¢ lower at $7.48.

March soymeal futures are $9.80 per short ton lower at $406.40.

March soy oil futures are 0.46¢ lower at 58.91¢ per pound.

In the outside markets, the crude oil market is $0.02 per barrel higher at $82.66. The U.S. dollar is lower, and the Dow Jones Industrials are 113 points higher (+0.31%) at 36,403.

Separately, the USDA’s Weekly Export Sales Report Thursday shows weak demand figures for corn and soybeans. Here are the totals:

Corn = 457,700 metric tons (mmt.)
Soybeans = 918,600 mt.
Wheat = 264,400 mt.
Soybean meal = 104,200 mt.
Al Kluis, Kluis Advisors, says that the grain markets are lower this morning as investors focus on weather and weather forecasts in South America.

“The size of the (South American) corn and soybean crops will move lower in next month’s USDA estimates as hot dry conditions continue. Also, the projections were made as of January 1 and the crops have taken a hit since then,” Kluis stated in a note to customers.

Kluis added, “I am watching the lows made on Wednesday as being significant lows on my short-term and long-term charts.”

Successful Farming

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