On Tuesday, the CME Group’s farm markets close at daily lows.
At the close, the March corn futures settled 5½¢ lower at $5.26. May corn futures closed 6½¢ lower at $5.28¾.
March soybean futures finished 31¢ lower at $13.85¾. May soybean futures closed 31½¢ lower at $13.83.
March wheat futures closed 3¼¢ lower at $6.72¼.
March soymeal futures closed $12.70 short term lower at $450.50.
March soy oil futures finished 0.15 lower at 41.70¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.58 per barrel higher (+1.11%) at $52.94. The U.S. dollar is lower, and the Dow Jones Industrials are 147 points higher (+0.48%) at 30,961 points.
On Tuesday, private exporters reported to the USDA the follow activity:
Export sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
Export sales of 128,000 metric tons of corn for delivery to Japan during the 2020/2021 marketing year.
Export sales of 100,000 metric tons of corn for delivery to Israel during the 2020/2021 marketing year.
The marketing year for corn and soybeans began Sept. 1.
Al Kluis, Kluis Advisors, says that investors are digesting the direction of outside money in the grain markets.
“On Friday, the CFTC report was a big surprise. It showed funds reducing their long positions by another 10,000 contracts – on a week when soybeans rallied 41¢ per bushel. It also showed that commercials continue to buy into this rally to cover additional sales to China,” Kluis stated in a daily note to customers.
Kluis added, “I am watching the soybean crush margins. The National Oilseed Processor Association (NOPA) crush report on Friday showed record soybean crush for November. The current pace after just three months shows crush running 43 million bushels above the most recent USDA projection. This report does not show any slow-down in soybean demand.”