Soybeans finish the session 27¢ higher
Investors have a lot of data to digest, analyst says.
On Wednesday, the CME Group’s farm markets closed mixed.
See full USDA/WASDE Report results.
At the close, the July corn futures finished 7 1/2¢ lower at $7.14 1/4. New crop September futures closed 13 1/4¢ lower at $6.21 1/2. December corn futures closed 18 3/4¢ lower at $5.93.
July soybean futures closed 27 3/4¢ higher at $16.42 1/2. August soybean futures settled 19¢ higher at $15.72 1/2. New crop November soybean futures ended 12 3/4¢ higher at $14.43 1/4.
July wheat futures closed 12¢ lower at $7.29 3/4.
July soymeal futures closed $1.80 per short ton higher at $448.80.
July soy oil futures ended $1.60 higher at 66.40¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.78 higher (+1.19%) at $66.06. The U.S. dollar is higher, and the Dow Jones Industrials are 446 points lower (-1.30%) at 33,822 points.
On Wednesday, private exporters reported to the USDA export sales of 100,000 metric tons of corn for delivery to Mexico. Of the total, 30,000 metric tons is for delivery during the 2020/2021 marketing year and 70,000 metric tons is for delivery during the 2021/2022 marketing year.
The marketing year for corn began September 1.
Al Kluis, Kluis Advisors, says that investors have a lot of data to digest.
“China bought more new-crop corn on Tuesday. In addition, the weather forecasts turned much drier for the northern and western Corn Belt. Locally, the wet weather forecast over the next three to five days is gone,” Kluis stated in a note to customers.
Kluis added, “The grain trade is building in some very low ending stocks numbers from the USDA for the report out at 11 a.m. today. When everyone is expecting a bullish report, you need to be cautious. First, you never know what the USDA will project. Second, if you get a bullish report, then prices also need to have a positive performance from the time of the release of the report into the close of trade.”
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