DES MOINES, Iowa – At the close of CME Group trading Monday, corn, wheat and soybean futures finished higher.
At the close, the Dec. corn futures ended 5¾¢ higher at $4.16¼. March corn futures finished 4¾¢ higher at $4.24¼.
January soybean futures closed 5½¢ higher at $11.53½. March soybean futures finished 6½¢ higher at $11.54½.
Dec. wheat futures ended 4½¢ higher at $5.98.
Dec. soymeal futures closed $1.20 per short ton higher at $389.30.
Dec. soy oil futures ended 0.30¢ higher at 37.43¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.19 per barrel higher (+2.89%) at $41.29. The U.S. dollar is lower, and the Dow Jones Industrials are 368 points higher (+1.25%) 29,847 points.
Matt Tranel of ever.ag agrees with Don Roose of U.S. Commodities that the stock market is influencing commodities today.
“Grain markets are mainly higher today due to outside markets,” he says. “Moderna Inc. released positive news regarding it's covid-19 vaccine after their latest tests. Markets also popped last week when Pfizer did the same. The stock market raced back towards its contract highs lifting oil and most commodities. Demand and South American weather uncertainty are in the mix as well.”
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DES MOINES, Iowa – At mid-session Monday, gains in soybean and corn futures are strengthening.
By late morning, the Dec. corn futures are 4¼¢ higher at $4.14¾. March corn futures are 3½¢ higher at $4.23.
January soybean futures are 3¼¢ higher at $11.51¼. March soybean futures are 4¢ higher at $11.52.
Dec. wheat futures are 2¼¢ higher at $5.95¾.
Dec. soymeal futures are $1.10 per short ton higher at $389.20.
Dec. soy oil futures are 0.20¢ higher at 37.33¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.16 per barrel higher (+2.89%) at $41.29. The U.S. dollar is lower, and the Dow Jones Industrials are 378 points higher (+1.28%) 29,858 points.
The stock market, which saw the Dow reach a record high Monday, is influencing commodities today, says Don Roose of U.S. Commodities in West Des Moines, Iowa.
Monday, the drug maker, Moderna, announced that its vaccine against Covid-19 appears to be 95% effective.
“The trade wants to believe we’re getting closer to normality,” Roose says.
This comes on top of USDA’s recent WASDE report showing what Roose calls “razor tight” U.S. soybean supplies. The projected carryover of 190 million bushels is barely above what’s considered a minimum “pipeline” supply of 100-to-120 million bushels needed to avoid rationing by the market.
“The trade realizes we need to get a bumper crop out of South America to help buffer the tight supplies,” Roose says.
Weekend rains in South America helped improve the crop outlook there and briefly pushed grain futures down in early overnight trading, but that was before Moderna’s announcement and the bullish stock market, Roose says.
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DES MOINES, Iowa – In early trading Monday, soybean and corn futures are trading higher.
In early trading, the Dec. corn futures are 1¼¢ higher at $4.11¾. March corn futures are ¾¢ higher at $4.20¼.
January soybean futures are 2½¢ higher at $11.50½. March soybean futures are 3¢ higher at $11.51.
Dec. wheat futures are 4¼¢ lower at $5.89¼.
Dec. soymeal futures are $1.10 per short ton higher at $389.20.
Dec. soy oil futures are 0.21¢ higher at 37.34¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.80 per barrel higher (+4.49%) at $41.93. The U.S. dollar is higher, and the Dow Jones Industrials are 363 points higher (+1.23%) 29,843 points.
“The macro markets are all positive today,” says Al Kluis of Kluis Commodity Advisors in his pre-opening report. “US and global stocks are higher, and energy prices are also firm. On Friday, the grain markets closed higher with corn closing 1 to 2 cents higher, soybeans 3 cents higher and wheat 4 to 6 cents higher. In China on the Dalian, corn futures are 11 cents higher at $9.25 per bushel, and soybean futures are 1 cent higher at $20.98 per bushel.”
“With planting delays and the [uneven] start to the crop year in many areas of Brazil and Argentina, private estimates of the corn and soybean crops from South America will continue to move lower this week,” he adds.
Kluis will be watching the National Oilseed Processors Association (NOPA) soybean crush report released later today.
“The trade estimate is for 177.1 million bushels. This would imply nationwide crush of 188 million bushels--a new record for October,” he says. “In the first two months of this year, crush is estimated to be running 10 million bushels higher than last year. The key: With larger crush, will soybean oil inventories increase?”
The Link LonkNovember 16, 2020 at 10:07PM
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Corn and soybean futures close higher - Successful Farming
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