On Wednesday, the CME Group’s farm markets have trimmed the euphoria from Tuesday’s USDA report.
At the close, the Dec. corn futures closed 5¾¢ lower at $4.17½. March corn futures finished 4¢ lower at $4.27½.
January soybean futures ended 6½¢ higher at $11.52¼. March soybean futures settled 7¾¢ higher at $11.51¾.
Dec. wheat futures closed 10½¢ lower at $5.98.
Dec. soymeal futures closed $2.10 per short ton lower at $392.70.
Dec. soy oil futures closed 1.07¢ higher at 37.13¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.14 per barrel higher (0.34%) at $41.50. The U.S. dollar is higher, and the Dow Jones Industrials are 83 points lower (- 0.28%) at 29,337 points.
Al Kluis, Kluis Advisors, says that investors continue to eye global weather and today’s USDA November Supply/Demand Report.
“The USDA reports, Tuesday, are realistic but may be understating soybean export demand. Projected ending stocks are only 190 million bushels. This number may move lower in future reports as larger exports are factored in,” Kluis told customers in a daily note.
He added, “I am watching weather and weather forecasts in Southern Brazil and northern Argentina. Many private trade analysts are taking the South American corn crop lower because of delayed planting and dry conditions. If the dry conditions continue into December, then it will then start to impact soybean yield potential as well.”
--------------------
Tuesday’s Grain Market Review
On Tuesday, the CME Group's farm markets react positively to the USDA tightening stocks in its November Supply/Demand Report.
At the close, the Dec. corn futures finished 15 1/4¢ higher at $4.23. March corn futures ended 15 1/2¢ higher at $4.31.
January soybean futures closed 35 3/4¢ higher at $11.46 1/4. March soybean futures closed 35 1/2¢ higher at $11.44.
Dec. wheat futures closed 11¢ higher at $6.08 1/2.
Dec. soymeal futures settled $10.70 per short ton higher at $394.80.
Dec. soy oil futures closed 0.58 cent higher at 36.06¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.10 per barrel higher (2.73%) at $41.39. The U.S. dollar is higher, and the Dow Jones Industrials are 241 points higher (+ 0.83%) at 29,399 points.
On Tuesday, private exporters reported to the USDA export sales of 130,000 metric tons of corn for delivery to South Korea during the 2020/2021 marketing year.
The marketing year for corn began Sept. 1.
The USDA Crop Progress report, Monday, showed corn harvest at 91% complete, soybeans at 92% complete, and the winter wheat crop rating showed the winter wheat crop rated 45% good to excellent.
Al Kluis, Kluis Advisors, says that investors continue to eye global weather and today’s USDA November Supply/Demand Report.
“To keep the rally going in the grain markets, we need to have a bullish report – and bullish response – today. Rain in South America, again this week, looks like it will underperform. Not a total bust, but many areas remain very dry in southern Brazil and much of Argentina,” Kluis told customers in a daily note.
He added, “I am watching the Chinese corn import projections from today’s USDA report. The USDA has been plugging in corn imports by China at 7.0 million metric tons (mmt) or 275 million bushels. The Ag Attaché in China is projecting Chinese imports at 22 mmt (865 million bushels). I doubt that the USDA report will move that high in the report today, but I think that China will eventually need to import over 20 mmt of corn.”
------------------------
Monday’s Grain Market Review
On Monday, a broad market rally, from the encouraging news about a vaccine for the coronavirus, helped the CME Group’s ag commodities close mostly higher.
At the close, the Dec. corn futures finished ¾¢ higher at $4.07½. March corn futures settled 1½¢ higher at $4.15¾.
January soybean futures finished 9¢ higher at $11.10¼. March soybean futures closed 9½¢ higher at $11.08¼.
Dec. wheat futures closed 4¼¢ lower at $5.97¾.
Dec. soymeal futures closed $1.70 per short ton higher at $384.10.
Dec. soy oil futures settled 0.14¢ higher at 35.48¢ per pound.
In the outside markets, the NYMEX crude oil market is $3.28 per barrel higher (8.83%) at $40.42. The U.S. dollar is higher, and the Dow Jones Industrials are 1,283 points (4.52%) higher at 29,607 points.
On Monday, private exporters reported to the USDA export sales of 123,000 metric tons of soybeans for delivery to unknown destinations during the 2020/2021 marketing year.
The marketing year for soybeans began Sept. 1.
Bob Linneman, Kluis Advisors, says that investors will be watching global weather and tomorrow’s USDA November Supply/Demand Report.
“At the current pace of corn and soybean exports, the USDA will increase export projections and take ending stocks lower in the report tomorrow. I see no evidence of price rationing at this time,” Linneman told customers in a daily note.
He added, “I am watching the weather reports for Argentina. The Buenos Aires Grain Exchange dropped the projected size of the 2021 soybean crop in Argentina from 49 million metric tons (mmt) last year to 46.5 mmt this year. This projection is 7 mmt (257 million bushels) lower than the last USDA estimate.”
The Link LonkNovember 11, 2020 at 09:53PM
https://ift.tt/3lkDMqV
Corn, wheat markets turn lower Wednesday - Successful Farming
https://ift.tt/3gguREe
Corn
No comments:
Post a Comment