On Wednesday, the CME Group’s farm markets are watching to see if investors will react to the huge purchases of U.S. corn that China has made this week.
In early trading, the May corn futures are ½¢ higher at $5.54¼. July corn futures are ¾¢ lower at $5.41¾. New-crop December corn futures are 4½¢ lower at $4.73¾.
May soybean futures are 9¼¢ lower at $14.14½. July soybean futures are 9½¢ lower at $14.04¾. New-crop November soybean futures are 8½¢ lower at $12.36½.
May wheat futures are 4¼¢ lower at $6.42¾.
May soymeal futures are $5.60 short term lower at $400.50.
May soy oil futures are 0.19¢ lower at 54.90¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.55 lower (-0.85%) at $64.25. The U.S. dollar is lower, and the Dow Jones Industrials are 18 points higher (+0.06%) at 32,844 points.
On Wednesday, private exporters reported to the USDA export sales of 1,224,000 metric tons of corn for delivery to China during the 2020/2021 marketing year.
The marketing year for corn began Sept. 1.
Bob Linneman, Kluis Advisors, says that traders are likely waiting to see if further sales hit the daily reports before the weekly update on Thursday.
“Reports from South America are suggesting the excessive rainfall will have a bigger negative impact than previously thought. Even if this is true, it will be a few months before official data is provided. In the U.S., the Federal Reserve Board will announce any changes to short-term interest rates this afternoon. Any major changes to their thoughts could impact the U.S. dollar and the stock market,” Linneman stated in a daily note to customers.
Linneman added, “Many of the charts have tested moving average support lines or the bottom end of trading channels in the past few days. If the bulls are able to continue with higher highs and higher lows, then we could see momentum build into the end-of-month reports.”
The Link LonkMarch 17, 2021 at 08:50PM
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Corn market has little reaction to huge China purchase | Wednesday, March 17, 2021 - Successful Farming
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