Corn market remains silent, despite large sales to China | Thursday, March 18, 2021 - Successful Farming

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On Thursday, the CME Group’s farm markets dip.

In early trading, the May corn futures are 3¾¢ lower at $5.54. July corn futures are 4¢ lower at $5.38½. New-crop December corn futures are 1¢ lower at $4.74. 
 
May soybean futures are 10½¢ lower at $14.07½. July soybean futures are 12¢ lower at $13.94. New-crop November soybean futures are 12½¢ lower at $12.23½.

May wheat futures are 5½¢ lower at $6.34½. 

May soymeal futures are $3.20 short term lower at $401.70.

May soy oil futures are 0.48¢ lower at 54.12¢ per pound.

In the outside markets, the NYMEX crude oil market is -1.23 lower (-1.90%) at $63.37. The U.S. dollar is higher, and the Dow Jones Industrials are 28 points higher (+0.09%) at 33,043 points.

On Thursday, private exporters reported to the USDA export sales of 696,000 metric tons of corn for delivery to China during the 2020/2021 marketing year. That brings the three-day total to over 121 million bushels of U.S. corn sold to China, this week.

The marketing year for corn began Sept. 1.

Separately, the USDA’s Weekly Export Sales Report Thursday shows weak demand figures for soybeans while corn beat expectations.

Corn = 1.22 million metric tons (mmt.) vs. the trade expectations of 300,000 to 1.10 mmt. 

Soybeans = 202,400 mt. vs. the trade’s expectation of 200,000 to 800,000 mt.

Wheat = 390,100 mt.

Soybean meal = 234,600 mt.

Bob Linneman, Kluis Advisors, says that the trade is disappointing the market, based on the strong export sales reported this week.  

“The bull spreads have picked up ground all week. If the weekly export sales report has positive news, then this trend should continue. If the report is neutral, then watch the spreads for indication of bias as we head toward the big month-end reports,” Linneman stated in a daily note to customers.

Linneman added, “May corn futures settled 4¢ higher on Wednesday. It took the bulls all day to get to that level. That was slightly disappointing, given the two big daily export sales that flashed on Tuesday and Wednesday morning. Soybean prices ended trading on Wednesday 6¢ to 10¢ lower. The soybean bulls are still watching the lower end of the trading channel for support as reports continue to surface about variable production results in South America.”

The Link Lonk


March 18, 2021 at 08:51PM
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Corn market remains silent, despite large sales to China | Thursday, March 18, 2021 - Successful Farming

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