On Wednesday, the CME Group’s farm markets are adding to this week’s gains.
In early trading, the May corn futures are 11¼¢ higher at $5.91¼.
July corn futures are 10½¢ higher at $5.76¼. New-crop December corn futures are 5½¢ higher at $5.09¼.
May soybean futures are 15½¢ higher at $14.04½. July soybean futures are 13¾¢ higher at $13.97½. New-crop November soybean futures are 11¢ higher at $12.62¼.
July wheat futures are 20¼¢ higher at $6.53¾.
July soymeal futures are $2.70 short term lower at $402.70.
July soy oil futures are 0.53¢ higher at 51.68¢ per pound.
In the outside markets, the NYMEX crude oil market is +1.29 higher (+2.14%) at $61.47. The U.S. dollar is lower, and the Dow Jones Industrials are 85 points higher (+0.25%) at 33,763 points.
Al Kluis, Kluis Advisors, says that investors will be watching crop-weather in both North and South America for price direction.
“On Tuesday, we had weather concerns – first in Brazil, where private trade estimates of corn yields on the double-crop corn continue to fall, and then in the U.S. where cool conditions may delay planting and emergence. These two factors combined to rally prices. Some of Monday’s losses were regained Tuesday and in the early trade today,” Kluis stated in a note to customers.
Kluis added, “I am watching the U.S. weather and extended weather forecasts. The current forecast through April now calls for cool temps across the Corn Belt, with a lot of rain in the Delta. The 11- to 15-day forecast brings in normal temps and normal precipitation. It looks like the early spring forecast from two weeks ago was a bust.”
The current new-crop soybean-to-corn ratio (2.5 to 1) will not buy many more soybean acres, Kluis says. “The biggest switch may occur in spring wheat, where the new-crop soybean-to-spring wheat price ratio is 1.9 to 1.0.,” he stated in a note customers.
The Link LonkApril 14, 2021 at 08:54PM
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Corn nears $6.00 level | Wednesday, April 14, 2021 - Successful Farming
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