Corn, soybean markets end mostly higher | Friday, April 23, 2021 - Successful Farming

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On Friday, the CME Group’s farm markets closed mostly higher.

At the close, the May corn futures closed 5¢ higher at $6.55½.

July corn futures settled 1¢ higher at $6.32¼. New-crop December corn futures ended 2¼¢ lower at $5.50¾. In the last week, December prices have rallied $2.00 off the contract low of $3.57 to the contract high hit yesterday at $5.53.
 
May soybean futures closed 6½¢ higher at $15.39¼. July soybean futures are 1¾¢ higher at $15.16. New-crop November soybean futures are 3¼¢ higher at $13.41¼.

July wheat futures settled 1¼¢ higher at $7.12¼. 

July soymeal futures closed $0.50 short ton higher at $425.80.

July soy oil futures finished 0.17¢ lower at 58.78¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.57 higher (+0.93%) at $62.00. The U.S. dollar is lower, and the Dow Jones Industrials are 231 points higher (+0.68%) at 34,047 points.

Private exporters reported to the USDA the following activity:

• Export sales of 336,000 metric tons of corn for delivery to unknown destinations during the 2021/2022 marketing year.
• Export sales of 136,680 metric tons of corn for delivery to Guatemala during the 2021/2022 marketing year.
• Export sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
• The marketing year for corn and soybeans began Sept. 1.

Bob Linneman, Kluis Advisors, says that the grain bulls are using rumors of increased demand to push up the markets.

“Renewed stories of Chinese demand for grain this week have given the bulls everything they needed to push higher,” Linneman stated in a note to customers.

Linneman added, “Grain prices have seen an aggressive move higher this week. We should not rule out the idea of a short squeeze as we approach first delivery notice of May contracts on April 30. Also, today is option expiration for May grain options. Expect wide daily ranges to continue in the short term. Watch Monday afternoon’s crop progress report. Traders and analysts know that we need to get crops in the ground early to have a chance at optimal yields. Although that window has not closed, it is going to put a lot of pressure on farmers to get the planting completed quickly this spring.”

The Link Lonk


April 23, 2021 at 08:49PM
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Corn, soybean markets end mostly higher | Friday, April 23, 2021 - Successful Farming

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