On Wednesday, the CME Group’s corn, soybean markets close on session highs.
At the close, the May corn futures closed 19¢ higher at $6.25½.
July corn futures closed 14¾¢ higher at $6.06¼. New-crop December corn futures closed 8¢ higher at $5.36½.
May soybean futures closed 25¼¢ higher at $14.97¼. July soybean futures finished 21½¢ higher at $14.79¾. New-crop November soybean futures ended 10½¢ higher at $13.10¾.
July wheat futures finished 13¾¢ higher at $6.75¼.
July soymeal futures settled $1.40 short ton lower at $416.10.
July soy oil futures closed 1.80¢ higher at 56.94¢ per pound.
In the outside markets, the NYMEX crude oil market is -1.34 lower (-2.14%) at $61.33. The U.S. dollar is higher, and the Dow Jones Industrials are 262 points higher (+0.78%) at 34,084 points.
Bob Linneman, Kluis Advisors, says that the grain bulls had a good day on Tuesday.
“Many contracts hit new contract highs. We can draw multiple upside targets on the charts using equal leg theory, since we have had a variety of strong rallies since August. The cool dry weather for areas of the Midwest that are already dry has pushed traders to consider the idea of what happens to balance sheets with sub-trendline yields. We don’t need to see a season like 2012 to create a bullish situation for the U.S. and world balance sheets,” Linneman stated in a note to customers.
Linneman added, “As we approach the delivery window for May grain contracts, will we start to hear chatter of how the commercial market maintains long positions so they can take delivery of physical grain? The strong basis levels will encourage farmer deliveries to elevators, not deliveries against the futures. However, commercials need to get their hands on the bushels, and this might be an opportunity for them to do it.”
The Link LonkApril 21, 2021 at 08:50PM
https://ift.tt/3gteGXt
Corn, soybeans jump up double-digits | Wednesday, April 21, 2021 - Successful Farming
https://ift.tt/3gguREe
Corn
No comments:
Post a Comment