On Wednesday, the CME Group’s farm markets closed lower.
At the close, the May corn futures finished 9¼¢ lower at $6.86½, after hitting $7.20 per bushel yesterday.
July corn futures closed 10½¢ lower at $6.44. New-crop December corn futures ended 15¾¢ lower at $5.46.
May soybean futures closed 8¢ higher at $15.57¼. July soybean futures closed 5¼¢ lower at $15.13. New-crop November soybean futures settled 14½¢ lower at $13.28.
July wheat futures closed 10¢ lower at $7.22¼.
July soymeal futures ended $5.00 short ton lower at $421.80.
July soy oil futures closed 0.28 higher at 61.16¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.97 higher (+1.54%) at $63.91. The U.S. dollar is lower, and the Dow Jones Industrials are 115 points lower (-0.34%) at 33,869 points.
Jason Roose, U.S. Commodities, says that large price swings are not out of the question.
“Tight corn and soybeans stocks for the near term have the upfront contracts in high demand with delivery in one day. Who wants to own the grain at these price levels will be the question. Planting progress is improving in the U.S., with potential increased acres if weather cooperates. Large price swings could continue until Brazil’s second corn crop is more developed," Roose says.
Al Kluis, Kluis Advisors, says that investors are squarely focused on U.S. planting weather and Brazil’s growing weather.
“The USDA Crop Progress report next week will show corn, soybean, and spring wheat planting racing ahead of normal. Conditions are ideal for most of the central and western Corn Belt for rapid planting later this week and into next weekend before another front moves through,” Kluis stated in a note to customers.
Kluis added, “I am watching weather in central Brazil. The rain event last weekend was a bust, and now the forecasts for later this week and next week are hot and dry. Private trade estimates dropped the total corn crop estimate for Brazil by 3 million metric tons with another cut in production likely again next week.”
The Link LonkApril 28, 2021 at 08:55PM
https://ift.tt/2R1LCvn
Old-crop corn closed below $7 per bushel | Wednesday, April 28, 2021 - Successful Farming
https://ift.tt/3gguREe
Corn
No comments:
Post a Comment