On Wednesday, the CME Group’s farm markets catch a wave of buying, finished mixed.
At the close, the July corn futures finished 4¾¢ higher at $6.24½. New-crop September futures closed 6¢ higher at $5.47¼. December corn futures ended 5¢ higher at $5.20¼.
July soybean futures closed 8¾¢ lower at $15.03¼. August soybean futures closed 7¾¢ lower at $14.53¾. New-crop November soybean futures closed ¼¢ lower at $13.47½.
July wheat futures closed 8¢ lower at $6.48½.
July soymeal futures finished $2.50 per short ton lower at $383.80.
July soy oil futures settled 1.01¢ lower at 65.68¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.70 lower (-1.06%) at $65.37. The U.S. dollar is higher, and the Dow Jones Industrials are 89 points higher (+0.27%) at 34,404 points.
Al Kulis, Kluis Advisors, says that weather and a lack of bullish news keep pressure on prices.
“Will China step in and start buying more new-crop corn? The rumor that bombed the corn market Tuesday was that they were rolling some old-crop corn purchases ahead to new-crop corn. They can buy the corn about $1.20 per bushel lower than when they bought a lot of corn just two weeks ago,” Kluis stated in a note to customers. Yesterday, the main factors were ideal growing conditions in the U.S., a wetter weather forecast, soybean meal falling to new lows for the year, and fund liquidation.
The Link LonkMay 26, 2021 at 08:56PM
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Corn market closed slightly higher | Wednesday, May 26, 2021 - Successful Farming
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