On Monday, the CME Group’s farm markets close sharply lower.
At the close, the July corn futures closed 25¼¢ lower at $6.59. New crop September futures finished 31½¢ lower at $5.98. December corn futures closed 28½¢ lower at $5.81¾.
July soybean futures ended 36¼¢ lower at $14.72½.
August soybean futures closed 41¼¢ lower at $14.41. New-crop November soybean futures finished 43¢ lower at $13.95¼.
July wheat futures closed 6½¢ lower at $6.74¼.
July soymeal futures finished $9.40 per short ton lower at $373.90.
July soy oil futures settled 1.02¢ lower at 65.969¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.06 lower (-0.08%) at $70.85. The U.S. dollar is lower, and the Dow Jones Industrials are 248 points lower (-0.72%) at 34,230 points.
PJ Quaid, independent broker, says that the market dip is seen as opportunity for some investors.
“Lower prices are a result of lower temps taking a lot of the stress off of the crops. That was the main catalyst. At the moment, someone bought 6,000 short Sept. $7.00/$8.00 call spreads. So, someone sees this as a buying opportunity,” Quaid says.
Bob Linneman, Kluis Advisors, says that investors will be interested in today’s Crop Progress Report.
“There was thought that the EPA may relieve U.S. oil refiners of their blending mandates. This bombed the corn (ethanol) and soybean oil markets and put pressure on the entire commodity complex. In addition, Thursday night and Friday morning, rainfall was larger and more widespread than expected,” Kluis stated in a note to customers.
Linneman added, “The USDA Crop Progress report today will show corn ratings down by 2% to 3% from last week’s 72% good to excellent ratings. For soybeans, I expect a 1% to 2% drop from last week’s 67% GE.”
The Link LonkJune 14, 2021 at 08:48PM
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Soybeans close 43¢ lower, corn falls 31¢ | Monday, June 14, 2021 - Successful Farming
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