On Friday, strong demand and threatening crop weather helped the CME Group’s farm markets close sharply higher.
At the close, the July corn futures settled 20¾¢ higher at $6.82¼. New-crop September futures finished 24¼¢ higher at $6.06¼. December corn futures ended 25¢ higher at $5.91½.
July soybean futures finished 34¢ higher at $15.83. August soybean futures closed 33¼¢ higher at $15.37. New-crop November soybean futures ended 32¢ higher at $14.35½.
July wheat futures closed 11¢ higher at $6.87¾.
July soymeal futures finished $4.60 per short ton higher at $396.20.
July soy oil futures closed 2.49¢ higher at 71.34¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.69 higher (+1.00%) at $69.50. The U.S. dollar is lower, and the Dow Jones Industrials are 158 points higher (+0.46%) at 34,735 points.
Separately, the USDA’s Weekly Export Sales Report Thursday shows strong demand figures for corn.
Corn = 970,600 metric tons (mt.) vs. the trade’s expectations of 300,000 mt. to 1.0 mmt.
Soybeans = 198,100 mt. vs. the trade’s expectation of 100,000 to 600,000 mt.
Wheat = 433,600 mt. vs. the trade’s expectations of 200,000 to 600,000 mt.
Soybean meal = 218,200 mt. vs. the trade’s expectations of 100,000 to 300,000 mt.
Bob Linneman, Kluis Advisors, says that the market bulls are getting help from weather forecasts.
“The bulls did manage to close out trading on Thursday above the prior-day low, which is a good sign. Spring wheat bulls will need to do their best today to post an end-of-week rally toward the highs hit Wednesday and Thursday. If they can do that, then the table would be set for a strong move early next week,” Linneman stated in a note to customers.
Linneman added, “This is the time of year when intraday updates to weather forecasts can cause prices to change course quickly. Traders are well aware of the balance sheet situation if weather causes production problems. What kind of weather problems will we need to see in order to push prices to new highs?”
The Link LonkJune 04, 2021 at 08:56PM
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Soybeans surge 34¢, corn 25¢ | Friday, June 4, 2021 - Successful Farming
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