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Ag markets end higher | Thursday, September 2, 2021

For soybeans, the weekly export sales figures are higher than expected.

On Thursday, the CME Group’s farm markets close higher, after starting lower.

At the close, the Dec. corn futures finished 2¾¢ higher at $5.25. March futures closed 2¼¢ higher at $5.34. May corn futures finished 2¢ higher at $5.39. 
November soybean futures settled 5½¢ higher at $12.83. 

Jan. soybean futures ended 4½¢ higher at $12.91. March soybean futures finished 3½¢ higher at $12.97.

Dec. wheat futures ended 2¾¢ higher at $7.17. 

Dec. soymeal futures settled $3.50 per short ton lower at $340.00.

Dec. soy oil futures closed 0.85¢ higher at 58.79¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.39 higher (+2.03%) at $69.98. The U.S. dollar is lower, and the Dow Jones Industrials are 69 points higher (+0.20%) at 35,382 points.

On Thursday, private exporters reported to the USDA export sales of 126,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

The marketing year for soybeans began Sept. 1.

Bob Linneman, Kluis Advisors, says that investors are watching the slow export pace.  

“Grain futures continued to slide Wednesday. Corn and soybeans are below major moving average support lines. Daily momentum indicators are reaching oversold levels on many of the charts,” Linneman stated in a note to customers. “Are we seeing more of a seasonal push lower? Or are the funds wanting to trim their long position?”

Yesterday, the USDA announced it will make adjustments to U.S. acreage numbers in the September 10 report. The government normally makes these adjustments in its October report. 

Linneman added, “The grain bulls are backed into a corner right now. A slow export pace should put a fair amount of bushels back into the carryout. How much will we see in the report on September 10? That could set the stage for the rest of harvest.”

Separately, the USDA’s Weekly Export Sales Report Thursday shows decent demand figures for corn.

Corn = 1.459 million metric tons (mmt.) vs. the trade’s expectations of 850,000 to 1.60 mmt. 

Soybeans = 2.2 mmt. vs. the trade’s expectation of 725,000 to 1.40 mmt.

Wheat = 295,300 mt. vs. the trade’s expectation of 200,000 to 450,000 mt.

Soybean meal = 414,300 mt. vs. the trade’s expectation of 75,000 to 200,000 mt.

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