Corn closes up double-digits | Tuesday, April 13, 2021

Slower planting pace supports prices, analyst says.

On Tuesday, the CME Group’s farm markets started and finished stronger than yesterday.

At the close, the May corn futures settled 11¢ higher at $5.80.

July corn futures finished 10½¢ higher at $5.66¼. New-crop December corn futures closed 7¾¢ higher at $5.04¼.
 
May soybean futures settled 7½¢ higher at $13.89½. July soybean futures finished 5¾¢ higher at $13.84½. New-crop November soybean futures settled 1¢ higher at $12.51¼.

July wheat futures closed 2¼¢ higher at $6.33¾. 

July soymeal futures closed $6.90 short term lower at $395.00.

July soy oil futures finished 1.57¢ higher at 51.15¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.61 higher (+1.02%) at $60.31. The U.S. dollar is lower, and the Dow Jones Industrials are 121 points lower (-0.36%) at 33,624 points.

Al Kluis, Kluis Advisors, says that investors will be watching the direction of the export sales of soybeans. 

“I am watching the export sales report on Thursday. Last week China rolled some cash purchases ahead to new crop. If that continues, then the huge old-crop premium of soybeans will move lower in the weeks ahead,” Kluis stated in a note to customers.

Kluis added, “On Monday, the USDA Crop Progress report showed corn planting at 4% complete (2% below trade estimates). The planting pace will fall further behind next week. On Monday, the grain markets were under pressure as the weather forecasts for the U.S. turned drier for late this week and into next week. Funds were also active sellers across the board.”

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