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Soybeans close 24¢ higher | Friday, March 19, 2021

China buys U.S. corn for a fourth day in a row Friday.

On Friday, the CME Group’s farm markets close higher.

At the close, the May corn futures finished 11½¢ higher at $5.57½. July corn futures finished 8½¢ higher at $5.38¼. New-crop December corn futures settled 3½¢ higher at $4.71¼. 
May soybean futures closed 24¢ higher at $14.16½. July soybean futures closed 22½¢ higher at $14.03½. New-crop November soybean futures closed 13¼¢ higher at $12.20½.

May wheat futures settled 3¢ lower at $6.27½. 

May soymeal futures settled $9.70 short term higher at $407.90.

May soy oil futures closed 0.35¢ higher at 53.87¢ per pound.

In the outside markets, the NYMEX crude oil market is +1.12 higher (+1.87%) at $61.29. The U.S. dollar is higher, and the Dow Jones Industrials are 129 points lower (-0.39%) at 32,732 points.

On Friday, private exporters reported to the USDA export sales of 800,000 metric tons of corn for delivery to China during the 2020/2021 marketing year.

The marketing year for corn began Sept. 1. 

That brings the three-day total to over 4.0 million tons (122 million bushels) of U.S. corn sold to China, this week.

Bob Linneman, Kluis Advisors, says that the market bulls seem to be ignoring the Chinese purchases.  

“Corn bulls got another great weekly export sales report Thursday morning. There was another flash sale announced to China for 696,000 tons, which brings the three-day total to 3.08 million tons. These numbers will show up on next week’s report. Unfortunately for the bull camp, this news did not help them today. Outside markets were hit hard on Thursday, which likely led to some ‘risk off’ trade in the grain market. Inflation fears are once again floating across headlines as the Federal Reserve is holding strong with their low-interest-rate ideas,” Linneman stated in a daily note to customers.

Linneman added, “The bull spreads in the corn and soybeans have been interesting all week. The July-to-November soybean spread was one of the few quotes on my screen that was higher yesterday. It is unusual to see bull spreads move higher when the flat price is getting pushed lower. Is the spread foreshadowing what is coming?”

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