Soybean market ends 21¢ lower | Monday, April 12, 2021

China buys a fresh batch of U.S. soybeans.

On Monday, the CME Group’s farm markets start the week with weakness.

At the close, the May corn futures settled 8½¢ lower at $5.69.

July corn futures closed 6¾¢ lower at $5.56. New-crop December corn futures ended unchanged at $4.96¾.
May soybean futures settled 21¢ lower at $13.82. July soybean futures closed 19¼¢ lower at $13.79. New-crop November soybean futures closed 13¢ lower at $12.50.

May wheat futures closed 10¢ lower at $6.28¾. 

May soymeal futures finished $0.70 short term higher at $401.90.

July soy oil futures closed -1.35¢ lower at 49.58¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.26 higher (+0.44%) at $59.58. The U.S. dollar is lower, and the Dow Jones Industrials are 99 points lower (-0.21%) at 33,701 points.

On Monday, private exporters reported to the USDA the follow activity:

  • Export sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
  • Export sales of 110,000 metric tons of soybeans for delivery to Bangladesh. Of the total, 55,000 metric tons is for delivery during the 2020/2021 marketing year, and 55,000 metric tons is for delivery during the 2021/2022 marketing year.

The marketing year for soybeans began September 1.

Al Kluis, Kluis Advisors, says that investors will watch planting weather and continue to digest Friday’s USDA report for price direction.

“On Friday, the USDA reports were viewed as being short-term negative for corn and soybeans, because they were not bullish enough. The size of the South American soybean crop was also larger than expected,” Kluis stated in a note to customers.

Kluis added, “Trade thoughts of an early spring are now in question. The current forecast is wet and cold through the end of April. I am watching the USDA Crop Progress report today. Is corn planting falling behind in the Southern states? I also expect a slight improvement in winter wheat crop conditions.”

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