Ag markets closed mixed | Thursday, April 15, 2021

USDA’s weekly export sales were weaker.

On Thursday, the CME Group’s farm markets hesitantly go higher, with weaker demand data.

At the close, the May corn futures finished 4¢ lower at $5.90.

July corn futures closed 2 1/2¢ lower at $5.76 3/4. New crop December corn futures ended 1 3/4¢ higher at $5.12 1/4.
 
May soybean futures closed 8¢ higher at $14.18. July soybean futures settled 8 1/4¢ higher at $14.11. New crop November soybean futures settled 5¢ higher at $12.69.

July wheat futures ended 4 1/2¢ higher at $6.55. 

July soymeal futures settled $3.50 short term higher at $406.50.

July soy oil futures closed +0.65 higher at 52.87¢ per pound.

In the outside markets, the NYMEX crude oil market is +0.26 higher (+0.41%) at $63.07. The U.S. dollar is higher, and the Dow Jones Industrials are 290 points higher (+0.86%) at 34,021 points.

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

  • Corn = 380,300 metric tons (mmt.) vs. the trade’s expectations of 500,000 to 900,000 mmt. 
  • Soybeans = 355,900 mt. vs. the trade’s expectation of 100,000 to 700,000 mt.
  • Wheat = 331,000 mt. vs. the trade’s expectations of 350,000 to 750,000 mmt.
  • Soybean meal = 97,500 mt. vs. the trade’s expectations of 75,000 to 100,000 mt.  

Bob Linneman, Kluis Advisors, says that the corn market action could begin to squeez the short-positioned investors. 

“The bulls are running with the momentum, pushing May corn over the $6 mark this morning. So far, the rally in the grains has been orderly. We have not seen ‘blow-off top’ trading action, which is often seen when shorts are being squeezed out of a market,” Linneman stated in a note to customers.

Linneman added, “National basis indexes for corn and soybeans continue to tighten. The trend has been consistent and does not seem to be slowing. As long as this trend keeps tightening, the bull camp should have the upper hand.”

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