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Soybean futures close higher, new-crop corn slips

At the close Monday, the July corn futures settled 4¢ higher at $6.59¼. New-crop September futures finished 6¼¢ lower at $5.71¼. December corn futures ended 9¼¢ lower at $5.57.  
 
July soybean futures finished 19¢ higher at $14.15. August soybean futures closed 15¼¢ higher at $13.70¼. New-crop November soybean futures ended 6¼¢ higher at $13.19¼.

July wheat futures closed 1¼¢ lower at $6.61½. 

July soymeal futures finished $0.30 per short ton lower at $373.10.

July soy oil futures closed 2.21¢ higher at 60.33¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.62 higher (+2.26%) at $73.26. The U.S. dollar is lower, and the Dow Jones Industrials are 557 points higher (+1.67%) at 33,847 points.

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At midsession Monday, traders pushed ag commodity futures mostly higher after a negative open, mainly on disappointing weekend rains.

The July corn futures are 6¾¢ higher at $6.62. New-crop September futures are 1¼¢ lower at $5.76¼. December corn futures are 4¾¢ lower at $5.61½. 
 
July soybean futures are 21¢ higher at $14.17. August soybean futures are 16½¢ higher at $13.71½. New-crop November soybean futures are 6½¢ higher at $13.19½.

July wheat futures are 8¼¢ higher at $6.71. 

July soymeal futures are $0.10 per short ton higher at $373.50.

July soy oil futures are 1.79¢ higher at 59.91¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.71 higher (+2.39%) at $73.35. The U.S. dollar is lower, and the Dow Jones Industrials are 515 points lower (+1.55%) at 33,804 points.

“It’s weather, weather, and more weather, is the driving force today,” says Don Roose of U.S. Commodities in West Des Moines, Iowa.

“About 50% of the Corn Belt got rain. If you needed it and didn’t get any, it’s a big deal,” he says.

Sal Gilbertie, founder of Teucrium Trading, concurs.

“The weekend rains were not as widespread nor as soaking as people had hoped, which is why we’ve seen the rally off the lows today,” he says. “Overall, markets are still trying to find the upper and lower end of a new elevated trading range; last week may have set those boundaries for a while, but only time will tell for sure.”

In this afternoon’s Weekly Crop Progress report, the trade still expects crop deterioration, Roose says. Traders expect USDA to report between 63% and 65% of corn in the good to excellent categories, with soybeans at 58% to 59%  good and excellent.

“It’s well under the five-year average, that’s the key,” Roose says. That average is 71% for corn and 67% for soybeans this time of year.

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In early trading Monday, grain futures are down again following Friday’s partial recovery from a dramatic downturn last Thursday.

The July corn futures are 16½¢ lower at $6.38¾. New-crop September futures are 21¾¢ lower at $5.55¾. December corn futures are 21¾¢ lower at $5.44½. 
 
July soybean futures are 8¢ lower at $13.88. August soybean futures are 13¾¢ lower at $13.41¼. New-crop November soybean futures are 22½¢ lower at $12.90½.

July wheat futures are 9½¢ lower at $6.53¼. 

July soymeal futures are $2.00 per short ton higher at $371.40.

July soy oil futures are 0.99¢ lower at 57.13¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.20 higher (+0.28%) at $71.84. The U.S. dollar is lower, and the Dow Jones Industrials are 282 points higher (+0.85%) at 33,572 points.

Al Kluis of Kluis Commodity Advisors expects today’s USDA Crop Progress report to show corn and soybean ratings down by another 1% to 3%. The ratings are based on how the crop looked on Friday.

“If the rain forecasts prove correct, then ratings will stabilize or improve next week,” Kluis adds. “The key to watch is the corn and soybean ratings in Iowa and Minnesota.” 

The report is released at 3 p.m. CDT today.

“Will the lower prices bring in more global buying? China bought 8 cargoes of soybeans on Friday. I expect other traditional buyers to also step in this week,” Kluis says.

Here are more details from the USDA’s Foreign Agricultural Service report released today:

Private exporters reported to the U.S. Department of Agriculture the following activity:

• Export sales of 336,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

• Export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.

The marketing year for soybeans began Sept. 1.

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