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Soybeans close 34¢ lower | Thursday, April 1, 2021

New-crop corn contract ends higher.

After hitting limit up levels yesterday, and opening higher today, the CME Group’s farm markets lean lower.

At the close, the May corn futures finished 4½¢ lower at $5.59½. July corn futures closed 2¼¢ lower at $5.45¼. New-crop December corn futures ended 7¢ higher at $4.84½.
May soybean futures settled 34¾¢ lower at $14.02. July soybean futures closed 31¢ lower at $13.96½. New-crop November soybean futures ended 7½¢ higher at $12.63¾.

May wheat futures ended 7¢ lower at $6.11. 

May soymeal futures closed $13.00 short term lower at $410.20.

July soy oil futures finished 0.24¢ lower at 50.52¢ per pound.

In the outside markets, the NYMEX crude oil market is +2.15 higher (+3.63%) at $61.31. The U.S. dollar is lower, and the Dow Jones Industrials are 158 points higher (+0.48%) at 33,140 points.

Jack Scoville, PRICE Futures Group, says that the market setback is temporary.

“Another crazy day. We are taking some profits before the long weekend in part. Why old-crop beans are so weak I am not sure, maybe it is Brazil ramping up the exports at last. The situation is still bullish for corn and beans. So, I think this is a short-term thing,” Scoville says.

Bob Linneman, Kluis Advisors, says that yesterday’s USDA Prospective Plantings report was a bullish surprise for most everyone in the ag industry.  

“Prevent-plant acreage estimates seem unusually high given the drier start to spring. If weather permits, and considering current prices of corn and soybeans, we should expect to see farmers plant as many acres as possible this year,” Linneman stated in a daily note to customers.

Linneman added, “Corn acres were reported at 91.1 million acres, while 93.2 had been expected. Soybeans were pegged at 87.6 million acres, compared with 90 expected. All wheat came in at 46.4 million acres (45 expected) with 11.7 million acres allocated for spring wheat (11.6 expected). The spring wheat number is especially worth noting, since the profitability of spring wheat vs. corn or soybeans is quite significant. Will higher prices for corn and soybeans attract acres away from spring wheat in coming weeks? Quick updates to balance sheets tell us that soybeans need to surpass the 90-million-acre mark to avoid having a negative carryout, if the marketing year continues this way.”

Separately, the USDA’s Weekly Export Sales Report Thursday shows strong demand figures for corn. Here are the totals:

  • Corn = 857,300 metric tons (mmt.) vs. the trade expectations of 650,000 to 1.3 mmt. 
  • Soybeans = 236,800 mt. vs. the trade’s expectation of 150,000 to 670,000 mt.
  • Wheat = 331,100 mt.
  • Soybean meal = 140,000 mt.
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