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318315

Corn, soybean markets close higher | Thursday, September 23, 2021

Weekly corn sales fall below the trade’s expectations.

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

At the close, the Dec. corn futures finished 3¾¢ higher at $5.29. March futures finished 4¢ higher at $5.37. May corn futures settled 3¾¢ higher at $5.41. 
 
November soybean futures closed 1½¢ higher at $12.84. 

Jan. soybean futures settled 2¾¢ higher at $12.94. March soybean futures ended 2¾¢ higher at $12.97.

Dec. wheat futures closed 12¢ higher at $7.18.
 
Dec. soymeal futures settled $1.70 per short ton lower at $340.10.


Dec. soy oil futures closed 0.67¢ higher at 57.02¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.93 higher (+1.29%) at $73.16. The U.S. dollar is lower, and the Dow Jones Industrials are 537 points higher (+1.57%) at 34,796 points.

On Thursday, private exporters reported to the USDA export sales of 138,403 metric tons of corn for delivery to Guatemala during the 2021/2022 marketing year.

The marketing year for corn began Sept. 1.

Bob Linneman, Kluis Advisors, says that global weather isn’t much of a concern to the market.

“Grain futures were also higher on the Chinese exchange on the first trading day this week after their holiday Monday and Tuesday. Traders do not seem too concerned with the extreme heat in parts of South America over the past few days. Temperatures do appear to be returning to more-normal levels according to forecasts. The next major rain event for Brazil is slated for the second week of October,” Linneman stated in a note to customers.

Linneman added, “Traders were focused on the comments from the Federal Reserve announcement yesterday regarding interest rate hikes in 2022. For now, the board is split down the middle. This suggests the probability of rate increases in 2022 are growing as long as employment and inflation data stay within target ranges.”

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

Corn = 373,000 metric tons (mmt.) vs. the trade’s expectations of 300,000 to 800,000 mt. 

Soybeans = 912,900 mt. vs. the trade’s expectations of 500,000 to 1.10 mmt.

Wheat = 355,900 mt. vs. the trade’s expectations of 250,000 to 600,000 mt.

Soybean meal = 261,400 mt. vs. the trade’s expectations of 30,000 to 175,000 mt.

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