Soybeans close 42¢ higher | Monday, June 28, 2021

On Monday, the CME Group’s farm markets rebound.

At the close, the July corn futures finished 39¢ higher at $6.75. New crop September futures closed 28¢ higher at $5.58 1/4. December corn futures closed 28¢ higher at $5.47 1/4. 
 
July soybean futures finished 27 1/4¢ higher at $13.57 3/4. 

August soybean futures finished 34¢ higher at $13.36. New crop November soybean futures settled 42 3/4¢ higher at $13.12 1/2.

Sept. wheat futures closed 10 3/4¢ higher at $6.51 1/2. 

Aug. soymeal futures closed $5.00 per short ton higher at $353.90.

Aug. soy oil futures ended $2.25 higher at 60.45¢ per pound.

In the outside markets, the NYMEX crude oil market is -1.10 lower (-1.49%) at $72.95. The U.S. dollar is higher, and the Dow Jones Industrials are 161 points lower (-0.47%) at 34,272 points.

Jason Roose, U.S. Commodities, says extended weather outlooks are market-friendly.

“With acres report fast approaching and dry areas getting smaller, grains had a sharp rally with a bullish 6-10 forecast which shows hot and dry weather which is adding premium in this continuation of a high volume weather market,’ Roose says. 

Al Kluis, Kluis Advisors, says that investors will watch today’s Crop Progress Report for this week’s price direction. 

“The USDA Crop Progress report today will show corn and soybean ratings that will be reported about unchanged to slightly better than last week. Expect improvements in the central and eastern Corn Belt, while Minnesota and the Dakotas move lower. The big question is what the report will show for Iowa,” Kluis stated in a note to customers.  

Kluis added, “Will lower prices bring in more global buying? China bought up to 12 cargoes of soybeans last week, and Mexico bought soybean meal. Global buyers who were caught with no forward coverage are getting a second chance.”