Corn, soybean prices end the session higher | Tuesday, October 26, 2021
On Tuesday, the CME Group’s farm markets started lower, but finished mostly higher.
At the close, the Dec. corn futures finished 6¼¢ higher at $5.44. March futures ended 6¢ higher at $5.52. May corn futures settled 6¼¢ higher at $5.57.
November soybean futures ended 1¢ higher at $12.38.
Jan. soybean futures closed ¾¢ higher at $12.47. March soybean futures closed 1¢ higher at $12.57.
Dec. wheat futures ended 2½¢ lower at $7.57.
Dec. soymeal futures closed unchanged at $327.20.
Dec. soy oil futures finished 0.63¢ lower at 62.51¢ per pound.
In the outside markets, the crude oil market is $0.88 per barrel higher at $84.64, the U.S. dollar is higher, and the Dow Jones Industrials are 65 points higher (+0.18%) at 35,805.
On Tuesday, private exporters reported sales of:
- 199,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year
- 125,730 metric tons of soybeans for delivery to Mexico during the 2021/2022 marketing year
Al Kluis, Kluis Advisors, says that China could be in the U.S. market looking to buy soybeans.
“Soybean harvest was 73% complete in the USDA Crop Progress report yesterday. Now, hedge pressure is going to result in higher basis levels and firming spreads. I think China will continue to be an active buyer again this week,” Kluis stated in a note to customers.
Kluis added, “I am watching the winter wheat crop condition reports each week. The first report Monday showed that 46% of the U.S. winter wheat crop is rated good to excellent. This is up 5% from last year but was less than trade estimates. Winter wheat emergence was at 55%, which is 4% below the five-year average.”