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Corn finishes 30¢ lower, soybean prices end slightly higher | Friday, May 14, 2021

The ag markets have been inundated with fresh trading news this week.

On Friday, the CME Group’s corn market drops further; soybeans rebound from yesterday’s plunge in prices.

At the close, the July corn futures closed 31¢ lower at $6.43. New-crop September futures settled 20¢ lower at $5.63. December corn futures ended 15½¢ lower at $5.42¾. 
July soybean futures finished 2¼¢ higher at $15.86¼. August soybean futures finished 5¼¢ higher at $15.27¼. New-crop November soybean futures closed 4¼¢ higher at $14.00¼.

July wheat futures closed 5¾¢ higher at $7.07½. 

July soymeal futures closed $2.90 per short ton lower at $418.50.

July soy oil futures closed $1.80 higher at 67.58¢ per pound.

In the outside markets, the NYMEX crude oil market is +1.49 higher (+2.33%) at $65.31. The U.S. dollar is lower, and the Dow Jones Industrials are 378 points higher (+1.11%) at 34,399 points.

On Friday, private exporters reported to the USDA export sales of 1,360,000 metric tons of corn for delivery to China during the 2021/2022 marketing year. 

The marketing year for corn began Sept. 1.

Bob Linneman, Kluis Advisors, says that Thursday turned out to be much more interesting than most people expected, following the USDA report on Wednesday.  

“The big slide, Thursday, is primarily being blamed on a news report that barge traffic on the Mississippi was backed up due to engineering issues with a bridge. This headline likely scared a few longs into profit-taking. That quickly escalated as momentum sellers (and probably also algorithm trading systems) jumped on the selling bandwagon. Price action quickly escalated to limit down in corn (40¢) and 67¢ down in soybeans. Reports last night and this morning suggest this bridge will reopen in next day or two,” Linneman stated in a note to customers.  

Linneman added, “Weather forecasts for the dry section of Brazil are suggesting possible rains just over a week from now. Is it too late? Some rain is better than none, but traders will want to see rainfall hitting the ground before they get too excited about changing opinion about the crop.”

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