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Corn, soybeans settle mixed | Tuesday, September 21, 2021

Local basis prices remain strong.

On Tuesday, the CME Group’s farm markets lean on the soybean complex for strength.

At the close, the Dec. corn futures finished 4¾¢ lower at $5.17. March futures finished 4¾¢ lower at $5.25. May corn futures settled 4¾¢ lower at $5.30. 
November soybean futures closed 11½¢ higher at $12.74. 

Jan. soybean futures closed 11¢ higher at $12.82. March soybean futures finished 11½¢ higher at $12.87.

Dec. wheat futures closed 10½¢ lower at $6.90.
Dec. soymeal futures settled $2.00 per short ton higher at $341.80.

Dec. soy oil futures closed 0.42¢ higher at 55.29¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.22 higher (+0.31%) at $70.51. The U.S. dollar is lower, and the Dow Jones Industrials are 79 points higher (+0.23%) at 34,049 points.

Jack Scoville, PRICE Futures Group, says that today’s trade is without fresh news, but it looks like someone, maybe China, is buying soybeans. 

“Corn not getting the love and wheat is down too, but beans up quite a bit and it must be new demand. Hearing a lot still about disease in Illinois robbing yield especially from corn, but this was not reflected at all in the crop condition ratings yesterday, which were a surprise in how good the conditions were. So, corn is lower. I think we are near a bottom and might have already bottomed. But there is a lot of harvest to go, so the spec buying will be cautious,” Scoville says.

Bob Linneman, Kluis Advisors, says that technical factors are at play in the markets. 

“The chart favors the bears even more so, since prices are now below all major moving averages, including the 200-day. We have not seen prices close below this moving average for more than 13 months. If the soybean bulls do not step in soon, then we could see another leg lower,” Linneman stated in a note to customers.

Linneman added, “We often see harvest pressure in the futures market during the first 25% to 30% of harvest. With strong basis levels in many areas of the Corn Belt, it would make sense to see farmers take advantage of good prices if yields are good.”

On Monday, the USDA rated the corn harvest pace at 10% in the Crop Progress report. That is 1 point higher than the five-year average.

“The more significant data point is ‘corn mature,’ which is 10 points higher than the five-year average,” Linneman stated.

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