Corn falls after reaching 8-year high | Friday, April 9, 2021

USDA report is seen as friendly for the corn market.

On Friday, the CME Group’s farm markets trade mostly higher, gaining strength from the USDA April Supply/Demand and WASDE Reports.

At the close, the May corn futures closed 2½¢ lower at $5.77½, reaching as high as the eight-year peak of $5.85.

July corn futures finished ¾¢ higher at $5.62¼. New-crop December corn futures closed 1¾¢ higher at $4.96¼.
May soybean futures closed 12¼¢ lower at $14.03. July soybean futures finished 11½¢ lower at $13.98¼. New-crop November soybean futures closed 10¢ lower at $12.63½.

May wheat futures ended 10¢ higher at $6.38¾. 

May soymeal futures settled $5.60 short term lower at $401.20.

July soy oil futures closed -0.53¢ lower at 52.85¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.25 lower (-0.42%) at $59.35. The U.S. dollar is higher, and the Dow Jones Industrials are 146 points higher (+0.44%) at 33,649 points.

Bob Linneman, Kluis Advisors, says that investors will eye today’s USDA Supply/Demand Report.

“Will we see a large corn export sales announcement in the near future? The strong move on Thursday had traders wondering if some big corn sales were made ahead of the USDA report scheduled for today," Linneman stated in a daily note to customers.”

Linneman added, “A strong move in corn and spring wheat were posted on Thursday, while soybeans were quietly higher. Did spring wheat help corn move higher, or did corn help spring wheat move higher? The export sales report favored the bull camp, since net sales fell in line with expectations and exports were stronger than expectations. Note that old-crop soybean sales were negative in the report on Thursday, i.e., there were net cancellations. New-crop soybean export sales were slightly above traders’ expectations.”

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