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Corn market ends higher, soybean prices lower | Tuesday, May 18, 2021

China buys another 54.0 million bushels of U.S. corn Tuesday.

On Tuesday, the CME Group’s farm markets closed mixed.

At the close, the July corn futures closed 5¾¢ higher at $6.58¾. New-crop September futures finished 4½¢ higher at $5.71. December corn futures ended 6¢ higher at $5.43¾. 
July soybean futures closed 13¼¢ lower at $15.74¼. August soybean futures settled 4¼¢ lower at $15.21. New-crop November soybean futures ended 2½¢ higher at $13.99¾.

July wheat futures closed 1¾¢ lower at $6.98½. 

July soymeal futures finished $4.10 per short ton lower at $410.80.

July soy oil futures closed 0.30¢ lower at 68.67¢ per pound.

In the outside markets, the NYMEX crude oil market is -0.78 lower (-1.18%) at $65.49. The U.S. dollar is lower, and the Dow Jones Industrials are 152 points lower (-0.44%) at 34,175 points.

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 September 1.

In the last three business days, China has purchased 175 million bushels of U.S. corn. That is more than many states’ annual production.

Britt O’Connell,, says that the markets have underlying support. 

“It appears that the corn and soybean markets have found support and buyers today. Monday brought a bit of follow-through selling from last week, but with great new-crop export sales and a tight balance sheet, buyers stepped back in and found value in this selloff of nearly a $1 in corn,” O’Connell says.  

She added, “Both cash corn and soybean markets continue to provide unlaying support with basis values popping up with this drop in futures. New-crop corn held key support in the $5.40 area – a clear break of this would have brought $4.80 into the crosshairs. With only 140 million bushels in projected ending stocks in soybeans, it’s having a hard time rationalizing a move below $14.”

Al Kluis, Kluis Advisors, says that investors are watching weather developments in the Corn Belt.   

“Corn planting is off to a near-record pace, but emergence is a concern in many areas of the southern and eastern Corn Belt where it is staying too wet. Watch emergence in the western and northern Corn Belt, where a lot of seed corn is lying in dry dirt,” Kluis stated in a note to customers. 

Kluis added, “I am watching to see how much rain hits and where in the northern and western Corn Belt. The forecasts call for 1 to 3 inches of rain with 70% coverage. The pattern has been that the actual rainfall hitting the ground has been less than forecast.”

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