Corn, soybeans close mostly higher | Tuesday, April 6, 2021

Investors eye planting weather, analyst says.

On Tuesday, the CME Group’s farm markets have buyer interest.

At midsession, the May corn futures are 1¢ higher at $5.54½. July corn futures are 1¼¢ higher at $5.40¾. New-crop December corn futures are 4¼¢ lower at $4.84½.
 
May soybean futures are 7½¢ higher at $14.20¼. July soybean futures are 8¢ higher at $14.13½. New-crop November soybean futures are 3¼¢ higher at $12.72¾.

May wheat futures are 1¾¢ higher at $6.19¾. 

May soymeal futures are $0.30 short term higher at $406.60.

July soy oil futures are 0.90¢ higher at 52.07¢ per pound.

In the outside markets, the NYMEX crude oil market is +1.28 higher (+2.18%) at $59.93. The U.S. dollar is lower, and the Dow Jones Industrials are 7 points lower (-0.02%) at 33,520 points.

The USDA Crop Progress report released yesterday showed winter wheat ratings at 53% good to excellent. Corn planting nationwide (2% complete) was close to trade estimates.  

Al Kluis, Kluis Advisors, says that investors are eyeing planting weather. 

“How much rain will hit in the next three days? The expectation is for 1 to 2 inches of rain north of Interstate 80 and across most of the northern Corn Belt. Since last August, the rain events have consistently underperformed. I hope that pattern changes this year.”

Kluis added, “The USDA will need to raise Chinese corn imports, raise U.S. corn exports, and reduce corn ending stocks in their report Friday. The USDA will not update the 2021-22 supply/demand tables until the May report, when they will plug in the new updated acreage projections.”

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