A firm finish for the corn, soybean markets | March 15, 2021
On Monday, the CME Group’s farm markets have close higher.
At the close, the May corn futures finished 10¼¢ higher at $5.49¼. July corn futures closed 9¢ higher at $5.37½. New-crop December corn futures ended unchanged at $4.78¾.
May soybean futures settled 6¼¢ higher at $14.19½. July soybean futures settled 7 3/4¢ higher at $14.10¾. New-crop November soybean futures closed ¼¢ higher at $12.44.
May wheat futures closed 6½¢ higher at $6.45.
May soymeal futures settled $6.70 short term higher at $407.40.
May soy oil futures closed 0.27¢ lower at 55.09¢ per pound.
In the outside markets, the NYMEX crude oil market is -0.16 lower (-0.24%) at $65.45. The U.S. dollar is higher, and the Dow Jones Industrials are 91 points higher (+0.69%) at 32,853 points.
Al Kluis, Kluis Advisors, says that investors are still eyeing the tight soybean stocks.
“I am watching the soybean meal market. With soybean oil prices rallying sharply, any rally in the soybean meal market will be positive for the soybean complex and take soybean prices higher,” Kluis stated in a daily note to customers.
Kluis added, “Today, the CBOT will start to allow larger position limits in the grain futures markets. That will bring in even more fund participation. It will also create larger day-to-day and week-to-week price swings, especially if any weather problems develop during the growing season in the U.S.”
Dave Tolleris, WxRisk.com, says that South America weather models are disagreeing. “For South America, rain moved across Argentina over the weekend with more on the way. For the extended forecasts, the models do not agree, but it looks wet for later this week in most of the dry areas of central Argentina,” Tolleris stated in Kluis Advisors’ note to customers Monday.
Tolleris added, “Rain moved again across most of central Brazil with dry conditions in the southern and northeastern areas. It looks wet again later this week and into early next week.”