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258081

Corn Closes 8¢ Lower Thursday

Corn planting seen improving.

DES MOINES, Iowa -- The CME Group’s farm futures dropped Thursday, driven by improved crop-weather.

At the close, the July corn futures settled 8¢ lower at $3.66 3/4, while December futures finished 7 3/4¢ lower at $3.84 1/4.

July soybean futures closed 1¢ lower at $9.74 1/4, November soybean futures finished 5 1/4¢ lower at $9.64 3/4.

July wheat futures ended 16 1/4¢ lower at $4.37.

July soy meal futures closed $0.20 per short ton lower at $318.60. July soy oil futures settled $0.06 lower at 32.50¢ per pound. 

In the outside markets, the Brent crude oil market is $2.42 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points lower.

On Thursday, the USDA Weekly Export Sales Report showed higher-than-expected wheat sales, while soybean sales missed trade thoughts.

  • Wheat = 821,800 metric tons vs. the trade’s expectations of between 200,000 and 550,000 mt.
  • Corn = 795,700 mt. vs. the trade’s expectations of between 700,000 and 1,100,000 metric tons.
  • Soybeans = 331,300 mt. vs. the trade’s expectations of between 350,000 and 1,000,000 metric tons.
  • Soybean meal = 109,900 mt. vs. the trade’s expectations of between 100,000 and 200,000 metric tons.  

 

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Wedneday’s Grain Market Review

On Wednesday, the CME Group’s farm markets finish higher, as soybeans get support from demand.

At the close, the July corn futures finished 2½¢ higher at $3.74¾, while December futures finished 2¼¢ higher at $3.92¼.

July soybean futures finished 6½¢ higher at $9.75, and November soybean futures closed 5¼¢ higher at $9.70.

July wheat futures finished unchanged at $4.54.

July soy meal futures settled $3.80 per short ton higher at $318.80. July soy oil futures finished $0.05 lower at 32.57¢ per pound. 

In the outside markets, the Brent crude oil market is $0.27 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 20 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says the trading is slow but not without interest. “There is some talk of farmer-selling activity on the recent rally in corn and soybeans to keep things from moving. I know interest to sell is higher. But today’s trading activity is really kind of light in volume,” Scoville says.

Scoville adds, “Speculator trading is capturing most of the activity, as far as I can see. The weather is still the guiding force, although soybeans finding support on ideas of strong demand, mostly from China.”

The tone is firm: Wheat has some big problems in the Kansas area, he says.

According to Energy Information Agency data Wednesday, last week’s ethanol production averaged 986,000 barrels per day (b/d) — or 41.41 million gallons daily. That is down 1,000 b/d from the week before.

The four-week average for ethanol production decreased for the fifth consecutive week, landing at 988,000 b/d for an annualized rate of 15.146 billion gallons.

“Contrary to most expectations, stocks of ethanol diminished only slightly from last week. Stocks decreased just 0.4% to 23.2 million barrels, 7.4% higher than year-ago levels,” the Renewable Fuels Association spokesman stated in a news release.

 

 

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s farm markets closed lower, giving back some of the gains from yesterday’s rally.

At the close, the July corn futures settled 5¼¢ lower at $3.72¼; December futures finished 4½¢ lower at $3.90.

July soybean futures finished 1½¢ lower at $9.68¾, and November soybean futures finished ¼¢ higher at $9.64.

July wheat futures closed 2¢ lower at $4.54.

July soy meal futures ended $3.60 per short ton lower at $315.00. July soy oil futures closed 0.46¢ higher at 32.62¢ per pound. 

In the outside markets, the Brent crude oil market is $0.46 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 21 points higher.

Jason Roose, U.S. Commodities grain analyst, says that weather still dominates the direction of farm market prices.

“Grains are weaker today with a weather forecast of dry and warm for the next 10 days. This will allow planting to resume at an aggressive pace. Also, a stronger U.S. dollar is giving the grains resistance, along with thoughts that the initial damage in the wheat areas is overstated,” Roose says.

 

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Monday’s Grain Market Review

On Monday, the CME Group’s farm futures finished strong, due to snow and frost damaging U.S. wheat crops. Also, it’s May 1 and very few farmers in the Midwest can plant because of heavy rains.

At the close, the July corn futures settled 11¢ higher at $3.77½, while December futures finished 9¼¢ higher at $3.94.

July soybean futures closed 14¢ higher at $9.70, November soybean futures ended 11¼¢ higher at $9.64½.

July wheat futures finished 23¾¢ higher at $4.56.

July soy meal futures closed $2.80 per short ton higher at $318.60. July soy oil futures ended 0.45¢ higher at 32.16¢ per pound. 

In the outside markets, the Brent crude oil market is $0.48 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 9 points higher.

Deanna Hawthorne-Lahre, StatFutures cofounder and trader, says that weather news is dominating the farm markets.

“We got a weather bombshell in the western Wheat Belt, as we prepped for harvest. A lot of people are scrambling to figure out what is up, and how much wheat is lost. We will hear some thoughts in the next couple of days as a tour gets under way. The rain event, for slower corn planting, was well forecast. But everything is going with wheat until we get numbers,” Hawthorne-Lahre says.

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