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Soybeans close slightly higher, corn lower | Wednesday, July 21, 2021

Investors eye hot weather pattern, analyst says.

On Wednesday, the CME Group’s farm markets close well off their daily highs.

At the close, the Sept. corn futures closed unchanged at $5.71½. New-crop Dec. futures ended 2¾¢ higher at $5.68½. March corn futures finished 2½¢ higher at $5.75½. 
 
August soybean futures closed 4¼¢ lower at $14.39. 

Sept. soybean futures finished 1¼¢ lower at $13.97¾. New-crop November soybean futures settled 1¼¢ higher at $13.89¾.

Sept. wheat futures closed 10¼¢ higher at $7.10¼. 

Aug. soymeal futures closed $4.30 per short ton higher at $369.80.

Sep. soy oil futures settled 1.56¢ lower at 65.46¢ per pound.

In the outside markets, the NYMEX crude oil market is 3.12 higher (+4.64%) at $70.32. The U.S. dollar is lower, and the Dow Jones Industrials are 265 points higher (+0.77%) at 34,777 points.

Al Kluis Kluis Advisors, says that the markets trade on weather, weather, weather. 

“The National Weather Service added some more hot days into the forecast for the western Corn Belt next week in the early AM forecasts and then backed it out at noon. The weather traders create a lot of day-to-day volatility,” Kluis stated in a note to customers.    

Kluis added, “I am watching the different weather models to see how long the heat lasts, and how far east the hot, dry conditions move. The heat dome is moving west to east. Some of the models show the heat staying west of Minneapolis to Grand Island, Nebraska; others show the ridge moving east as far as Minneapolis down to Omaha. The front could stay for another seven to 10 days (until July 28-30); the hot, dry ridge could move as far east as Des Moines in some of the updates. The farther east the dome moves, the more crop damage develops.”

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