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Soybeans end lower, corn higher | Tuesday, September 14, 2021

Investors eye South America’s planting weather.

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

At the close, the Dec. corn futures settled 7¢ higher at $5.20. March futures ended 6 1/4¢ higher at $5.28 1/2. May corn futures closed 6¢ higher at $5.33. 
November soybean futures settled 2 1/2¢ lower at $12.82. 

Jan. soybean futures closed 1 3/4¢ lower at $12.91 1/2. March soybean futures finished 1 1/4¢ lower at $12.96.

Dec. wheat futures closed 13 1/4¢ higher at $7.00.
Dec. soymeal futures finished $3.40 per short ton lower at $341.80.

Dec. soy oil futures are 0.88 cents higher at 56.87¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.02 higher (+0.03%) at $70.47. The U.S. dollar is higher, and the Dow Jones Industrials are 302 points lower (-0.87%) at 34,567 points.

PJ Quaid, independent broker, says that the market has little action today.

"Cash basis is still firm. Ports are coming back online. Corn has been straight up since the number where we broke $5.00 on stops.  Now, people are back chasing their tails. Corn futures' open interest is down 600,000 contracts since it’s high in February. Also, Stats Canada's data released today was bullish for wheat and canola," Quaid says.

Al Kluis, Kluis Advisors, says that investors eye South America’s planting weather. 

“The key going forward is weather in South America. It has been very dry, but the forecasts suggest more rain starting later next week. Let’s see if the rain hits. The forecasts were just like the last two years: a big acreage increase and record yields early in the season,” Kluis stated in a note to customers.

Kluis added, “I am watching the large continuation gaps on CBOT corn, soybeans, and wheat. The corn chart shows a potential island bottom. If the gaps are not filled, then it is positive for long-term prices.”

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