The corn, soybean markets finished mostly lower | Monday, May 3, 2021
On Monday, the CME Group's farm markets closed mostly in the red.
At the close, the July corn futures settled 6 1/4¢ higher at $6.79 1/2. New crop September futures finished 1/2¢ lower at $5.91. December corn futures settled 3/4¢ lower at $5.63.
July soybean futures ended 10 1/4¢ lower at $15.24. August soybean futures closed 4 1/4¢ lower at $14.67. New crop November soybean futures are 5¢ higher at $13.44 1/4.
July wheat futures finished 16 1/4¢ lower at $7.18 3/4.
July soymeal futures closed $11.00 short ton lower at $415.10.
July soy oil futures finished +0.67 higher at 63.06¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.94 higher (+1.08%) at $64.52. The U.S. dollar is lower, and the Dow Jones Industrials are 300 points higher (+0.89%) at 34,175 points.
Al Kluis, Kluis Advisors, says that grain market participants will be watching this afternoon's Crop Progress Report closely.
“The grain markets had a mixed but mostly higher close on Friday. The large deliveries on the May soybean oil contract pulled soybean oil lower, which initially put pressure on the soybean market. Late in the day--on the strength in the corn market--all of the markets posted impressive gains," Kluis stated in a note to customers.
Kluis added, "The USDA Crop Progress report today may show U.S. corn planting well ahead of the 30% trade estimate from late last week, and planting well ahead of the five-year average. At this stage, it is important to watch the corn emergence numbers each week. I am watching the weather in central Brazil where it was dry over the weekend, and there is no significant rain in the extended forecasts. I expect private trade estimates to move the double-crop corn production down by another 100 to 200 million bushels again this week."