Soybeans give up big gains, corn ends lower Thursday

Outside markets are mixed.

On Thursday, the CME Group’s farm markets end mixed.

At the close, the May corn futures closed 2¾¢ lower at $5.32½. July corn futures finished 5¼¢ higher at $5.22½. New-crop December corn futures closed 2¢ higher at $4.75½. 
May soybean futures settled 3¢ higher at $14.10½. July soybean futures finished 3½¢ higher at $13.95½. New-crop November soybean futures ended 6½¢ higher at $12.30½.

May wheat futures finished 5¢ lower at $6.51½. 

May soymeal futures closed $2.20 short term higher at $416.60.

May soy oil futures closed 0.93 higher at 50.71¢ per pound.

In the outside markets, the NYMEX crude oil market is +2.61 higher (+4.26%) at $63.89. The U.S. dollar is higher, and the Dow Jones Industrials are 482 points higher (0-1.54%) at 30,787 points.

Separately, the USDA’s Weekly Export Sales Report Thursday shows weak demand figures for corn and soybeans. Here are the totals:

  • Corn = 154,700 metric tons (mt.) vs. the trade’s expectations of 400,000 to 800,000 mt. 
  • Soybeans = 533,400 mt. vs. the trade’s expectation of 100,000 to 800,000 mmt.
  • Wheat = 242,700 mt. 
  • Soybean meal = 187,400 mt.

Bob Linneman, Kluis Advisors, says that the market’s direction is up for grabs.  

“Headlines have not been strong enough to give either the bulls or the bears the momentum they need to take control. The supply and demand picture for both corn and soybeans is the most probable reason. Weather in South America is starting to concern traders, since the second-crop production estimates are likely to decline,” Linneman stated in a daily note to customers.

Linneman added, “A poor weekly export sales report this morning could give the bears the momentum they need to test downside support. The old-crop contracts would likely see the majority of the pressure. New crop should remain supported as the bid for acres heats up.”

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