Wednesday’s farm markets close mixed
On Wednesday, the CME Group’s farm markets have dipped.
At the close, the March corn futures finished ¾¢ higher at $5.53. May corn futures settled 1¢ higher at $5.50¾. New-crop December corn futures closed 2¼¢ higher at $4.60.
March soybean futures closed 1¢ lower at $13.83. May soybean futures ended 1¢ lower at $13.84. New-crop November futures closed 3¼¢ higher at $11.89.
May wheat futures closed 13¼¢ lower at $6.44.
March soymeal futures settled $3.30 short term higher at $431.70.
March soy oil futures closed 0.50¢ lower at 46.77¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.95 per barrel higher (+1.58%) at $61.00. The U.S. dollar is higher, and the Dow Jones Industrials are 51 points higher (+0.16%) at 31,573 points.
Al Kluis, Kluis Advisors, says that investors will be eyeing this week’s acreage projection by the USDA.
“The damage to the winter wheat crop will result in more corn and sorghum acres in the Southern Plains. The area has very short topsoil moisture but good subsoil moisture. The farmers will plow under the winter wheat, then plant and pray for rain,” Kluis stated in a daily note to customers.
Kluis added, “Watch what the USDA indicates for planted acreage and yields in their projections at the USDA Outlook conference later this week. I will also be watching the yield and export projections for next year. Unless you get over 92 million acres of soybeans, soybean ending stocks remain very tight again next year.”