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Soybeans Close 14¢ Lower Thursday

Wheat and corn drop too.

DES MOINES, Iowa -- Rainfall keeps the market bears thriving, as Thursday’s CME Group futures prices remain lower.

At the close, the July corn futures settled 6¢ lower at $3.62 3/4, while December futures finished 6¢ lower at $3.80 3/4.

July soybean futures finished 14 3/4¢ lower at $9.04,

November soybean futures ended 14 1/2¢ lower at $9.13 1/4.

September wheat futures closed 4 1/4¢ lower at $4.75 1/4.

July soy meal futures ended $4.10 per short ton lower at $293.80. July soy oil futures closed $0.30 lower at 31.55¢ per pound. 

In the outside markets, the Brent crude oil market is $0.19 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 32 points higher.

Jason Roose, U.S. Commodities grain analyst, says that the crops are liking the current weather, but the markets are not.

"Favorable weather conditions and poor exports in the corn and beans took the premium back out of the grains ahead of July option expiration on Friday," Roose says.

Cory Bratland, Kluis Commodities broker, says just a skosh of rain helps the bears of the market stay in control.

“Continued nonthreatening weather in the U.S. (along with large stockpiles of U.S. corn stocks) continues to weigh on the corn market. Farmers have been a bit reluctant to sell their remaining corn stocks on the farm, but the large stockpiles make any rallies in corn very limited,” Bratland told customers in a daily newsletter.

On Thursday, the USDA Weekly Export Sales Report showed that soybean sales missed expectations, corn sales were within, and wheat beat.

  • Wheat =  542,900 metric tons vs. the trade’s expectations of between 300,000 and 500,000 mt.
  • Corn = 652,800 mt. vs. the trade’s expectations of between 550,000 and 950,000 metric tons
  • Soybeans = 115,000 mt. vs. the trade’s expectations of between 250,000 and 900,000 metric tons.
  • Soybean meal = 132,200 mt. vs. the trade’s expectations of between 100,000 and 250,000 metric tons.

 

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Wednesday’s Grain Market Review

On Wednesday, the CME Group’s farm prices finish lower.

At the close, the July corn futures settled 1¼¢ lower at $3.68¾, while December futures ended 1¼¢ lower at $3.86¾.

July soybean futures finished 9¢ lower at $9.18¾, November soybean futures closed 11¢ lower at $9.27¾.

July wheat futures finished 8¢ lower at $4.64½.

July soy meal futures closed $3 per short ton lower at $297.90. July soy oil futures finished 0.17¢ lower at 31.85¢ per pound. 

In the outside markets, the Brent crude oil market is $1.07 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 61 points lower.

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Tuesday’s Grain Market Review

On Tuesday, the corn and soybean markets never could find traction.

At the close, the July corn futures finished 5¼¢ lower at $3.70, and December futures closed 5¼¢ lower at $3.88.

July soybean futures finished 10¢ lower at $9.27¾; November soybean futures closed 9¾¢ lower at $9.38¾.

July wheat futures ended 5½¢ higher at $4.72½.

July soy meal futures closed 60¢ per short ton lower at $300.90. July soy oil futures finished 0.80¢ lower at 32.02¢ per pound. 

In the outside markets, the Brent crude oil market is 87¢ per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 35 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says the corn and soybean markets are being hurt by the current weather, which is less hot than before. 

“Rains have been mixed, with some areas getting a lot and many areas not getting much at all. The weather now is cooler, and the crop ratings showed some improvement, although not as much as expected,” Scoville says. 

Specs seem to be the best sellers, and farmers appear content to hold. Apparently, however, a whole lot of old-crop corn was sold over the last couple of weeks, he says. 

“Wheat prices are not acting all that great, considering the drop in condition ratings for HRS. Maybe the prices are finally high enough in the wheat market, although I somehow doubt it,” Scoville says.

 

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