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CORN FUTURES BOUNCE WHILE SOYBEANS SLIP LOWER

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TRADERS ARE WATCHING U.S. CROP PROGRESS AND SOUTH AMERICAN WEATHER

At mid-session Monday, corn futures are up– slightly above Friday’s close–while soybeans are lower, slipping below $10.

In late morning trading, the Dec. corn futures are 2½¢ higher at $3.67¾. March corn futures are 3¢ higher at $3.76¼.
 
Nov. soybean futures are 7¾¢ lower at $9.94¾. January soybean futures are 8¢ lower at $9.98¼.

Dec. wheat futures are 3¾¢ higher at $5.48. 

Dec. soymeal futures are $6.50 per short ton lower at $332.10. Dec. soy oil futures are 0.07¢ higher at 32.89¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.17 per barrel higher at $40.42. The U.S. dollar is lower, and the Dow Jones Industrials are 484 points higher.

 “Soybeans are down after no confirmation of additional business to China,” says Jack Scoville of PRICE Futures Group.  “There were sales to unknown destinations for Soybeans today, but the amount indicates that this is probably not for China.  Harvest is ongoing and farmers are supposed to be selling beans as fast as possible.”

“Corn is up a bit with the export sales this morning,” he adds. “Corn is being held by farmers and beans are being sold. Wheat is also firm after being lower overnight.  Wheat is more of a function of the world price which appears to be firm so far today.”

DES MOINES, Iowa – In early trading Monday, soybean and corn futures are lower, mostly erasing Friday’s bounce.

In early trading, the Dec. corn are 2¾¢ lower at $3.62½. March corn futures are 2½¢ lower at $3.70¾.
 
Nov. soybean futures are 2¢ lower at $10.00½. January soybean futures are 2¢ lower at $10.04¼.

Dec. wheat futures are 4¾¢ lower at $5.39½. 

Dec. soymeal futures are $2.00 per short ton lower at $336.60. Dec. soy oil futures are 0.15¢ lower at 32.67¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.04 per barrel lower at $40.21. The U.S. dollar is lower, and the Dow Jones Industrials are 412 points higher.

 “The USDA Crop Progress report today will show corn harvest at about 14% and soybean harvest at 16%, says Al Kluis of Kluis Commodity Advisors. “More attention is now on South America, where it stays dry in central and northern Brazil. Farmers in most of Brazil are waiting to plant soybeans. This is a less-than-ideal start to their growing season. Watch the weather and weather forecasts for both Argentina and Brazil. Private analysts have taken the projected corn and soybean yields lower already in Argentina, and central Brazil remains hot and dry in the extended forecasts.” 

Even after last week’s pullback from the recent recovery in grain futures Kluis remains bullish.

“The grain markets closed mixed on Friday in a choppy week of trade,” he says. “However, even with Friday’s higher close, the corn, soybean, and wheat markets were lower for the week. My weekly corn and soybean charts show an inside week. I view this as a correction in the long-term bull market. On Friday, corn closed 2 cents higher, soybeans were 2 to 3 cents higher, and wheat closed 1 higher to 7 lower.”

SOURCE: Agriculture

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