At the close, the July corn futures finished 4 1/4¢ higher at $3.77 1/4, while December futures closed 3 3/4¢ higher at $3.95 3/4.
July soybean futures settled 1 1/2¢ higher at $9.23, November soybean futures closed 3 3/4¢ higher at $9.31.
July wheat futures finished 6 1/4¢ higher at $4.35 3/4.
July soy meal futures finished $0.50 per short ton higher at $301.10. July soy oil futures closed $0.08 higher at 31.39¢ per pound.
In the outside markets, the Brent crude oil market is $0.74 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower.
Michael Rusch, Sales Director- Ag/Commercial | Stewart-Peterson, says that the corn futures are staging a rally, sending contracts through their range highs that served as a resistance barrier since early March.
"Dec corn is making the biggest technical move, up 6 cents to 3.98, above its double top at 3.95-3/4. Jul corn is up 6-3/4 cents to 3.79-3/4, eclipsing that contract’s range high of 3.79-1/2,” Rusch says.
Rusch adds, "Dryness in ND and SD supporting spring wheat, funds heavily short, dollar index making new lows, above normal temps in the forecast for the next 2 weeks. Our advisors were a bit surprised expecting corn to be lower due to better than expected crop conditions yesterday.Double digit gains in wheat and soybeans are also noted."
“We believe that this is a sign of long-awaited short-covering by the funds as weather forecasts begin to warrant weather premium across the grain and oilseed complex,” Rusch says.
Crop progress is adequate, but widely variable following a delayed planting program in the eastern Corn Belt, and now drying conditions in the central and northern Corn Belt, Rusch says.
Soybean futures jumped higher in early trade, as contracts attempt to climb back to their previous trading ranges following a price fallout to end the month of May, Rusch says.
Jul beans peaked at 9.34-1/4 on gains of 9-3/4 cents; Nov got to 9.39-3/4 on gains of 11-3/4 cents before stalling.
“High heat forecast for the Dakotas and depleted top soil moisture being reported in NE and IA where emergence in some counties is already questionable, is supporting today’s market strength. The revival precedes Friday’s USDA monthly Supply/Demand reports,” Rusch says.
Monday’s Grain Market Review
On Monday, the CME Group’s farm markets close up slightly.At the close, the July corn futures settled ¼¢ higher at $3.73, and December futures finished 1¢ higher at $3.92.
July soybean futures finished ¾¢ higher at $9.22; soybean futures settled 2½¢ higher at $9.28.
July wheat futures finished unchanged at $4.29.
July soy meal futures closed $1.30 per short ton lower at $300.60. July soy oil futures closed 0.30¢ higher at 31.31¢ per pound.
In the outside markets, the Brent crude oil market is 36¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points lower.
Pete Meyer, PIRA Energy grain analyst, says the markets seem to be struggling for new information at the moment.
“Additionally, the heavy supplies from South America continue to limit any upside, despite concerns over eastern Belt wetness and dryness in the Plains,” Meyer says.
On Monday, private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 60,000 metric tons is for delivery during the 2016/2017 marketing year, and 60,000 metric tons is for delivery during the 2017/2018 marketing year.
The marketing year for soybeans began September 1. BY MIKE MCGINNIS.
No comments:
Post a Comment