On Tuesday, the CME Group’s farm markets have full support from investors.
In early trading, the May corn futures are 5 1/4¢ higher at $5.97 3/4.
July corn futures are 4 1/2¢ higher at $5.85. New crop December corn futures are 5¢ higher at $5.25.
May soybean futures are 27 1/2¢ higher at $14.77 3/4. July soybean futures are 25 3/4¢ higher at $14.62 3/4. New crop November soybean futures are 16¢ higher at $13.00.
July wheat futures are 9 3/4¢ higher at $6.63 1/2.
July soymeal futures are $6.10 short term higher at $417.40.
July soy oil futures are +1.75 higher at 55.62¢ per pound.
In the outside markets, the NYMEX crude oil market is +0.17 higher (+0.27%) at $63.55. The U.S. dollar is lower, and the Dow Jones Industrials are 140 points lower (-0.41%) at 33,936 points.
Private exporters reported to the USDA export sales of 114,300 metric tons of corn for delivery to Mexico during the 2020/2021 marketing year.
The marketing year for corn began Sept. 1.
Al Kluis, Kluis Advisors, says that today’s markets are different than a year ago.
“Wow, what a change. This is the week that the commodity markets bottomed in April 2020. In fact, one year ago today (April 20, 2020) crude oil dropped to -$40 per barrel. Not this year. On Monday, the grain markets rallied sharply on dry weather concerns in Brazil and the announcement from China that their hog herd is now 30% larger than last year at this time,” Kluis stated in a note to customers.
Kluis added, “The USDA Crop Progress report showed corn planting at 8% complete, right at the five-year average of 8%. However, I expect the planting pace to fall behind normal next week. Spring wheat planting is at 19% (well ahead of the five-year average of 12%). Some farmers are waiting for rain to plant, and some are checking if they can file prevent plant claim because it is too dry to plant.”