Ag markets closed lower. Tuesday, September 28, 2021

On Tuesday, the CME Group’s farm markets dip ahead of this week’s USDA data on grain stocks.

At the close, the Dec. corn futures finished 7¢ lower at $5.32. March futures closed 6½¢ lower at $5.40. May corn futures ended 6¢ lower at $5.45¾.

November soybean futures settled 10½¢ lower at $12.77.

Jan. soybean futures closed 10¢ lower at $12.87. March soybean futures ended 10¢ lower at $12.92.

Dec. wheat futures settled 15¢ lower at $7.06.

Dec. soymeal futures closed $0.50 per short ton lower at $339.50.

Dec. soy oil futures settled 0.65¢ lower at 57.46¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.16 lower (-0.21%) at $75.29. The U.S. dollar is higher, and the Dow Jones Industrials are 501 points lower (-1.44%) at 34,367 points.

On Tuesday, private exporters reported to the USDA export sales of 150,000 metric tons of corn for delivery to Mexico during the 2021/2022 marketing year.

The marketing year for corn began Sept. 1.

Bob Linneman, Kluis Advisors, says that investors prepare for this week’s USDA report.

“The corn market is handling a lot of bad news as it moves higher. The negative factors include rapid harvest progress, fewer hogs on feed than expected, and slow U.S. exports. It appears a lot of this negative news is built in (and taken for granted) ahead of the USDA Grain Stocks report on Thursday,” Linneman stated in a note to customers.

Linneman added, “I am watching crude oil prices continue higher. A close now above the July high at $76.98 will open the door for a test of the September 2014 high at $93.00. If crude continues to rally, it is positive for the entire commodity complex. Crude oil is higher again in the overnight trade.”

Successful Farming

Tags: soymeal, wheat futures, soymeal futures, farm markets, soy oil futures, soy oil, corn, soybean futures, corn futures, soybean, wheat