Ag markets dip on slow demand | Wednesday, September 1, 2021

Investors are watching the slow export pace.

On Wednesday, the CME Group’s farm markets closed mostly double-digits lower.

At the close, the Dec. corn futures finished 11¢ lower at $5.22¾. March futures ended 11¢ lower at $5.31. May corn futures settled 10¢ lower at $5.37.

November soybean futures closed 14¾¢ lower at $12.77.

Jan. soybean futures closed 13¼¢ lower at $12.87. March soybean futures closed 11¾¢ lower at $12.94.

Dec. wheat futures settled 8¢ lower at $7.14½.


Dec. soymeal futures closed $2.10 per short ton lower at $343.50.

Dec. soy oil futures are 0.81¢ lower at 57.94¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.06 lower (-0.09%) at $68.44. The U.S. dollar is lower, and the Dow Jones Industrials are 27 points lower (-0.08%) at 35,333 points.

Bob Linneman, Kluis Advisors, says that investors are watching the slow export pace.

“Grain prices have been controlled by the bears so far this week. There was some concern over deliveries against the September contracts, as traders were uncertain how old-crop demand would translate to deliveries. So far, that story has been quiet, but it is worth watching over the coming days,” Linneman stated in a note to customers.

Kluis added, “The grain bulls are backed into a corner right now. A slow export pace should put a fair amount of bushels back into the carryout. How much will we see in the report on September 10? That could set the stage for the rest of harvest.”

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Tags: soybean futures, corn futures, soybeans, CME Group, wheat, CME Group's farm markets, soy oil, corn