Ag markets finish lower | Tuesday, August 17, 2021

China buys another large amount of U.S. soybeans.

On Tuesday, the CME Group’s farm markets close lower.

At the close, the Sept. corn futures finished 6½¢ lower at $5.58. New-crop Dec. futures closed 5¼¢ lower at $5.63. March corn futures finished 5¾¢ lower at $5.71.

Sept. soybean futures closed 7¢ lower at $13.69.

Nov. soybean futures settled 6¾¢ lower at $13.61. January soybean futures closed 6¾¢ lower at $13.65½.

Sept. wheat futures finished 26¢ lower at $7.34.

Dec. soymeal futures closed $0.40 per short ton higher at $362.90.

Dec. soy oil futures finished 0.82¢ lower at 62.12¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.74 lower (-1.10%) at $66.55. The U.S. dollar is higher, and the Dow Jones Industrials are 387 points lower (-1.09%) at 35,244 points.

On Tuesday, private exporters reported to the USDA the following activity:

Export sales of 198,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
Export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.
The marketing year for soybeans began Sept. 1.

Bob Linneman, Kluis Advisors, says that investors will be watching upcoming rain chances for the Midwest crops.

“The rainfall over the weekend was better than expected and on Monday all of the inflation trade sectors were hit. Gold, silver, and crude oil prices closed sharply lower,” Linneman stated in a note to customers.

Linneman added, “How much rain will hit (and when) in the western Corn Belt? Both weather models show one to two days more heat, and the rain that was forecast for Wednesday is now moved back to next weekend. This is a much-needed rain for most of the crop areas west of Interstate 35.”

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