Ag markets finish mixed. Tuesday, October 19, 2021

On Tuesday, the CME Group’s farm markets finish mixed.

At the close, the Dec. corn futures finished 2¢ lower at $5.30. March futures finished 1½¢ lower at $5.39. May corn futures ended 1¼¢ lower at $5.43.

November soybean futures closed 8¢ higher at $12.29.

Jan. soybean futures closed 6¼¢ higher at $12.28. March soybean futures finished 8½¢ higher at $12.45.

Dec. wheat futures ended ¼¢ lower at $7.36.

Dec. soymeal futures ended $4.70 per short ton higher at $322.60.

Dec. soy oil futures settled 0.37¢ higher at 62.39¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.36 higher (+0.44%) at $82.80. The U.S. dollar is lower, and the Dow Jones Industrials are 121 points higher (+0.34%) at 35,380 points.

Al Kluis, Kluis Advisors, says that basis prices should firm as harvest pace progresses.

“Harvest is over 50% complete for corn and over 60% complete for soybeans. Basis levels will continue to firm. If you need to roll corn hedges from December 2021 out to the March 2022 contract, then it is time to get it done,” Kluis stated in a note to customers.

Kluis added, “I am watching the corn and soybean markets go from a downtrend to a basing/bottoming trend. My charts are showing the start of a series of W’s. That is when prices move higher for three to five trading days, then lower for three to five days. The December-to-March corn spread closed at 7¾¢ on Monday and the November-to-January soybean spread closed at 7½¢ on Monday. If that spread narrows into Friday, then it will be a positive signal for a change in trend in the corn and soybean markets.”

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