Ag markets sink. Wednesday, November 3, 2021

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

At the close, the Dec. corn futures finished 9¢ lower at $5.64. March futures closed 9¢ lower at $5.72. May corn futures ended 9¢ lower at $5.76.

January soybean futures settled 12¢ lower at $12.44.

March soybean futures ended 11¾¢ lower at $12.55. May soybean futures ended 11½¢ lower at $12.65.

Dec. wheat futures ended 10¾¢ lower at $7.81.

Dec. soymeal futures closed $3.60 per short ton higher at $340.80.

Dec. soy oil futures finished 0.96¢ lower at 61.03¢ per pound.

In the outside markets, the crude oil market is $3.82 per barrel lower at $80.09, the U.S. dollar is lower, and the Dow Jones Industrials are 83 points higher (+0.23%) at 35,136.

Bob Linneman, Kluis Advisors, says that the bears in the corn market and bulls in the soybean market are trying to made headway.

“The lower close in December corn was enough to sway the momentum indicators in favor of the bear camp for the first time since mid-October. However, it will take more than one down day to change the trend. January soybeans were able to briefly breach the $12.60 mark during trading before closing the day around $12.55. This level has only been breached once since October 20. The key level to watch beyond this mark is the high from last week at $12.66. A close over last week’s high should give the bull camp the momentum they need to make a more convincing move higher. Finally, some traders are wondering if we will see some spread unwinding in the grain complex if corn and wheat retreat further from the Tuesday high. We could see soybeans move higher if corn and wheat move lower,” Linneman stated in a note to customers.

Linneman added, “The grain bulls will have their work cut out for them this week. Private analytical firms will be releasing their estimates for the USDA report next week. Many traders are expecting to see production increases for both corn and soybeans.”

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