Corn, soybean markets finished mixed. Friday, September 24, 21

On Friday, the CME Group’s farm markets end mixed.
At the close, the Dec. corn futures closed 2¾¢ lower at $5.26. March futures finished 3¢ lower at $5.34. May corn futures settled 2¢ lower at $5.39.
November soybean futures finished ¾¢ higher at $12.85.
Jan. soybean futures closed ¾¢ higher at $12.94. March soybean futures finished ¼¢ higher at $12.97.
Dec. wheat futures settled 6¢ higher at $7.23.
Dec. soymeal futures closed $1.10 per short ton lower at $339.00.
Dec. soy oil futures ended 0.85¢ higher at 57.87¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.61 higher (+0.83%) at $73.91. The U.S. dollar is higher, and the Dow Jones Industrials are 25 points higher (+0.07%) at 34,790 points.
Bob Linneman, Kluis Advisors, says that investors are watching debt developments in China.
“Thursday’s trade ended with corn and soybean prices quietly higher. Worrisome reports from China suggest soybean crush plants have been ordered to shut down, due to the government reducing electricity supplies to meet new emission targets. It does seem odd to shut down these kinds of facilities, since they are directly related to food supply,” Linneman stated in a note to customers.
Linneman added, “The stock market is also nervous about the impact of a very large real estate company in China possibly going into bankruptcy. In addition, the Chinese government voiced a very strong negative comment about cryptocurrency. These outside market headlines could impact grains in the short term.”
Linneman says, “The corn weekly chart looks poised to etch an inside week, while the soybean weekly chart is close to scoring a ‘doji candle.’ Although the soybean chart is not as prominent because it was not a major low scored this week, it still has the potential to swing momentum toward the bull camp if prices can start out strong next week.”

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