New crop soybean futures close 54¢ lower | Monday, August 30, 2021
China buys a fresh batch of U.S. soybeans Monday.
On Monday, the CME Group’s farm markets end double-digits lower.
At the close, the Sept. corn futures closed 17½¢ lower at $5.40½. New-crop Dec. futures ended 11½¢ lower at $5.42. March corn futures settled 9½¢ lower at $5.50.
Sept. soybean futures closed 54¼¢ lower at $13.04.
Nov. soybean futures closed 20¢ lower at $13.03. January soybean futures finished 17¾¢ lower at $13.09.
Dec. wheat futures ended 9¢ lower at $7.23½.
Dec. soymeal futures settled $5.20 per short ton lower at $347.20.
Dec. soy oil futures finished 0.73¢ lower at 59.61¢ per pound.
In the outside markets, the NYMEX crude oil market is 0.42 higher (+0.61%) at $69.16. The U.S. dollar is lower, and the Dow Jones Industrials are 17 points lower (-0.05%) at 35,438 points.
On Monday, private exporters reported to the USDA export sales of 256,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
The marketing year for soybeans began Sept. 1.
On Friday, the grain markets closed mixed in another volatile day of trade. After trading lower early in the day, corn, soybean and wheat all finished slightly lower.
Al Kluis, Kluis Advisors, says that today’s Crop Progress report could show depreciating crop conditions.
“The USDA Crop Progress report today will show national corn and soybean ratings that are steady to 1% higher than last week. The reports are likely to show improvement in the western Corn Belt, and a slight reduction in conditions in the eastern Corn Belt,” Kluis stated in a note to customers.
Linneman added, “I am watching the release today of the production estimates from Stats Canada (like the USDA in Canada) to see what they project for their wheat and canola crops. The trade estimate is for a wheat crop of 22.6 million metric tons (mmt) or 830 million bushels. This would be down 1.4 mmt from the last USDA report and down 12.6 mmt (35%) from last year.”
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