Soybeans pull back Tuesday. November 16, 2021

At the close on Tuesday, grains ended this “turnaround Tuesday” on a low note.

January soybeans closed 6¢ lower at $12.51¼. March soybeans ended 5½¢ lower finishing the session $12.63¼. May soybeans shed 5¼¢, closing at $12.72½.

Dec. soymeal futures closed 0.42¢ per short ton lower ending at $367.50.

Dec. soy oil futures finished 0.97¢ higher at 59.17 per pound.

In the corn pits, Dec. corn shed 5½¢ to end the day at $5.71. March corn finished at $5.77½, down 6½¢, and May futures closed 6¾¢ lower, ending at $5.81¾.

Dec. wheat has shifted 16¢ lower, ending at $8.10¼.

In the outside markets, crude oil ended negative on the day finishing now down $0.07 at $80.81 per barrel; the Dow Jones Industrial Average is up 154.72 points (+0.43%) at 36,242.17, and the U.S. dollar is higher.

Al Kluis, Kluis Advisors, says the grain markets will be watching for the fund buying to stop before grains will head lower.

“The global and U.S. fundamentals do not justify $6.00 cash corn and $12.50 soybeans,” Kluis stated in a note to customers.

PJ Quaid, R.J. O’Brien Broker, says today feels like a consolidation day.

“There’s no new money rolling into grains, the only strength is in the bean oil market. Not much has really changed, narrative-wise,” says Quaid.

Private exporters reported an additional sale of 270,000 metric tons of corn for delivery to Mexico during the 2021/2022 marketing year; making the second sale this week. An additional 161,000 metric tons of soybeans were reported with delivery to unknown destinations as well.

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Tags: corn, soybeans, Grains, wheat, grain markets, soymeal futures, soy oil futures