May 3, 2024 | 20:14 GMT +7
Hotline: 0913.378.918
May 3, 2024 | 20:14 GMT +7
Hotline: 0913.378.918
Soybeans are the most popular type of legume. Photo: Shutterstock
At the close, the Sept. corn futures finished 8¼¢ lower at $5.50. New-crop Dec. futures ended 7½¢ lower at $5.51½. March corn futures closed 7¢ lower at $5.60½.
Sept. soybean futures settled 32½¢ lower at $13.23¾.
Nov. soybean futures closed 33¾¢ lower at $13.19. January soybean futures finished 33¢ lower at $13.25¼.
Sept. wheat futures closed 5¢ lower at $7.24¼.
Sept. soymeal futures ended $8.90 per short ton lower at $347.50.
Sep. soy oil futures finished 1.26¢ lower at 62.45¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.84 lower (-1.18%) at $70.42. The U.S. dollar is higher, and the Dow Jones Industrials are 239 points higher (+0.69%) at 35,077 points.
Jason Roose, U.S. Commodities, says that pressure for prices is coming from less threatening crop weather.
“Grains are tumbling today with the soy complex leading the charge lower with a mild weather forecast with cooler temperatures and rain in most of the Midwest; weekly crop conditions showed an improving soybean crop in a market that seasonally trends lower with harvest fast approaching,” Roose says.
Al Kluis, Kluis Advisors, says Monday’s price rise could be traders building in a smaller Russian wheat crop and dry U.S. weather.
“The Russian private trade analysis firm IKAR made a sharp reduction in the size of the Russian wheat crop. Its projections are for a crop about 240 million bushels less than the last USDA report. If that is correct, then that will greatly reduce Russian wheat exports. On Monday, corn and soybean prices turned higher as the forecast for the Corn Belt looks dry for most of this week with heat returning for several days late this week,” Kluis stated in a note to customers.
Kluis added, “This is the window when the USDA surveys 20,000 selected U.S. farmers for the August 12 crop report. It will also use satellite imagery to achieve accurate representation of the 2021 crop prospects. Last August, this process resulted in a projection for higher yields than expected. The August yield forecast was the highest of the year. Watch to see if that happens again in 2021.”
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