Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322
[Mike McGinnis, Agriculture.com]
On Wednesday, the CME Group’s farm markets end slightly higher.
At the close, the March corn futures finished 1/4¢ higher at $3.67. May futures finished even at $3.74.
March soybean futures closed 5 1/2¢ higher at $10.17 1/4. May soybean futures settled 5 1/2¢ higher at $10.27 3/4.
March wheat futures closed 5¢ lower at $4.55 3/4.
March soy meal futures closed $4.70 per short ton higher at $369.90. January soy oil futures ended 0.23 higher at 31.80¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.27 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 162 points higher.
On Wednesday, private exporters reported to the U.S. Department of Agriculture export sales of 123,000 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year.
The marketing year for corn began Sept. 1.
Tuesday’s Grain Market Review
On Tuesday, the CME Group’s farm markets lean on a rallying soybean complex for the second straight day.
At the close, the March corn futures finished ¼¢ lower at $3.66. May futures are ½¢ lower at $3.74.
March soybean futures finished 10¢ higher at $10.11¾. May soybean futures closed 9¾¢ higher at $10.22.
March wheat futures settled 3¼¢ lower at $4.60¾.
March soy meal futures ended $7.40 per short ton higher at $365.20. January soy oil futures closed 0.28¢ lower at 31.57¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.09 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points higher.
MONDAY’S GRAIN MARKET REVIEW
On Monday, the CME Group’s soybean complex is providing the impetus for higher all-around grain trading.
At the close, the March corn futures finished 5¢ higher at $3.67; May futures finished 5¢ higher at $3.74¾.
March soybean futures settled 18¾¢ higher at $10.01¾; May soybean futures closed 19¢ higher at $10.12½.
March wheat futures ended 15¢ higher at $4.64.
March soy meal futures settled $14 per short ton higher at $357.80. January soy oil futures closed 0.11¢ lower at 31.85¢ per pound.
In the outside markets, the NYMEX crude oil market is 24¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 507 points higher.
Jack Scoville, PRICE Futures Group senior grain analyst, says the rally is due to multiple factors.
“This seems to be the stock market and ideas of inflation plus Argentina crop weather concerns. There has been some spec buying, and I have sold a little for Brazil. It should be an important close, chart-wise, today,” Scoville says.
Al Kluis, Kluis Commodities, says the market is reacting to weather in South America.
“The weekend rains were disappointing in Argentina, and the extended forecasts are now for drier conditions,” Kluis stated to customers in a daily note Monday.
On Monday, the USDA announced that private exporters reported the following activity:
- Cancellations of export sales of 455,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
- Export sales of 314,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 198,000 metric tons are for delivery during the 2017/2018 marketing year, and 116,000 metric tons are for delivery during the 2018/2019 marketing year.
The marketing year for soybeans began September 1.
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