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, Successful Farming]
On Tuesday, the CME Group’s farm markets have trimmed their losses, with corn even turning higher.
At the close, the May corn futures finished 1¢ higher at $3.88; July futures finished 1¢ higher at $3.95½.
May soybean futures settled 2¾¢ lower at $10.74¾; July soybean futures closed 2¾¢ lower at $10.83.
May wheat futures ended 2¼¢ lower at $5.07.
May soy meal futures closed $5.20 per short ton lower at $388.80. January soy oil futures closed 0.27¢ higher at 32.48¢ per pound.
In the outside markets, the NYMEX crude oil market is 2¢lower, the U.S. dollar is lower, and the Dow Jones Industrials are 13 points higher.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says investors are eyeing this week’s USDA monthly reports.
“I would not read much into the price action. We do have some monthly reports out on Thursday and the market has tended to consolidate before previous reports. Today appears to be no exception. Be that as it may, there’s no real reason to trash these markets even though specs have been buying. Just too much weather around to support things here and overseas,” Scoville says.
On Tuesday, private exporters reported to the USDA export sales of 120,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
The marketing year for soybeans began September 1.
Al Kluis, Kluis Commodities, says the markets need fresh bullish news. “The USDA reports on Thursday need to be bullish to keep this rally going,” Kluis stated in a daily note to customers. How long will the funds get in soybeans? If the CFTC Commitments of Traders Report on Friday shows funds long over 200,000 contracts of soybeans, then the soybean market will have limited room to move higher.”
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