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News Admin
 
Date
 05/05/2021
News Provider
 Siti Safura Masiron
News Source
 www.agriculture.com
Headline
 Corn closed near $7 per bushel, soybeans over $15 | Tuesday, May 4, 2021


04.05.2021 (www.agriculture.com) - On Tuesday, the CME Group's farm markets close double-digits higher.



At the close, the July corn futures settled 17 1/4¢ higher at $6.96 3/4. New crop September futures settled 18 1/2¢ higher at $6.10. December corn futures closed 17 1/2¢ higher at $5.80 1/4. 
 
July soybean futures closed 14 3/4¢ higher at $15.38 3/4. August soybean futures closed 15 1/2¢ higher at $14.82. New crop November soybean futures ended 18 1/4¢ higher at $13.63 1/4.



July wheat futures settled 8 3/4¢ higher at $7.26 3/4. 



July soymeal futures finished $6.40 short ton higher at $421.50.



July soy oil futures closed +0.52 higher at 63.58¢ per pound.



In the outside markets, the NYMEX crude oil market is +1.26 higher (+1.95%) at $65.75. The U.S. dollar is higher, and the Dow Jones Industrials are 106 points lower (-0.31%) at 33,006 points.



Jack Scoville, PRICE Futures Group, says that the corn market is still chugging along on a combination of spec and commercial buying.



"For soybeans, that market is stalling out, here, as the demand has been less.  We don't have much to sell, but the demand is down too.  Corn has no such problems as export inspections were high yesterday, especially to China, and as the Brazilian Safrinha crop is in big trouble.  Corn has more upside showing these days and a move to $7.20 is very likely in the short term," Scoville says.



Al Kluis, Kluis Advisors, says that the month of May has started with a lot of volatility. 



“Monday's massive reversal lower in the May soybean oil contract could signal a short-term high. The volatility in soybean oil is also a caution sign.  The key level I am watching now is the low made two weeks ago at $64.34 in the nearby soybean oil market," Kluis stated in a note to customers.  



Kluis added, "On the first day of the month, May corn had a 34¢ trading range, and May soybeans a 46¢ trading range. Last year it took a month to get that size of trading range. May Soybean oil (which had been leading the market higher) was very volatile. It opened higher, then plunged, putting in a key reversal lower.  The USDA Crop Progress report showed corn planting at 46% complete, just above trade estimates and the five-year average. The report showed soybean planting at 24% complete, just below trade estimates and 3% ahead of the five-year average."



The fast planting pace for corn could result in additional U.S. acreage, Kluis says.
"I am watching the corn planting progress. The 2021 corn crop is going in at a fast pace. This will likely result in more corn acres and less soybean acreage in the late-June planted acreage report, he says."



https://www.agriculture.com/markets/analysis/crops/turnaround-tuesday-is-underway-tuesday-may-4-2021



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