Corn and soybeans close higher | Thursday, October 7, 2021

At the close, Thursday, corn and soybean futures closed higher.

The December corn futures are 1¾¢ higher at $5.34. March futures are 2¢ higher at $5.43. May corn futures are 1¾¢ higher at $5.48.

November soybean are 5¼¢ higher at $12.47¼. January soybean futures are 5¾¢ higher at $12.58¼. March soybean futures are 6¢ higher at $12.67¼.

December wheat futures are 4¾¢ lower at $7.41¼.

December soymeal futures are $3.40 per short ton lower at $319.30.

December soy oil futures are 1.72¢ higher at 62.06¢ per pound.

Outside Markets

In outside markets, the NYMEX crude oil market is $0.98 higher (+1.27%) at $78.41. The U.S. dollar is lower, and the Dow Jones Industrials are 426 points higher (+1.24%) at 34,843 points.

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At midsession Thursday, October 7, CME Group corn and soybean futures have rebounded.

The December corn futures are 1¾¢ higher at $5.34. March futures are 1½¢ higher at $5.42½. May corn futures are 1¼¢ higher at $5.47½.

November soybean are 5¾¢ higher at $12.47¾. January soybean futures are 6¼¢ higher at $12.58¾. March soybean futures are 6¼¢ higher at $12.67½.

December wheat futures are 3¢ lower at $7.43.

December soymeal futures are $1.50 per short ton lower at $321.20.

December soy oil futures are 1.28¢ higher at 61.62¢ per pound.

Outside Markets

In outside markets, the NYMEX crude oil market is $0.98 higher (+1.27%) at $78.41. The U.S. dollar is lower, and the Dow Jones Industrials are 511 points higher (+1.49%) at 34,928 points.

Jack Scoville of The Price Futures Group says today’s strong corn export sales report isn’t enough to push corn futures very far upward.

“It looks like we are getting ready for the next WASDE repots next week, which are expected to show increased ending stocks for corn and soybeans,” Scoville says. “One week of strong sales won’t cut it for corn, we need to see a string of strong sales before the market will sit up and pay attention.”

Matt Tranel of ever.ag has a similar view.

“Grain markets have seen relatively small trading ranges thus far, 8¢ on corn, 16¢ on soybeans, and 13¢ on wheat,” Tranel says. “While export sales were stronger for corn and in-line for soybeans compared to analyst estimates this morning (1,265,100 MT vs. a range of 350,000 to 8,000,000 MT on corn), questions remain on if the USDA has projected exports to high already and whether some bushels will show back up on future balance sheets. The market is also preparing itself for the next Supply and Demand report which comes out on Tuesday, October 12. Until that data is released, it would be fairly surprising for the market to move much beyond its ‘comfort range’ that we’ve established on spot corn between $5/bushel and $5.45/bushel.”  

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In early trading Thursday, October 7, CME Group corn, wheat, and soybean futures are all trading lower.

The December corn futures are 3¾¢ lower at $5.28½. March futures are 3½¢ lower at $5.37½. May corn futures are 3¾¢ lower at $5.42½.
 
November soybean are 6¼¢ lower at $12.35¾. January soybean futures are 6¢ lower at $12.46½. March soybean futures are 6¼¢ lower at $12.55. December wheat futures are 3¾¢ lower at $7.42¼.
 
December soymeal futures are $1.50 per short ton lower at $321.20. December soy oil futures are 0.21¢ higher at 60.55¢ per pound.

Outside Markets

In outside markets, the NYMEX crude oil market is $0.51 lower (-0.66%) at $76.92. The U.S. dollar is lower, and the Dow Jones Industrials are 384 points higher (+1.12%) at 34,801 points.

On Thursday, private exporters reported to the USDA export sales 261,264 metric tons of soybeans and 314,256 metric tons of corn for delivery to Mexico during the 2021/2022 marketing year. The marketing year for corn began September 1.

Bob Linneman of Kluis Commodity Advisors says, “With improving forecasts for Brazil over the next week, will soybean futures be able to hold the Tuesday lows? If the forecasts continue to improve, but we do not see lower lows, then that would be a great sign for the bull camp.”

Separately, the USDA’s Weekly Export Sales Report Thursday shows corn exports well above trade expectations.

Corn = 1,265,100 metric tons (mt.) vs. the trade’s expectations of 350,000 to 800,000 mt. 

Soybeans = 1,041,900 mt. vs. the trade’s expectations of 600,000 to 1,200,000 mt.

Wheat = 333,200 mt. 

Soybean meal = 369,600 mt.

https://www.agriculture.com/markets/analysis/crops/grain-futures-continue-lower-in-early-trading-thursday-october-7-2021