MARKET DEVELOPMENT
GRAINS FINISHED MIXED | MONDAY, NOVEMBER 15, 2021
GRAINS FINISHED MIXED | MONDAY, NOVEMBER 15, 2021
15.11.2021 (www.agriculture.com) - Grains finished mixed to end the trading session on Monday.
Corn futures closed lower on the day as Dec. Corn futures ended 3/4¢ lower at $5.76 1/2. March futures pushed 1¢ lower finishing at $5.84. May corn futures ended the day 1/4¢ lower at $5.88 1/2.
Soybean futures finished the day higher as January Soybean futures closed 13¢ higher at $12.57 1/4. March soybean futures closed 12 1/2¢ higher at $12.68 3/4, and May soybean futures are up 12¢ at $12.77 1/2.
Dec. wheat futures finished 9 1/4¢ higher at $8.26 1/4.
Dec. soymeal futures are currently 9.60 per ton higher at $371.70.
Dec. soy oil futures are down 0.77 at 58.20¢ per pound.
Trading in the outside markets, crude oil finished $0.95 per barrel lower at $79.84, the U.S. dollar closed higher, and the Dow Jones Industrial Average finished lower on the day, after trading in positive territory for much of the day, down 18.74 points (-0.05%) at 36,081.17.
Jack Scoville at Price Futures Group says soybeans appear to be supported by the earlier announcement of exports sales.
"Soybeans seem to be supported in part by the good export inspections and the sales of soybeans to unknown today. Corn and wheat are not seeing the demand love, although corn did get a sale of 198,200 tons to Mexico. It was not what the market wanted especially as there are wire reports today that China bought a lot of Corn in Ukraine last week. It’s a demand day for CBOT it looks like," Scoville says.
"Grains are cautiously mixed today with soymeal blazing to the upside with a $26/ton rally last week alone, and giving soybeans underlying strength, with crush margins at historically high levels, holiday markets will continue to give choppy trade activity as harvest in the Midwest comes to a close, stronger than normal basis levels on corn for this time of year could increase producer selling and give limited upside on rallies. Energy prices and South American weather will be closely watched the next few days," says Jason Roose with US Commodities.
On Monday, private exporters reported sales of 264,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year. An additional 198,200 metric tons of corn were reported for delivery to Mexico; split between the 2020/2021 marketing year and approximately 50,000 metric tons intended for delivery during the 2022/2023 marketing year. https://www.agriculture.com/markets/analysis/grains-trading-close-to-neutral-at-the-open-monday-november-15-2021