DES MOINES, Iowa — On Monday, the CME Group’s futures markets closed mostly lower, with wheat being the only commodity making a move higher. At the close, the May corn futures settled 2¼¢ lower at $3.78½, while December futures finished 1¼¢ lower at $3.98. May soybean futures closed ¼¢ lower at $10.37¼. November soybean futures finished ¼¢ lower at $10.21¾.
May wheat futures finished 5¢ higher at $4.58½.May soy meal futures closed $0.70 per short ton higher at $333.70. May soy oil futures closed 0.11¢ lower at 34.27¢ per pound. In the outside markets, the Brent crude oil market is $0.19 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 58 points lower. Jason Roose, U.S. Commodities grain analyst, says that traders were preparing for this week’s government report.
“A risk off trade today in the corn market with position trading ahead of March 9 USDA crop report. There are still negative supply fundamentals in the soybean complex, with the funds still net long. Any sign of corn losing demand would cause more weakness going into spring,” Roose says.
agriculture.com