DES MOINES, Iowa — On Tuesday, the CME Group’s farm futures prices have turned higher. In early trading, the May corn futures are 2¼¢ higher at $3.58, while December futures are 1¾¢ higher at $3.81. May soybean futures are 1¾¢ higher at $9.73. November soybean futures are 1¢ higher at $9.72. May wheat futures are 3½¢ higher at $4.24. May soy meal futures are $1.10 per short ton higher at $316.40. May soy oil futures are 0.04¢ lower at 32.25¢ per pound. In the outside markets, the Brent crude oil market is 39¢ per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 34 points higher.
On Monday, the CME Group’s farm futures prices closd lower, as traders position themselves ahead of Friday’s USDA Propective Planting Report. At the close, the May corn futures settled ½¢ lower at $3.55¾, while December futures finished ½¢ higher at $3.80. May soybean futures closed 4¼¢ lower at $9.71. November soybean futures finished 6¢ lower at $9.71. May wheat futures closed 4¢ lower at $4.20¾.May soy meal futures ended $2.90 per short ton lower at $315.30. May soy oil futures closed 0.06¢ higher at 32.29¢ per pound. In the outside markets, the Brent crude oil market is 27¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says most investors are looking ahead to Friday. “The ideas are that the USDA March Supply/Demand Report and the Prospective Plantings Report will have big ending stocks levels, with some discussion on area. But there will be a lot of soybeans either way,” Scoville says. “Most investors are just watching the market and their positions with little in the way of new interest around. Farmers in the U.S. are selling the board but are less interested in selling cash, due to weak basis levels. Rains are in the forecast for Argentina, delaying the harvest,” he adds.
agriculture.com