Ag markets trade mixed ahead of USDA data dump - Successful Farming

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On Monday, the CME Group’s farm markets lean mostly higher.

In early trading, the March corn futures are 2¾¢ lower at $4.93¼. May corn futures are 2¾¢ lower at $4.94½. 
 
March soybean futures are 3¾¢ higher at $13.78¾. May soybean futures are 4¢ higher at $13.75½.

March wheat futures are 2½¢ higher at $6.41¾. 

March soymeal futures are $2.40 short term higher at $442.00.

March soy oil futures are 0.55¢ lower at 43.04¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.60 per barrel lower (-1.15%) at $51.64. The U.S. dollar is higher, and the Dow Jones Industrials are 156 points lower (-0.50%) at 30,941 points.

On Monday, private exporters reported to the USDA the following activity:

• Export sales of 132,000 metric tons of soybeans for delivery to China during the 2020/2021 marketing year.
• Export sales of 108,500 metric tons of corn for delivery to Colombia during the 2020/2021 marketing year.  
• The marketing year for corn and soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that the third week of a month’s trading can be telling. 

“I am watching the January Soybean contract as we approach contract expiration on Thursday, January 14. In the last few months, prices have rallied into the third week of the month and then pulled back to a low the first week of the month. I am watching to see if that pattern develops again in January and then into early February,” Linneman stated in a daily note to customers.

Kluis added, “On Tuesday, the USDA’s final Annual Crop Production and supply/demand reports will be released at 11:00 a.m. CT. This is one of the most important reports (and days) of the year.”

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Ag markets trade mixed ahead of USDA data dump - Successful Farming
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