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Corn Futures Market As Close To Death As 1985, Analyst Says

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November 22nd, 2017

On Wednesday, the CME Group’s ag markets have attracted the buyers, with soybeans leading the way.

Investors are positioning themselves ahead of the holiday-shortened trading week. But, the trading range in the corn market is drastically narrow, moving less than a penny in the last two sessions.

At the close, the December corn futures finished 1/4¢ higher at $3.45. March futures ended 3/4¢ higher at $3.57.

January soybean futures closed 8 1/4¢ higher at $9.97. March soybean futures settled 8 1/4¢ higher at $10.08.

March wheat futures closed 1/2¢ lower at $4.40 3/4.

January soy meal futures finished $6.30 per short ton higher at $326.70. January soy oil futures closed 0.12¢ lower at 34.20¢ per pound.

In the outside markets, the Brent crude oil market is $0.15 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 64 points lower.

Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that the markets have ramped way down.

“But soybeans remain stiff after what I consider friendly comments about imports by the Chinese during President Trump's trip. The markets remain in the trading ranges, as they have for months, with bean fundamentals being the most constructive,” she says.

Hawthorne-Lahre adds, “Statistically, the corn market is as close to death as I've seen a market since 1985. Wheat is on life support, and we wait to see the numbers from the seedings report in January.”

Bob Linneman, Kluis Commodities grain broker, says investors are watching the performances of different commodities for price trends.

"Corn bears have a close eye on soybean prices. If soybean futures break out to new highs, then it would make sense to see momentum buyers jump in on the long side of corn. The bears need to keep prices under $3.52," Linneman stated in a daily letter to customers.

The CME Group’s holiday trading schedule has been released. Today, the markets close at the regular time of 1:20 p.m.

On Thursday, the farm markets will close for Thanksgiving.

On Friday, the CME Group’s ag markets open at 8:30 a.m., and close at 12:05 p.m.

Sunday’s overnight markets will open at 7:00 p.m., and regular schedules resume.

 - Mike McGinnis Successful Farming.

 

See Also: Corn Futures, Soybean Futures, Wheat Futures

 

Corn Futures Decline on Concern Japan Disaster to Slash Commodity Demand

March 16th, 2011

Corn futures fell to a two-month low on concern that commodity demand will decline as Japan’s nuclear crisis escalates.

The Asian nation is struggling to control radiation leaking from a power plant damaged by the magnitude-9 earthquake and tsunami that struck on March 11, killing thousands. Japan is the world’s biggest corn buyer. On Feb. 22, the price in Chicago reached a 31-month high.

“People fear the worst possible outcome in Japan and are liquidating long positions,” said Gregg Hunt, a market analyst at Archer Financial Services Inc. in Chicago. “The situation has the potential to reduce demand” for supplies from the U.S., he said.

Corn futures for May delivery fell 19.5 cents, or 3.1 percent, to close at $6.165 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the price touched $6.08, the lowest for a most-active contract since Jan. 12. Yesterday, the grain tumbled 4.5 percent, the most in four months.

Before today, the price jumped 75 percent in the past 12 months. The U.S. is the world’s leading corn exporter.

Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, government figures show.

 - Jeff Wilson in Chicago at Bloomberg.