March 27, 2020

 

US corn closes slightly higher

 

 

On Thursday, the CME Group's farm markets trade weaker with May corn futures settling slightly ¼ cent higher at US$3.48¾ while July corn futures finished ¾ cent higher at US$3.54¼ at closing.

 

May soybean futures closed 1¼ cent lower at US$8.80¼. July soybean futures closed unchanged at US$8.84¾.

 

May wheat futures closed 11½ cent lower at US$5.69.

 

May soymeal futures closed US$1.20 per short tonne higher at US$322.90. May soy oil futures settled 0.14 cent lower at 26.50 cent per pound.

 

Separately, the USDA's Weekly Export Sales Report Thursday shows strong corn demand figures with 1.89 million tonnes versus the trade's expectations of between 650,000 and 2.1 million tonnes.

 

Al Kluis, Kluis Advisors, says that corn futures got a little support from an export sale announcement.   

 

"Soybeans were under a little pressure, but soybean meal futures pulled back and wheat continues to find strength as wheat demand in the US has picked up. All eyes will be on the Senate and the stimulus package. Grain prices will still be limited to the upside. The effects of COVID-19 will hang over the US for a few more weeks, if not months," Kluis told customers in a daily note.

 

Kluis added, "Russia suspended cereal exports for 10 days, and more ports in South America shut down due to COVID-19. The US has a great opportunity to pick up some export demand."