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Ag Markets Have Found Buyers Early on Tuesday

By Mike McGinnis
 
On Tuesday, the CME Group’s farm markets settled higher, led by soybean and wheat pits.
 
At the close, the March corn futures finished 2¾¢ higher at $3.61½. May futures finished 2¾¢ higher at $3.69¾.
 
March soybean futures finished 8¾¢ higher at $10.00¼. May soybean futures closed 8½¢ higher at $10.11¼.
 
March wheat futures finished 8¢ higher at $4.57¼.
 
March soy meal futures settled $3.10 per short ton higher at $340.50. January soy oil futures ended 0.21¢ higher at 33.08¢ per pound. 
 
In the outside markets, the NYMEX crude oil market is $1.21 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 349 points lower.
 
Jason Roose, U.S. Commodities analyst, says fundamental factors drive the ags higher.
 
“Grains continue to trade higher on short-covering due to slow producer-selling, a dry forecast in Argentina that could lower yield during pod filling, and optimism for stronger exports with continued weakness in the U.S. dollar,” Roose says.
 
On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of corn for delivery to Spain during the 2017/2018 marketing year.
 
The marketing year for corn began September 1.
 
MONDAY’S GRAIN MARKET REVIEW
 
When weather problems hit South America, the soybean market listens.
 
As a result, today’s CME Group’s soybean futures ended up on a dry weather outlook in Argentina.
 
At the close, the March corn futures finished 2¼¢ higher at $3.58¾; May futures closed 2¢ higher at $3.67.
 
March soybean futures ended 6¢ higher at $9.91½; May soybean futures settled 5¾¢ higher at $10.02¾.
 
March wheat futures closed 8¼¢ higher at $4.49¼.
 
March soy meal futures finished $1.70 per short ton higher at $337.40. January soy oil futures finished 0.08¢ higher at 32.87¢ per pound. 
 
In the outside markets, the NYMEX crude oil market is 61¢ lower, the U.S. dollar is higher, and the Dow Jones Industrials are 117 points lower.
 
On Monday, private exporters reported to the USDA export sales of 115,000 metric tons of corn for delivery to Egypt during the 2017/2018 marketing year.
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