On Friday, the agricultural markets of the CME Group are sold at the end of the month.
At the close, May corn futures closed 2 1/2 lower at $ 5.47 1/4. July corn futures closed down 4-3 / 4 to $ 5.35. December new crop corn futures closed 3 1/4 ¢ lower at $ 4.70 3/4.
May soybean futures were down 3 1/4 ¢ to $ 14.04 1/4. Soybean futures in July closed down 5 3/4 ¢ at 13.91 1/2. November new crop soybean futures closed 7-3 / 4 lower at $ 12.23-3 / 4.
May wheat futures closed down 15 1/4 ¢ at $ 6.60 3/4.
The May soybean meal futures contracts ended lower short-term $ 1.60 to $ 421.40.
May soybean oil futures closed 0.27 higher to 49.94 a pound.
In foreign markets, the NYMEX crude oil market is down $ 1.86 per barrel (-2.93%) to $ 61.67. The US dollar is higher and the Dow Jones Industrials is down 475 points (-1.51%) to 30,926 points.
Jason Roose, US Commodities, says Friday’s markets reacted negatively to weak demand.
“Today’s lower market was a hangover trade from yesterday with poor exports and a strong dollar. The cancellation of small corn exports yesterday gave a small sign that demand may be slowing, ”Roose said.
Bob Linneman, Kluis Advisors, says investors are trying to determine if this is a bull market.
“The weekly export sales data has been disappointing, giving the bears enough momentum to take control for the day. At the current export rate, we are still on track to export more than the current USDA target. At some point, we should expect to see higher prices dampen demand. Are we at this point now? Or is it another bull market pullback, ”Linneman said in a daily note to clients.
Linneman added, “The last days of February are important as we will soon know the price of Spring Crop Insurance. Area adjustments are already underway based on these figures. America’s springtime weather will slowly start to grab the headlines. Any sign of a slow planting start will create a buzz. ”