Soybean, Corn Try to Rebound from Monday’s Pointy Plunge

On Tuesday, the CME Group’s farm sectors settled, following Monday’s pointy fall.

At midsession, the March corn futures are fixed at $3.72. May corn futures are ¼¢ lower at $3.76.
May soy meal futures are $0.50 per short ton higher at $292.40. May soy oil futures are 0.26¢ decrease at 29.61¢ per pound.

In the outside markets, the NYMEX crude oil sector is $0.81 a barrel lower, the U.S. greenback is lower, and the Dow Jones Industrials are 311 points weaker.

Al Kluis, Kluis Advisors, says traders will be keeping track of the growth of the soybean market.

At the shut, March corn futures settled 4¾¢ lower at $3.72½; May corn futures ended 4½¢ lower at $3.76½.

March soybean futures closed 16¼¢ lower at $8.74¼; May soybean futures settled 16½¢ lower at $8.82¼.

May soy meal futures finished $2.80 per short ton lower at $292.00. May soy oil futures ended 1.14¢ lower at 29.87¢ a pound.

On Monday, private exporters revealed to the USDA export sales of 163,290 metric tons of soybeans for delivery to Mexico during the 2019-2020 marketing year.

Britt O’Connell, a cash adviser for Commodity Risk Management Group, says the markets are reacting to the news relating to the spread of coronavirus. The report has vacillated tremendously from almost contained to the story over the weekend that remoted outbreaks have now been recorded in Italy, Iran and South KOREA.