March wheat futures finished 30½¢ higher at $6.65¾. March soymeal futures closed $18.60 short term higher at $465.40. March soy oil futures ended unchanged at 42.63¢ per pound. In the outside markets, the NYMEX crude oil market is $0.84 per barrel higher (+1.61%) at $53.09. The U.S. dollar is lower, and the Dow Jones Industrials are 68 points higher (+0.22%) at 31,077 points. On Tuesday, private exporters reported to the USDA export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2020/2021 marketing year.
The marketing year for soybeans began Sept. 1. In today’s USDA Reports, investors are expecting to see the government drop corn and soybean carryouts to multiyear lows.