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Corn, Soybeans Close Slightly Higher Friday

Wheat is still weaker, though.

DES MOINES, Iowa -- On Friday, the CME Group’s farm futures remain mostly stronger.

At the close, the September corn futures finished 3¾¢ higher at $3.60. December futures closed 3¾¢ higher at $3.74¾.

September soybean futures finished 4¼¢ higher at $9.38¼, and November soybean futures closed 4¾¢ higher at $9.45.

September wheat futures closed 1¼¢ lower at $4.39¼.

December soy meal futures closed $4.00 per short ton higher at $304.20. December soy oil futures finished $0.17 lower at 33.99¢ per pound. 

In the outside markets, the Brent crude oil market is $0.16 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 19 points higher.

Dustin Johnson, AgYield senior strategist, says the markets keep searching for news to trade.

“The small price rebounds are attributed to a weaker U.S. dollar and bargain hunting after yesterday’s large selloff,” Johnson says.

 

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Thursday’s Grain Market Review

On Thursday, the CME Group’s farm markets rely on the soybean complex for support, ahead of the USDA Supply/Demand Report at 11:00 a.m. CT.

At the open, the September corn futures are ½¢ higher at $3.72, while December futures are ½¢ higher at $3.86.

September soybean futures are 6½¢ higher at $9.72, November soybean futures are 6¢ higher at $9.79.

September wheat futures are 1½¢ lower at $4.58.

December soy meal futures are $1.00 per short ton higher at $313.90. December soy oil futures are 0.37¢ higher at 34.22¢ per pound. 

In the outside markets, the Brent crude oil market is $0.29 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 82 points lower.

On Thursday, the USDA Weekly Export Sales Report showed stronger wheat sales, with corn and soybeans within trade expectations.

Here are the sales:

  • Wheat = 464,300 metric tons vs. the trade’s expectations of between 200,000 and 400,000 mt.
  • Corn= 680,400 mt. vs.  the trade’s expectations of between 400,000 and 800,000 mt.
  • Soybeans = 684,300 mt. the trade’s expectations of between 350,000 and 950,000 mt.
  • Soybean meal =  142,500 mt. vs. the trade’s expectations of between 50,000 and 200,000 mt. 

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Wednesday’s Grain Market Review

Corn and soybeans were higher on Wednesday as weather forecasts remain dry for much of the Midwest. 

Little or no rain is expected today and tomorrow in the region as chances for precipitation are limited. Rainfall odds for today and Thursday have diminished, and storms are expected to be isolated and intermittent at best. 

About half of North Dakota is in either an extreme or exceptional drought, the worst possible ratings from the U.S. Drought Monitor. Only about 3% of the state is not suffering from a lack of precipitation, the monitor said. Some 13% of South Dakota is also suffering from extreme or exceptional drought. 

Weather, however, is only part of the equation as investors and hedgers await tomorrow’s World Agricultural Supply and Demand Estimates report from the Department of Agriculture. The annual tour of corn and beanfields in the Midwest will commence next week, which should have an impact on prices. 

“The trade is marking time waiting to see if the USDA makes any significant changes to their yield estimate in tomorrow’s WASDE report,” Tomm Pfitzenmaier, the president of Summit Commodity Brokerage in Des Moines, said in a note to clients. “Then, the Pro Farmer tour will begin next week, and that will attract a lot of attention all week next week.”

Corn futures for December delivery rose ¾¢ to $3.84½ a bushel on the Chicago Board of Trade.

Soybeans for November delivery added 2¢ to $9.75¼ a bushel. Soy meal futures gained 50¢ to $314.80 a short ton, and soy oil added 0.10¢ to 34.32¢ a pound.

Wheat rose 1½¢ to $4.58¼ a bushel in Chicago, and Kansas City futures gained 1¾¢ to $4.52¼ a bushel. 

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