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Corn, Soybean Markets Finisn Mixed Friday

A falling U.S. dollar is helping the grains.

DES MOINES, Iowa -- On Friday, the CME Group’s soybean complex turned from higher to lower.

At the close, the Dec. corn futures finished 1 1/2¢ higher at $3.56 3/4, while March futures settled 1 1/4¢ higher at $3.69.

Nov. soybean futures settled 6 3/4¢ lower at $9.62, Jan. soybean futures ended 6 1/2¢ lower $9.72.

September wheat futures closed 1/2¢ higher at $4.37 3/4.

Dec. soy meal futures finished $2.00 per short ton lower at $305.20. Dec. soy oil futures closed $0.49 lower at 34.94¢ per pound. 

In the outside markets, the Brent crude oil market is $1.60 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 38 points higher.

Jason Roose, U.S. Commodities grain analyst, says that investors are looking ahead to next week.

"Grains are trading mixed today with positioning ahead of Tuesday's USDA crop report, corn is finding support with solid exports and lack of moisture in the Midwest," Roose says.

On Friday, the USDA released its Weekly Export Sales Report.

  • Wheat=  375,500 metric tons, vs. the trade’s expectations of between 350,000-550,000 mt.
  • Corn= 1.122 million mt. vs. the trade’s expectations of between 650,000-1,250,000 mt.
  • Soybeans= 1.154 million mt.  vs. the trade’s expectations of between 500,000-1,400,000 mt.  
  • Soybean meal=  273,000 mt. vs. the trade’s expectations of between 150,000-450,000 mt.

 

Separately, private exporters reported to the U.S. Department of Agriculture the following activity:

  • --Export sales of 264,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year; and
  •  --Export sales of 179,324 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year.

The marketing year for soybeans and corn began Sept. 1.

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Thursday’s Grain Market Review

It appears the CME Group’s futures markets remain without any stimulus to move higher Thursday.

At the close, the December corn futures finished 5¾¢ lower at $3.55¼, and March futures finished 5¾¢ lower at $3.67¾.

November soybean futures settled 2¼¢ lower at $9.68¾; January soybean futures ended 2¼¢ lower at $9.78½.

September wheat futures closed 8½¢ lower at $4.37.

December soy meal futures ended $1.50 per short ton lower at $307.20. December soy oil futures settled 0.13¢ lower at 35.43¢ per pound. 

In the outside markets, the Brent crude oil market is $0.06 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 44 points lower.

Dustin Johnson, EHedger LLC grain strategist, says support coming in soybeans is from a weaker currency.

“Corn-soybean ratio continues to rise, and a lot of that may be demand-based. Also hearing better-than-expected corn yields on a number of occasions. While this isn’t necessarily indicative of the national average, it may be that producers are selling knowing that the revenue is coming in from the yield side,” Johnson says.

Cory Bratland, Kluis Commodities broker, says the soybean market is trying to stay up with demand and dollar help.

“The U.S. grain markets have had a nice surge due to recent oversold conditions. Soybean futures seem to be paving the way higher as the U.S. dollar is under pressure and global tensions seem to be kept at bay,” Bratland told customers in a daily note Thursday.

 

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Wednesday’s Grain Market Review

The CME Group’s soybean market ended up giving back the gains from yesterday, while corn and wheat prices ended slightly higher, too, on Wednesday.

At the close, the December corn futures finished 2½¢ higher at $3.61, and March futures finished 2½¢ higher at $3.73.

November soybean futures settled 2½¢ higher at $9.71; January soybean futures settled 2½¢ higher at $9.80¾.

September wheat futures ended 2¾¢ higher at $4.45¾.

December soy meal futures finished 70¢ per short ton higher at $308.70. December soy oil futures are 0.12¢ higher at 35.56¢ per pound. 

In the outside markets, the Brent crude oil market is 41¢ per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 82 points higher.

The USDA released fresh exports Wednesday.

Private exporters reported to the USDA export sales of 253,300 metric tons of corn for delivery to Mexico during the 2017-2018 marketing year.

The marketing year for corn began September 1.

 

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s soybean complex finished sharply higher.

At the close, the December corn futures finished 3¼¢ higher at $3.58½, and March futures closed 3¼¢ higher at $3.71.

November soybean futures ended 19¢ higher at $9.68½; January soybean futures settled 19¢ higher at $9.78¼.

September wheat futures closed 4¼¢ higher at $4.43.

December soy meal futures closed $9.20 per short ton higher at $308. December soy oil futures finished 0.23¢ lower at 35.44¢ per pound. 

In the outside markets, the Brent crude oil market is $1.23 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 221 points lower.

Mike North, president of Commodity Risk Management Group, says this is a technical move.

“While weather will be offered as a reason for today’s move, the markets have traded the technical significance of the August 31 harvest lows that have captured the markets for the last couple of years. What began last Thursday is finding continuation in today’s trade, as market participants return from a three-day holiday weekend,” North says.

On Tuesday, the USDA announced fresh export sales.

On Tuesday, private exporters reported to the USDA the following activity:

  • Export sales of 136,000 metric tons of soybeans for delivery to China during the 2017-2018 marketing year.
  • Export sales of 143,650 metric tons of corn for delivery to Mexico during the 2017-2018 marketing year.

The marketing year for soybeans and corn began September 1.

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