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Soybeans Trade Higher After USDA Reports

The U.S. dollar is higher.

Des Moines, Iowa -- At mid-session Thursday, the Dec. corn futures are 2 3/4¢ higher at $3.48 3/4, while March futures are also 2 3/4¢ higher at $3.62 1/4.

Nov. soybean futures are 21 1/4¢ higher at $9.86 1/2.  Jan. soybean futures are up by 21 cents at $9.97.

December wheat futures are 3/4¢ lower at $4.32 1/2.

Dec. soy meal futures are $9.50 per short ton higher at $324.40. Dec. soy oil futures are $0.29 higher at 33.44¢ per pound.

In the outside markets, the Brent crude oil market is $0.43lower, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points higher.

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Des Moines, Iowa -- At the open, ahead of today’s USDA Supply and Demand Report, agricultural commodity futures are mixed.

The December corn futures are unchanged at $3.46, as are March futures at $3.59½.

November soybean futures are 2¢ higher at $9.67¼; January soybean futures are 1¾¢ higher at $9.77¾.

December wheat futures are 1¼¢ lower at $4.32.

December soy meal futures are 20¢ per short ton higher at $315.10. December soy oil futures are 0.06¢ higher at 33.21¢ per pound.

In the outside markets, the Brent crude oil market is 99¢ lower, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower.

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Wednesday’s Grain Market Review

On Wednesday, the December corn futures finished 3¼¢ lower at $3.46, and March futures finished 3¼¢ lower at $3.59½.

November soybean futures finished ¾¢ lower at $9.65¼; January soybean futures were ¼¢ lower at $9.76¼.

December wheat futures closed ¼¢ lower at $4.33¼.

December soy meal futures finished $1.30 per short ton lower at $314.90. December soy oil futures closed 0.04¢ higher at 33.15¢ per pound. 

In the outside markets, the Brent crude oil market is 31¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 14 points higher.

In spite of lackluster trading, Wednesday was an eventful day, according to Mike North, president of Commodity Risk Management Group.

“Significant technical damage occurred with the 3¼¢ drop in corn,” he says. “Prices breached the trend line that has been in place since late August and settled below it for the first time. While the market did not make new contract lows, the volatility that is normal to the October report may cause issues for chart traders following the 11 a.m. release. Soybeans continue to respect $9.80 resistance. There too, volatility may be the only saving grace for any potential upside.”

Marketing Grain Efficiently Is Key

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s farm markets have found buyers.

At the close, the December corn futures finished ¼¢ lower at $3.49, and March futures finished unchanged at $3.62.

November soybean futures finished ¾¢ lower at $9.66. January soybean futures are 1¢ lower at $9.76¼.

December wheat futures closed ¾¢ higher at $4.35¼.

December soy meal futures finished $3.30 per short ton higher at $318.80; December soy oil futures closed 0.11¢ lower at 33.15¢ per pound. 

In the outside markets, the Brent crude oil market is $1.25 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 49 points higher.

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 131,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.

The marketing year for soybeans began September 1.

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Monday’s Grain Market Review

On Monday, the CME Group’s farm futures close lower, faced with pressure from harvest activity.

At the close, the December corn futures finished ½¢ lower at $3.49½; March futures finished ¼¢ lower at $3.62.

November soybean futures settled 5½¢ lower at $9.66¾, and January soybean futures ended 5¾¢ lower at $9.77¼.

September wheat futures finished 7½¢ lower at $4.36.

December soy meal futures closed $3.70 per short ton lower at $315.50. December soy oil futures closed 0.31¢ higher at 33.26¢ per pound. 

In the outside markets, the Brent crude oil market is 33¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 14 points lower.

Mike North, president of Commodity Risk Management Group, says the simple truth is that investors know there is USDA a report coming out on Thursday. 

“There will likely not be much of a directional trade ahead of the October numbers, as there will be updates on both acreage and yield in this report. This report gives us the clearest path forward to the final numbers in January. Expect status quo in the next few days,” North says.

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