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Wheat Prices Close Up 11¢ Friday

Corn, soybeans closed higher too.

DES MOINES, Iowa -- On Friday, the CME Group’s wheat market attracted buyers, as crop quality concerns continue.

At the close, the July corn futures ended 4 1/2¢ higher at $3.84, while December futures closed 4 1/4¢ higher at $4.02.

July soybean futures ended 4 1/4¢ higher at $9.39, November soybean futures closed 6¢ higher at $9.50.

July wheat futures closed 11 1/2¢ higher at $4.65 1/4.

July soy meal futures finished $0.30 per short ton higher at $300.90. July soy oil futures closed $0.37 higher at 33.11¢ per pound. 

In the outside markets, the Brent crude oil market is $0.26 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 91 points lower.

Deanna Hawthorne-Lahre, StatFutures co-founder and trader, says that wheat remains the story.

“That market has been the story for the past 10 sessions, as the protein picture is unclear due to dry weather in ND and SD,” Hawthorne-Lahre says.

“For the wheat market, the moment of truth is coming, as harvest heads into Kansas. If we can avg 11.5 protein levels out of Kansas, we can take some pressure off the Minneapolis wheat market.’

Soybeans have a bit of export business helping prices. The July/November soybean futures spread is breaking and indicating that no one is reaching for soybeans, even with the odd cargo sold to China,” Hawthorne-Lahre says.

Not very many investors care about corn at the moment, except the fact that the wheat/corn spread price has moved 20 cents the past few sessions.

On Friday, private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of corn for delivery to Mexico during the 2017/2018 marketing year.

The marketing year for corn began Sept. 1.

 

 

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Thursday’s Grain Market Review

On Thursday, the CME Group’s farm markets closed higher, as weather forecasts fluctuate.

At the close, the July corn futures settled 2½¢ higher at $3.79½, and December futures finished 2¼¢ higher at $3.97¾.

July soybean futures closed 3¢ higher at $9.34¾; November soybean futures finished 5¢ higher at $9.44.

July wheat futures closed 10¾¢ higher at $4.53¾.

July soy meal futures finished $1.20 per short ton lower at $300.60. July soy oil futures ended 0.65¢ higher at 32.74¢ per pound. 

In the outside markets, the Brent crude oil market is 34¢ per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 23 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says it is still a weather market, with fund selling noted in corn. 

“The funds are buying in the other markets, but not in big amounts,” Scoville says. “The big action is in corn. We are slated to get a little more rain through the weekend, then it will be dry and cooler.”

Longer-term models call for hot and dusty after next week, Scoville says.

“So, I don’t think there is much downside left. The NOPA soybean crush data was price positive today, and the export sales report was strong for the soy complex,” Scoville says.

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Wednesday’s Grain Market Review

On Wednesday, the CME Group’s farm markets drifted for most of the session, only to end mostly weaker.

At the close, the July corn futures settled 4¼¢ lower at $3.76¾, while December futures finished 3½¢ at $3.95.

July soybean futures closed ¾¢ lower at $9.31; November soybean futures ended ½¢ higher at $9.39.

July wheat futures closed 3¼¢ lower at $4.41¾.

July soy meal futures finished 60¢ per short ton higher at $302.10. July soy oil futures finished unchanged at 32.09¢ per pound. 

In the outside markets, the Brent crude oil market is $1.77 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 16 points higher.

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s farm markets are rallying.

At midsession, the July corn futures are 5¾¢ higher at $3.83, and December futures are 5¼¢ higher at $4.

July soybean futures are 7½¢ higher at $9.38; November soybean futures are 7¼¢ higher at $9.45.

July wheat futures are 11¼¢ higher at $4.45.

July soy meal futures are $2.20 per short ton higher at $304.00. July soy oil futures are 0.23¢ lower at 32.17¢ per pound. 

In the outside markets, the Brent crude oil market is 8¢ per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 82 points higher.

 

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Monday’s Grain Market Review

On Monday, the CME Group’s farm futures closed double digits lower, with heavy pressure from improved outlooks for rain.

At the close, the July corn futures are 10¢ lower at $3.77¼, and December futures closed 10¼¢ lower at $3.95.

July soybean futures finished 10¼¢ lower at $9.31¼; November soybean futures ended 10¢ lower at $9.38¼.

July wheat futures finished 11¾¢ lower at $4.34.

July soy meal futures closed $4.10 per short ton lower at $301.80. July soy oil futures closed 0.35¢ lower at 31.94¢ per pound. 

In the outside markets, the Brent crude oil market is 42¢ per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 72 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says increased rain chances are weighing on the markets.

“It rained a little in the Dakotas and more is expected in the Midwest later this week, along with more moderate temps. That seems to be the only reason for the selling today,” Scoville says. 

“Some long liquidation, overnight, is building today. I think we dropped down to support in the corn and beans, and what the reports say tonight will determine if we hold or not,” he adds.

On Monday, private exporters reported to the U.S. Department of Agriculture export sales of 130,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for soybeans began September 1.

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