Corn closes 13¢ higher | Wednesday, October 27, 2021
On Wednesday, the CME Group’s farm markets end stronger.
At the close, the Dec. corn futures finished 13¾¢ higher at $5.57. March futures settled 13¾¢ higher at $5.66. May corn futures ended 13¾¢ higher at $5.69.
November soybean futures closed 1½¢ higher at $12.39.
Jan. soybean futures settled 2¼¢ higher at $12.49. March soybean futures ended 2½¢ higher at $12.59.
Dec. wheat futures closed 7¾¢ higher at $7.59.
Dec. soymeal futures settled $4.00 higher at $330.90.
Dec. soy oil futures closed 0.89¢ lower at 61.42¢ per pound.
In the outside markets, the crude oil market is $2.43 per barrel lower at $82.22, the U.S. dollar is lower, and the Dow Jones Industrials are 198 points lower (-0.56%) at 35,558.
Al Kluis, Kluis Advisors, says that farmers should ready the selling button.
“The USDA will likely move both corn and soybean yields higher in the November Crop Production report. Be ready to make more corn, soybean, and wheat sales on this rally,” Kluis stated in a note to customers.
Kluis added, “Crude oil is rallying to new contract highs, and this is pulling ethanol and corn prices higher. I will watch the Energy Information Agency report today to see if ethanol production continues to increase.”