Ag markets enter the weekend mixed | Friday, October 22, 2021
On Friday, the CME Group’s farm markets close mostly higher.
At the close, the Dec. corn futures finished 5 3/4¢ higher at $5.38. March futures ended 5 3/4¢ higher at $5.46. May corn futures closed 5¢ higher at $5.50.
November soybean futures closed 3 1/2¢ lower at $12.20.
Jan. soybean futures finished 2 1/4¢ lower at $12.30 3/4. March soybean futures settled 3 3/4¢ lower at $12.39 3/4.
Dec. wheat futures settled 14 1/2¢ higher at $7.56.
Dec. soymeal futures ended $3.40 per short ton higher at $327.40.
Dec. soy oil futures settled 0.49 of a cent lower at 62.09 per pound.
In the outside markets, the crude oil market is $1.11 higher per barrel higher at $83.61, the U.S. Dollar is lower, and the Dow Jones Industrials are 127 points higher at 35,730.
Bob Linneman, Kluis Advisors, says that the corn and soybean basis markets are holding firm.
“The corn and soybean charts tested some strong resistance targets on Wednesday and Thursday, which could explain why we saw some selling pressure develop. Export sales data was near the top end of expectations for corn and was above the top end for soybeans. However, this news was not enough to keep the rally moving higher. The average national basis level that traders watch is tighter now than it was at the beginning of the month. This is impressive, since we often see basis slip during the first half of harvest,” Linneman stated in a note to customers.
Linneman added, “Can the grain bulls make a run at the prior two-week high next week? We are likely to the point in harvest that harvest selling pressure is letting up, which should translate to a continued run at higher highs being more achievable.”