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Soybeans close lower, corn and wheat higher | Friday, October 1, 2021

Strong wheat prices help bolster corn futures.

Friday, soybean futures closed lower, wheat contracts made dramatic gains and corn ended higher.  

The Dec. corn futures settled 4¾¢ higher at $5.41¼¢. March futures closed 5¼¢ higher at $5.49¾. May corn futures ended 5½¢ higher at $5.54½. 
 
November soybean futures finished 9½¢ lower at $12.46½.

Jan. soybean futures closed 9¢ lower at $12.56½. March soybean futures settled 7½¢ lower at $12.64½.

Dec. wheat futures finished 29¾¢ higher at $7.55¼.
 
Dec. soymeal futures closed $1.80 per short ton lower at $326.90

Dec. soy oil futures settled 0.13¢ higher at 58.82¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.64 higher (+0.85%) at $75.67. The U.S. dollar is lower, and the Dow Jones Industrials are 508 points higher (+1.50%) at 34,351 points.

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At midsession Friday, CME Group soybeans futures have slipped into the red, wheat contracts show dramatic gains, and early corn gains have shrunk.  

Much of this is still driven by Thursday’s USDA Quarterly Grain Stocks report, says Jack Scoville of The Price Futures Group in Chicago.

“This is still reaction to reports yesterday,” Scoville said earlier in the session. “The data was very bearish beans and a little bearish for corn. For wheat, on the other hand, it’s very bullish.”

The Dec. corn futures are 2¼¢ higher at $5.39¢. March futures are 2½¢ higher at $5.47. May corn futures are 3¼¢ higher at $5.52¼. 
November soybean futures are 7¾¢ lower at $12.48¼. 

Jan. soybean futures are 6¾¢ lower at $12.58¾. March soybean futures are 6¢ lower at $12.66.

Dec. wheat futures are 25¼¢ higher at $7.50¾.
 
Dec. soymeal futures are $0.80 per short ton lower at $327.90

Dec. soy oil futures are 0.04¢ lower at 58.65¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.16 higher (+0.21%) at $75.19. The U.S. dollar is lower, and the Dow Jones Industrials are 254 points higher (+0.75%) at 34,098 points.

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In early trading Friday, CME Group corn, wheat and soybean contracts are all higher, with beans only partly recovering from Thursday’s losses. 

The Dec. corn futures are 5½¢ higher at $5.42¼¢. March futures are 5½¢ higher at $5.50. May corn futures are 5½¢ higher at $5.54½. 
 
November soybean futures are 6¢ higher at $12.62. 

Jan. soybean futures are 6½¢ higher at $12.72. March soybean futures are 6½¢ higher at $12.78½.

Dec. wheat futures are 16¼¢ higher at $7.41¾.
 
Dec. soymeal futures are $0.40 per short ton higher at $329.10

Dec. soy oil futures are 0.39¢ higher at 59.08¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.02 higher (+0.03%) at $75.05. The U.S. dollar is lower, and the Dow Jones Industrials are 205 points higher (+0.74%) at 34,094 points.

Bob Linneman of Kluis Commodity Advisors will be watching soybean futures closely after Thursday’s USDA Quarterly Grain Stocks report helped push beans about 30¢ lower.

“November soybean futures fell to the lowest level since the June 17 low,” he says. “Although that low has not been broken, it appears that is our next target. Will buyers step in at that point? Or will the bears push prices deeper?”

Linneman adds that “the strong basis levels across the Midwest this fall have a few traders wondering if stocks really increased as the recent report suggested. If basis continues to tighten in coming weeks, then the bulls should be able to regain control.”

Yesterday, the strength of wheat futures “surely helped the corn bulls,” he says. 

In overnight trading, wheat futures in Chicago, Minneapolis, and Kansas City were all up by about a dime. 

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