Another double-digits move up for soybeans Wednesday
On Wednesday, the CME Group’s farm markets continue their uptrends.
At the close, the March corn futures finished 5¼¢ higher at $5.59. May corn futures closed 4½¢ higher at $5.57¾. New-crop December corn futures finished 7¢ higher at $4.76.
March soybean futures closed 15½¢ higher at $14.21¾. May soybean futures ended 14¢ higher at $14.22½. New-crop November soybean futures settled 15¼¢ higher at $12.37.
May wheat futures finished 13¾¢ higher at $6.84¾.
May soymeal futures closed $0.10 short term higher at $426.10.
May soy oil futures ended 1.49 higher at 49.86¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.59 per barrel higher (+2.58%) at $63.26. The U.S. dollar is higher, and the Dow Jones Industrials are 413 points higher (+1.29%) at 31,945 points.
Al Kluis, Kluis Advisors, says that investors are watching to see how the markets will treat acreage decisions.
“On Tuesday, the corn and soybean markets rallied on fund buying and increased weather concerns in South America,” Kluis stated in a daily note to customers. “The rally in new-crop soybeans will take some acres away from corn, and a lot of acres away from spring wheat and all of the small grains.”
Kluis added, “Watch crude oil market today. The Energy Information Agency report is likely to show a huge drop in crude oil production and storage last week as the winter weather ramped up demand while many wells shut down.”