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Corn, wheat prices close double-digits higher | Monday, November 1, 2021

Producers should be prepared to price corn, analyst says.

On Monday, the CME Group’s wheat and corn markets close strong.

At midsession, the Dec. corn futures closed 10¾¢ higher at $5.79. March futures ended 10¾¢ higher at $5.87. May corn futures settled 10½¢ higher at $5.90. 
November soybean futures ended 1¢ higher at $12.36. 

Jan. soybean futures closed 1¢ lower at $12.48. March soybean futures closed ¾¢ lower at $12.58.

Dec. wheat futures ended 22¢ higher at $7.94.
Dec. soymeal futures closed $3.50 per short ton lower at $329.10.

Dec. soy oil futures settled 0.70¢ higher at 61.97¢ per pound.

In the outside markets, the crude oil market is $0.25 per barrel higher at $83.82, the U.S. dollar is lower, and the Dow Jones Industrials are 35 points higher (+0.10%) at 35,855.

Jason Roose, U.S. Commodities, says that today’s farm markets have plenty of bullish factors to support them. 

“Grains continue to surge higher, with corn, wheat, and oats leading the rally. It’s all about a combination of slow producer-selling, harvest delays from wet weather, and the record ethanol demand that has supported this oversold market,” Roose says.

On Monday, private exporters reported sales of 132,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.

Al Kluis, Kluis Advisors, says that farmers should be prepared to price grain.

“We are approaching a short-term high in the grain markets. Next week’s USDA crop reports are likely to be bearish. Plan to use this rally to get more sold,” Kluis stated in a note to customers.

Kluis added, “Will wet weather continue to delay winter wheat planting in the eastern Corn Belt, while dry conditions continue in the Southwest Plains? Both the planting progress and the hard red winter wheat crop conditions report will be released this afternoon.”

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