Corn, Wheat Markets Finish Higher Monday
DES MOINES, Iowa -- On Monday, the CME Group’s farm futures closed as they traded all session, with corn and wheat higher.
At the close, the Dec. corn futures settled 3 1/2¢ higher at $3.43 1/4 while March futures finished 3 3/4¢ higher at $3.53 1/4 per bushel.
Nov. soybean futures finished 2 1/4¢ lower at $9.54 1/2, while Jan. soybean futures closed 1 1/2¢ lower at $9.61 3/4.
Dec. wheat futures ended 9¢ higher at $4.03 1/4.
Dec. soymeal futures closed $2.10 short ton lower at $298.10. Dec. soyoil futures are $0.51 higher at 33.82¢ per pound.
In the outside markets, the Brent crude oil market is $0.95 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 110 points higher.
On Wednesday, the USDA will update its 2016 U.S. corn and soybean yield estimates, ending stocks, and world crop estimates. The early talk is that the USDA will print bigger yield and crop estimates vs. last month.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the trading session is slow.
“Most of the attention is on the weekly updates that will be out tomorrow and the crop reports on Wednesday. I see very few new positions being taken today; mostly it is liquidation on one side or the other,” Scoville says.
In tomorrow’s USDA Crop Progress Report (delayed due to Columbus Day), soybean harvest is expected to be 50% done, 35% for corn, Scoville says.
He adds, “That seems like a lot, given the rains last week. Most producers very happy with beans, corn being ignored for the bean harvest right now. For the markets, it looks like a choppy affair today and tomorrow.”
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