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Corn, Wheat Close Higher Friday

Soybeans end lower.

DES MOINES, Iowa -- On Friday, the CME Group’s corn, wheat markets finished the last trading day of the year on a high note.

At the close, the March corn futures settled 2 1/4¢ higher at $3.52, and new crop December 2017 finished 3/4¢ higher at $3.80 per bushel.

March soybean futures ended 8 3/4¢ lower at $10.04, while November 2017 soybean futures finished 4 1/4¢ lower at $9.89 1/4.

March wheat futures closed 3 1/4¢ higher at $4.08.

March soy meal futures closed $2.40 short ton lower at $316.60. March soy oil futures closed $0.13 lower at 34.66¢ per pound. 

In the outside markets, the Brent crude oil market is $0.15 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 62 points lower at 19,765 points.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the bearish USDA Weekly Export Sales report pressured the market early, but a falling dollar is helping.

“I think beans moved a bit lower on the export sales, which were not that bad, but corn and wheat liked the sales and the weaker U.S. dollar.”

Scoville adds, “The soybean prices are coming back now on the weaker dollar. In the back of everyone’s mind is Brazil’s weather. So, people are mostly quiet or evening up for the end of the year.”

On Friday, the USDA released its Weekly Export Sales Report a day late. Here are the numbers:

  • Wheat =  582,500 metric tons vs. the trade’s expectations of 250,000 to 500,000 metric tons.
  • Corn = 1.004 million mt vs. the trade’s expectations of 800,000 to 1,200,000 metric tons.
  • Soybeans = 979,200 vs. the trade’s expectations of between 800,000 and 1,500,000 mt.
  • Soybean meal = 296,400 mt vs. the trade’s expectations of 100,000 to 250,000 metric tons.  

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Thursday’s Grain Market Review

At the close, the March corn futures settled 1½¢ higher at $3.49¾, and new-crop December 2017 futures finished 1¢ higher at $3.79¼ per bushel.

March soybean futures closed 3¾¢ lower at $10.12¾, while November 2017 soybean futures finished 2½¢ lower at $9.93½.

March wheat futures finished 3¼¢ higher at $4.04¾.

March soy meal futures closed $1.30 short ton lower at $319.00. March soy oil futures serttled 0.33¢ lower at 34.79¢ per pound. 

In the outside markets, the Brent crude oil market is 43¢ per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 27 points lower at 19,806 points.

Cory Bratland, Kluis Commodities broker, says the U.S. grain prices are giving back some of their gains from Tuesday.

“Weather markets are famous for this action, and that is what the market is doing – keeping a close eye on the weather in South America. Year-end positioning is taking place, too,” Bratland stated in a daily note to customers. “Extended weather maps are suggesting that we could see a dry January and February for Brazil. By mid-January and into February, we are entering a very critical growing period for their soybeans.”

 

 

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Wedesday’s Grain Market Review

On Wednesday, the CME Group’s farm futures prices closed lower, with the traders unsure of what crop-weather forecast to believe for Brazil.

At the close, the March corn futures settled 6¾¢ lower at $3.48¼; May closed 6½¢ lower at $3.54¾ and new-crop December 2017 corn closed 6¢ lower at $3.78¼.

January soybean futures finished 8¢ lower at $10.06¾, March soybean futures finished 7¾¢ lower at $10.16½, and new-crop November 2017 futures closed 6½¢ lower at $9.96.

March wheat futures closed 8¢ lower at $4.01½.

March soy meal futures ended $1.30 per short ton lower at $320.30. March soy oil futures finished 0.28¢ lower at 35.12¢ per pound. 

In the outside markets, the Brent crude oil market is 34¢ per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 93 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says there are a couple of disagreeing forecasts out there for northern Brazil that the trade is eyeing. “One says hot and dusty, the other is less threatening. Very thin market conditions again today; a lot of guys who bought the break were trying to use the rally to sell out and take some profits,” Scoville says. “Some got there and some didn’t. Not hearing much else this morning except a lot of political talk around the office. Farmers are pretty much quiet for me these days, and so are the users I work with.”

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