Soybeans Close 13¢ Lower
DES MOINES, Iowa -- On Friday, the CME Group’s corn, soybean, and wheat futures gave up all gains, despite having a stronger week.
At the close, the December corn futures finished 2 1/2¢ lower at $3.55, while March futures closed 3¢ lower at $3.63 1/4 per bushel.
November soybean futures closed 13¢ lower at $10.01 1/4, while January soybean futures ended 13¢ lower at $10.12.
December wheat futures closed 5 1/2¢ lower at $4.09.
December soy meal futures finished $10.10 short ton lower at $317.50. December soy oil futures finished $0.30 higher at 35.41¢ per pound.
In the outside markets, the Brent crude oil market is $0.96 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 1 point lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the word of the day is boring.
“Hard to get farmers on the phone and hard to get users on the phone. Looks like we will have a choppy and mixed session all the way to the close. The basic fundamentals of big production and big demand have not changed for beans or really for corn. It kind of feels like people are waiting for a shoe to drop. That shoe probably will not drop until next week. So, not a lot to talk about,” Scoville says.
DeAnne Hawthorne-Lahre, StatFutures co-founder and trader, says the U.S. election news has thrown the markets for a loop.
“The markets completely came unglued, following the news of the FBI re-opening an investigation into Hillary Clinton’s email scandal. This caused the peso to blowout. Also, huge premium sales indicate everyone is scrambling for cover 10 days ahead of election,” she says.
Hawthorne-Lahre adds, “Wheat has looked and felt toppy for a few sessions. But, the beans were still there with the Chinese tenders on a regular basis. Traders believe corn has flatlined with little to get us excited about. The soybean daily chart doesn't look too hot.”