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Cubs Celebration Keeps Farm Markets Quiet Friday

Soybean complex prices remain mixed.

DES MOINES, Iowa -- On Friday, the CME Group’s farm markets ended little changed.

Believe it or not, 6.0 million people lined the streets of Chicago on Friday to celebrate the Chicago Cubs’ first World Series Championship in 108 years. Some analysts believe this kept the farm market trading quieter.

At the close, the December corn futures finished ¾¢ higher at $3.48¾, while March futures finished ½¢ higher at $3.57½ per bushel.

November soybean futures finished 1¾¢ higher at $9.81½, while January soybean futures closed 1¼¢ higher at $9.90¾.

December wheat futures ended 2¼¢ higher at $4.14¼.

December soy meal futures ended $2.60 a short ton higher at $309.00. December soy oil futures settled 0.39¢ lower at 34.71¢ per pound. 

In the outside markets, the Brent crude oil market is $0.56 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points higher.

Pete Meyer, PIRA Energy senior grain analyst, says that the markets are finding it tough to grab ahold of anything to trade.

“With all of the celebrations in Chicago, the trade seems slow. Throw in the nervousness about next week’s presidential election and the USDA’s WASDE report . . . the markets are having trouble gaining any momentum,” Meyer says.

Mike North, president of Commodity Risk Management Group, says that the markets have been quiet.

“Harvest continues to press onward without much issue or delay. Trade has been centered around moving averages that have anchored daily ranges with little interest to move the market in one direction or the other. Perhaps Chicago has set aside market activity to celebrate the Cubs’ World Series win,” North says.

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