Content ID

169031

Wheat Helps Corn, Soybeans to Close Up Double-Digits

Global strife pushes up ag markets.

DES MOINES, Iowa -- On Thursday, the CME Group’s farm markets use global political unrest to surge higher.

At the close, the December corn futures finished 12½¢ higher at $3.49½ while March futures finished 12½¢ higher at $3.59½ per bushel.

November soybean futures ended 10¾¢ higher at $9.56¼, while January soybean futures settled 11¼¢ higher at $9.64¾.

December wheat futures closed 19¼¢ higher at $4.16.

December soy meal futures finished $5.80 a short ton higher at $302.30. December soy oil futures closed 0.04¢ higher at 33.38¢ per pound. 

In the outside markets, the Brent crude oil market is $0.20 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 39 points lower.

Deanna Hawthorne-Lahre, StatFutures cofounder, says that factors impacting wheat have helped push up corn and soybeans.

“Political upset with Russia and Iran got the markets on edge today. We blew through some stops and had a solid close – everything else was in lockstep. Saudis looking for 500,000 mt of hard wheat got the ball rolling this morning. Trade volatility is going up a bit in wheat, so keeping my eye on that, as well as the big open interest in Chicago wheat,” Hawthorne-Lahre says.

She adds, “When politics are involved, you better be right about your wheat position.”

On Thursday, private exporters reported to the U.S. Department of Agriculture the following activity:
 

  • Export sales of 126,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year.
  • Export sales of 115,000 metric tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.
  • Export sales of 126,000 metric tons of soybean cake and meal for delivery to unknown destinations during the 2016/2017 marketing year.

 
The marketing year for soybeans began September 1 and soybean cake and meal began October 1.

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