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254349

Corn, Wheat Prices Close Higher Friday

Soybeans lacked buyers

DES MOINES, Iowa -- On Friday, the CME Group’s corn and wheat markets found support, and soybeans finished lower.

At the close, the March corn futures settled 3½¢ higher at $3.69¾; new-crop December 2017 futures finished 2¼¢ higher at $3.95¾ per bushel.

March soybean futures closed 2¾¢ lower at $10.67½, and November 2017 soybean futures settled 1¢ lower at $10.28¾.

March wheat futures ended 4¾¢ higher at $4.28¼.

March soy meal futures finished $0.50 per short ton higher at $348.70. March soy oil futures closed 0.29¢ lower at 35.15¢ per pound. 

In the outside markets, the Brent crude oil market is $1.02 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 48 points higher.

Also Friday, private exporters reported to the U.S. Department of Agriculture export sales of 126,312 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.

The marketing year for corn began September 1.

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Wednesday’s Grain Market Review

On Wednesday, the CME Group’s farm markets closed mixed, as soybean prices failed to pull up the grains.

At the close, the March corn futures settled ½¢ lower at $3.65, and new-crop December 2017 futures settled ¾¢ lower at $3.91¾ per bushel.

March soybean futures finished 5¾¢ higher at $10.75, while November 2017 soybean futures finished 8¼¢ higher at $10.28.

March wheat futures closed 2½¢ lower at $4.31.

March soy meal futures closed $2.30 per short ton higher at $351.10. March soy oil futures ended 0.02¢ higher at 35.58¢ per pound. 

In the outside markets, the Brent crude oil market is $1.33 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points lower.

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s farm markets remain stronger, with the soybean complex leading the way.

At the close, the March corn futures finished 7¢ higher at $3.65½, and new-crop December 2017 futures finished 6¼¢ higher at $3.92½ per bushel.

March soybean futures closed 23¢ higher at $10.69¼, while November 2017 soybean futures finished 1½¢ higher at $10.20.

March wheat futures ended 7½¢ higher at $4.33½.

March soy meal futures closed $14.90 per short ton higher at $348.80. March soy oil futures closed 0.04¢ lower at 35.56¢ per pound. 

In the outside markets, the Brent crude oil market is 12¢ per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 107 points lower.

The trade is eyeing the crop-damaging floods in Argentina.

On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 102,944 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.
 
The marketing year for corn began September 1.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says it is a weather market right now. 

“There were widespread reports of 5-inch rains in central and northern Argentina over the weekend, plus northeast Brazil and southern Argentina remain dry. The buying started right away last night and has been building today. It is holding well,” Scoville says. 

“We will trade the weather for a while. March beans have swing targets to $10.86 per bushel right now, and November’s contract could run close to $10.40. Corn prices are going along for the ride, but it can go higher and up to $3.75 or so, then $3.88 longer term. The threat of losses in Argentina is real, and we are putting all that into price,” Scoville says.

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