Wheat closes 31¢ lower | Wednesday, December 15, 2021

On Wednesday, the CME Group’s farm markets closed mostly lower.

At the close, the March corn futures finished 4½¢ lower at $5.85. May futures ended 5¢ lower at $5.87. July corn futures settled 5¼¢ lower at $5.86. 
 
January soybean futures closed 3¢ higher at $12.62. 

March soybean futures closed ¾¢ higher at $12.65. May soybean futures finished ¼¢ higher at $12.73.

March wheat futures closed 31¢ lower at $7.56.
 
Jan. soymeal futures finished $4.70 per short ton lower at $372.20.


Jan. soy oil futures closed 1.19¢ higher at 53.51¢ per pound.

In the outside markets, the crude oil market is $0.21 per barrel higher at $70.94. The U.S. dollar is lower, and the Dow Jones Industrials are 77 points higher (+0.22%) at 35,621.

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Wheat pulls corn, soybeans lower

On Wednesday, the CME Group’s wheat market extends its losses.

At midsession, the March corn futures are 6½¢ lower at $5.84. May futures are 6¼¢ higher at $5.86. July corn futures are 6¼¢ lower at $5.85. 
 
January soybean futures are 5¾¢ lower at $12.53. 

March soybean futures are 7¾¢ lower at $12.56. May soybean futures are 8¼¢ lower at $12.64.

March wheat futures are 29¼¢ lower at $7.57.
 
January soymeal futures are $0.10 per short ton lower at $376.80.


January soy oil futures are 1.12¢ lower at 51.20¢ per pound.

In the outside markets, the crude oil market is $0.83 per barrel lower at $69.90. The U.S. dollar is higher, and the Dow Jones Industrials are 112 points lower (-0.32%) at 35,432.

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Wheat diverges from corn, soybean prices

On Wednesday, the CME Group’s farm markets have a more bullish tone.

In early trading, the March corn futures are 2½¢ higher at $5.92. May futures are 2¢ higher at $5.94. July corn futures are 1¾¢ higher at $5.93. 
 
January soybean futures are 6¢ higher at $12.65. 

March soybean futures are 4¾¢ higher at $12.69. May soybean futures are 4¾¢ higher at $12.77.

March wheat futures are 11¢ lower at $7.75.
 
January soymeal futures are 6.30 per short ton higher at $383.20.

January soy oil futures are 0.77¢ lower at 51.55 per pound.

In the outside markets, the crude oil market is $0.63 per barrel lower at $70.10. The U.S. dollar is unchanged, and the Dow Jones Industrials are 10 points lower (-0.03%) at 35,509.

Terry Roggensack, The Hightower Report, says that the wheat market is the one to watch.

“With an inflationary tilt to commodity markets, continued high export taxes from Russia, and the oversold technical condition of the market, look for at least a technical wheat market recovery bounce,” he says. 

Roggensack added, “March Chicago wheat support is at $7.68, with $8.08 and $8.21 as key resistance levels. July Kansas City wheat support is at $7.86, with $8.16 and $8.27 as resistance. Consider buying July KC wheat on a setback.”