Farm Markets Close Lower Ahead of the Thanksgiving Holiday
DES MOINES, Iowa -- On Wednesday, the CME Group’s farm markets get sold ahead of the holiday break.
At the close, the Dec. corn futures finished 4¾¢ lower at $3.62¾. March futures ended 5¢ lower at $3.73¼.
January soybean futures settled 2¼¢ lower at $8.82. March soybean futures finished 2¼¢ lower at $8.96 1/2..
March wheat futures settled 4½¢ lower at $5.26¾.
In the outside markets, the NYMEX crude oil market is $0.46 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 47 points higher.
Al Kluis, Kluis Advisors, says that the market bulls may have their eyes on Christmas and not Thanksgiving.
Kluis’s remarks to customers in a daily note: “Soybean prices fell to the lowest level since September 11. January soybeans are less than 20¢ away from the major mid-September low. The bulls were unable to rally prices after the better-than-expected export inspection number early this week. Although the export picture continues to move in the right direction for soybeans, the friendly news did not help this week. If the bulls are waiting for a good time to jump back into the mix, then, historically, Thanksgiving has set many extremes. The bears look to claim Thanksgiving; will the bulls take Christmas?”
Kluis added, “A strong cash corn market combined with this unfolding blizzard could be enough to light a spark for the bull camp. Basis levels could tighten further if ethanol plants start feeling nervous about supply.”