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260246

Wheat, Soybeans Settle Higher Wednesday

Corn finished lower.

DES MOINES, Iowa -- On Wednesday, the CME Group’s farm futures closed with wheat leading the way higher.

At the close, the July corn futures settled 2½¢ lower at $3.56¾, and December futures finished 1¼¢ lower at $3.76¼.

July soybean futures closed 2¾¢ higher at $9.14; November soybean futures ended 4¼¢ higher at $9.21¾.

September wheat futures closed 4¢ higher at $4.73.

July soy meal futures closed $0.60 per short ton higher at $294.60. July soy oil futures ended 0.04¢ higher at 32.12¢ per pound. 

In the outside markets, the Brent crude oil market is $0.51 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 142 points higher.

Bob Linneman, Kluis Commodities broker, says the weaker crop conditions still have some convincing to do.

“Traders are not convinced the corn or soybean crop will waiver far from trend-line yield. The replant and poor emergence issues are factors that will impact yield at harvest. Not too long ago, the threat of anything but a perfect crop would send prices higher. Now, money managers want to see a negative impact on production before fully committing to the long side,” Linneman stated in a daily note to customers.

 

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s soybean market closed off its daily highs, as corn and wheat ended slightly higher.

At the close, the July corn futures finished ¼¢ higher at $3.59¼; December futures closed ½¢ higher at $3.77½.

July soybean futures finished 4½¢ higher at $9.11¼, and November soybean futures settled 3¾¢ higher at $9.17½.

September wheat futures ended 3½¢ higher at $4.69.

July soy meal futures settled 10¢ per short ton lower at $294. July soy oil futures are 0.56¢ higher at 32.08¢ per pound. 

In the outside markets, the Brent crude oil market is 88¢ per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 41 points lower.

In its weekly Crop Progress Report on Monday, the USDA showed corn conditions unchanged at 68% good to excellent, soybeans down 1% to 66% good to excellent.

That market-friendly report is helping prop up soybean prices today.

Al Kluis, Kluis Commodities, says after Friday’s USDA reports, the markets will be eyeing the weather updates.

“Watch the extended forecasts. Some of the weather models hint at some extreme heat developing the week after the July 4 holiday,” Kluis stated in a daily note to customers.

 

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Monday’s Grain Market Review

On Monday, the CME Group’s corn and soybean markets ended slightly higher.

At the close, the July corn futures finished 1¼¢ higher at $3.59, and December futures finished 1¾¢ higher at $3.77.

July soybean futures settled 2¼¢ higher at $9.06¾; November soybean futures ended 2¾¢ higher at $9.13¾.

September wheat futures settled 8¢ lower at $4.65½.

July soy meal futures finished 50¢ per short ton higher at $294.10. July soy oil futures settled 0.09¢ lower at 31.52¢ per pound. 

In the outside markets, the Brent crude oil market is 35¢ per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 48 points higher.

Mike North, President Commodity Risk Management Group analyst, says the markets may not show much bias until Friday.

“A quiet trade on the heels of July option expiration. The market awaits Friday’s reports while resting at the bottom of their multimonth range,” North says.

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