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Soybeans Close a Dime Higher Friday

The Midwest rains will delay harvest activity.

DES MOINES, Iowa — On Friday, the CME Group’s farm markets ended higher, with soybeans leading the charge.

At the close, the December corn futures finished ¾¢ higher at $3.68¼. March futures finished ¾¢ higher at $3.80.

November soybean futures closed 9¾¢ higher at $8.69. January soybean futures settled 9½¢ higher at $8.82½.

December wheat futures ended 3¢ higher at $5.21.

December soymeal futures closed 7.40¢ per short ton higher at $319.60.

December soy oil futures closed $0.20 lower at 29.41¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.06 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 212 points lower.

On Friday, private exporters reported to the U.S. Department of Agriculture export sales of 134,000 metric tons of soybean cake and meal for delivery to the Philippines during the 2018/2019 marketing year.

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

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Thursday’s Grain Market Review

On Thursday, the CME Group’s soybean market reversed lower, corn ends higher.

At the close, December corn futures finished 2¾¢ higher at $3.67½; March futures finished 2½¢ higher at $3.79¼.

November soybean futures finished 2¼¢ lower at $8.59¼; January soybean futures settled 2¾¢ lower at $8.73.

December wheat futures closed 2¾¢ lower at $5.18.

December soy meal futures finished $1 per short ton higher at $312.20.

December soy oil futures finished 0.23¢ lower at 29.61¢ per pound.

In the outside markets, the NYMEX crude oil market is $2.01 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 280 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says it’s an up day based on the good export sales and rain chances.

“The forecasts are for lots of rain in the Midwest in the coming week. Some areas in the southwest Midwest could get 10 inches – a lot of rain,” Scoville says.  

He adds, “There are some concerns with harvest delays and damaged crops, especially beans. The soybeans could shatter or sprout.”  

Scoville says, “The export sales report was strong for both beans and corn and, once again, shows that we are the cheaper option for most or all of the world. Great demand will most likely continue.”

On Thursday, the USDA released its Weekly Export Sales Report. Here are the totals:

  • Corn: 43 million metric tons vs. the trade’s expectations of between 1,000,000 and 1,500,000 mt
  • Soybeans: 1.52 mmt vs. the trade’s expectations of between 900,000 and 1,500,000 mmt
  • Soybean meal: 470,600 mt vs. the trade’s expectations of between 100,000 and 500,000 mt
  • Wheat: 435,300 mt vs. the trade’s expectations of between 250,000 and 500,000 mt

Al Kluis, Kluis Advisors, says the markets will maintain a choppy stance for a while.

“Grain prices were a little lower yesterday from hedge pressure from harvest along with tough resistance on the corn and soybean charts. Expect choppy action in the grain markets as the market searches for fresh news to trade on,” Kluis stated in a daily note to customers.

He added, “Rallies in the corn and soybean market will be very limited while the U.S. crops continue to get bigger.”

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Wednesday’s Grain Market Review

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

At the close, December corn futures finished 2¾¢ lower at $3.64¾; March futures finished 2¾¢ lower at $3.76¾.

November soybean futures settled 4¼¢ lower at $8.61; January soybean futures finished 4¼¢ lower at $8.75.

December wheat futures ended 4¢ lower at $5.15¼.

December soy meal futures closed 3.90¢ per short ton lower at $311.20.

December soy oil futures settled 0.18¢ higher at 29.84¢ per pound.

In the outside markets, the NYMEX crude oil market is $1.13 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 69 points higher.

On Wednesday, the USDA announced fresh corn sales.

Private exporters reported to the USDA export sales of 230,000 metric tons of corn for delivery to Japan during the 2018/2019 marketing year. The marketing year for corn began September 1.

Al Kluis, Kluis Commodity Advisors, says the wheat market is getting supportive news.

“Wheat caught a spark of bullish news with the story regarding Russia potentially suspending loading terminals due to quality control issues. This stems from earlier reports that importers of Russian wheat were noticing a decline in quality. Further details will surely add clarity to the story. Meanwhile, the initial reaction has pushed wheat prices within 10¢ to 12¢ of new four-week highs,” Kluis stated in a daily note to customers.

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s farm markets have attracted some buying, moving slightly higher.

At the close, December corn futures finished 1¾¢ higher at $3.67½; March futures closed 1¾¢ higher at $3.79½.

November soybean futures settled 8¼¢ higher at $8.66; January soybean futures finished 8¼¢ higher at $8.80.

December wheat futures closed 9¾¢ higher at $5.19¼.

December soy meal futures finished 1.30¢ per short ton higher at $315.10.

December soy oil futures settled 0.35¢ higher at 29.66¢ per pound.

In the outside markets, the NYMEX crude oil market is 13¢ lower, the U.S. dollar is higher, and the Dow Jones Industrials are 152 points higher.

Jason Roose, U.S. Commodities, says investors bought the bullish news.

“Grains are higher today with delays in harvest, less uncertainty on trade and strong exports,” Roose says.

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Monday’s Grain Market Review

On Monday, the CME Group’s farm markets close off daily highs, remain stronger as they reacted to the U.S. agreeing to a new trade pact with Canada and Mexico, replacing NAFTA.

At the close, December corn futures finished 9½¢ higher at $3.65; March futures ended 9¼¢ higher at $3.77.

November soybean futures settled 12¾¢ higher at $8.57; January soybean futures closed 12¾¢ higher at $8.71.

December wheat futures finished ½¢ higher at $5.09.

December soy meal futures closed 4.80¢ per short ton higher at $313.80.

December soy oil futures are 0.32¢ higher at 29.31¢ per pound.

In the outside markets, the NYMEX crude oil market is $2.34 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 220 points higher.

Jack Scoville, the Price Futures Group’s senior grain analyst, says today’s stronger markets are a result of the new North American Free Trade Agreement news.

“It is NAFTA day. A lot of buying is related to the agreement made with Canada that paves the way for a new NAFTA to be done between the three countries by the end of the year,” Scoville says.  

He adds, “It is a good thing for grains, as Mexico is our largest corn buyer, and both Mexico and Canada buy a lot from us. Also supporting the meats, especially hogs.”

At any rate, all the rain in the Midwest is supportive, as well, as we can now talk of harvest delays, and it means something now, Scoville says.  

“It’s going to be wet most of the week, especially west, and cold. The cold is OK; the wet is not,” he says.

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