You are here

Corn, Soybean Markets Close Lower Friday

Wheat is lower.

DES MOINES, Iowa -- On Friday, the CME Group’s farm markets finish weaker.

At the close, the March corn futures finished ¼¢ lower at $3.67½. May futures finished ½¢ lower at $3.75.

March soybean futures closed 2¾¢ lower at $10.21½. May soybean futures closed 2½¢ lower at $10.32½.

March wheat futures finished 4¢ lower at $4.57¾.

May soy meal futures ended $0.50 per short ton higher at $376.00. May soy oil futures are 0.17¢ lower at 31.73¢ per pound. 

In the outside markets, the NYMEX crude oil market is $0.44 higher, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points higher.

Jason Roose, U.S. Commodities grain analyst, says that he is not surprised that the grains are mixed today.

“There is resistance above the market, with aggressive producer selling. Plus, weather concerns in Argentina have added premium to all the grains. And, holiday positioning will continue to give the soy complex high volatility,” Roose says.

 

------------

Thursday’s Grain Market Review

AUSTIN, Texas -- Kansas City wheat and Chicago soybeans were higher in midday trading Thursday on dry weather in their respective growing areas. 

In the Southern Plains, where hard red winter wheat is grown, little rain has fallen in the past four months. Justin Gilpin, the head of industry group Kansas Wheat, posted a photo on social media showing the effects of the drought on some HRW crops in southwestern Kansas. Little rain is in the forecast, and Commodity Weather Group maps show precipitation will be below normal for at least the next two weeks. 

In Argentina, dry weather is plaguing soybean plants. Frontal rains will not be enought to replenish soil moisture in parts of the country, CWG said in a report on Thursday. 

At the close, the March corn futures finished ½¢ higher at $3.67 3/4; May futures ended ¾¢ higher at $3.75.

March soybean futures closed 7¢ higher at $10.24½; May soybean futures settled 7¼¢ higher at $10.35.

March wheat futures ended 6¢ higher at $4.61¾.

March soy meal futures finished $3.80 per short ton higher at $373.70. January soy oil futures closed 0.11¢ lower at 31.90¢ per pound. 

In the outside markets, the NYMEX crude oil market is 88¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 223 points higher.

 

---------------

Wednesday’s Grain Market Review

DES MOINES, Iowa -- On Wednesday, the CME Group’s farm markets end slightly higher.

At the close, the March corn futures finished ¼¢ higher at $3.67; May futures finished even at $3.74.

March soybean futures closed 5½¢ higher at $10.17¼; May soybean futures settled 5½¢ higher at $10.27¾.

March wheat futures closed 5¢ lower at $4.55¾.

March soy meal futures closed $4.70 per short ton higher at $369.90. January soy oil futures ended 0.23¢ higher at 31.80¢ per pound. 

In the outside markets, the NYMEX crude oil market is $1.27 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 162 points higher.

On Wednesday, private exporters reported to the USDA export sales of 123,000 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year.

The marketing year for corn began September 1.

 

---------------

Tuesday’s Grain Market Review

On Tuesday, the CME Group’s farm markets lean on a rallying soybean complex for the second straight day.

At the close, the March corn futures finished ¼¢ lower at $3.66; May futures are ½¢ lower at $3.74.

March soybean futures finished 10¢ higher at $10.11¾; May soybean futures closed 9¾¢ higher at $10.22.

March wheat futures settled 3¼¢ lower at $4.60¾.

March soy meal futures ended $7.40 per short ton higher at $365.20. January soy oil futures closed 0.28¢ lower at 31.57¢ per pound. 

In the outside markets, the NYMEX crude oil market is 9¢ lower, the U.S. dollar is lower, and the Dow Jones Industrials are 24 points higher.

 

 

---------

Monday’s Grain Market Review

On Monday, the CME Group’s soybean complex is providing the impetus for higher all-around grain trading.

At the close, the March corn futures finished 5¢ higher at $3.67; May futures finished 5¢ higher at $3.74¾.

March soybean futures settled 18¾¢ higher at $10.01¾; May soybean futures closed 19¢ higher at $10.12½.

March wheat futures ended 15¢ higher at $4.64.

March soy meal futures settled $14 per short ton higher at $357.80. January soy oil futures closed 0.11¢ lower at 31.85¢ per pound. 

In the outside markets, the NYMEX crude oil market is 24¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 507 points higher.

Jack Scoville, PRICE Futures Group senior grain analyst, says the rally is due to multiple factors.

“This seems to be the stock market and ideas of inflation plus Argentina crop weather concerns. There has been some spec buying, and I have sold a little for Brazil. It should be an important close, chart-wise, today,” Scoville says.

Al Kluis, Kluis Commodities, says the market is reacting to weather in South America.

“The weekend rains were disappointing in Argentina, and the extended forecasts are now for drier conditions,” Kluis stated to customers in a daily note Monday.

On Monday, the USDA announced that private exporters reported the following activity:

  • Cancellations of export sales of 455,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year.
  • Export sales of 314,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 198,000 metric tons are for delivery during the 2017/2018 marketing year, and 116,000 metric tons are for delivery during the 2018/2019 marketing year.

The marketing year for soybeans began September 1.

Read more about

Talk in Marketing

Most Recent Poll

I want __________ for Christmas