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Soybeans Finish 5¢ Higher Friday

The corn and wheat markets trade mixed.

DES MOINES, Iowa -- On Friday, the CME Group’s farm markets closed mostly higher.

At the close, the December corn futures finished ¾¢ higher at $3.67. March futures ended 1¢ higher at $3.79¼.

November soybean futures are 6¾¢ higher at $8.46. January soybean futures ended 5¢ higher at $8.57.

December wheat futures closed 2½¢ lower at $5.11¼.

December soymeal futures closed $3.00 per short ton higher at $317.00. December soy oil futures closed 0.26¢ lower at 28.27¢ per pound.
 
In the outside markets, the NYMEX crude oil market is $0.08 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 62 points lower.

Al Kluis, Kluis Advisors, says that the grain markets will maintain a choppy pattern, as harvest gets under way.

“The U.S. is set to hit China with another tariff on yet another $200 billion worth of goods. Will China retaliate? Expect grain prices to remain choppy as we await the actual yield results of the U.S. row crops,” Kluis stated in a daily note to customers.

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

  • Corn = 1.062 million metric tons vs. the trade’s expectations of between 400,000 and 1,250,000 mt.
  • Soybeans = 673,200 mt. vs. the trade’s expectations of between 200,000 and 1,000,000 mt.
  • Wheat = 379,800 mt. vs. the trade’s expectations of between 200,000 and 500,000 metric tons.

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Thursday’s Grain Market Review

On Thursday, the CME Group’s farm markets close slightly higher.

At the close, the December corn futures finished 1¢ higher at $3.66. March futures ended 1¢ higher at $3.78.

Nov soybean futures closed 1 1/4¢ higher at $8.39.  Jan. soybean futures finished 1 1/2¢ higher at $8.52 1/4.

Dec. wheat futures closed 8¢ lower at $5.13.

Dec. soymeal futures settled $4.30 per short ton higher at $314.00. Dec. soy oil futures closed 0.03¢ lower at 28.53.

In the outside markets, the NYMEX crude oil market is $0.80 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 55 points higher.

The USDA will release its weekly Export Sales Report on Friday, delayed due to the Labor Day holiday.

Al Kluis, Kluis Advisors, says that the U.S. grain prices remain choppy as the traders patiently await harvest results.

“The U.S. and Canada are back talking about a trade deal, but so far nothing has been announced,” Kluis stated in a daily note to customers Thursday.

He added, “Early harvest yields are starting to come in already. So far, they have been somewhat disappointing. However, keep in mind a lot of the early harvested grain is typically drought-stressed and sure to disappoint. The better-yielding crops will be harvested later.”

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Wednesday’s Grain Market Review

On Wednesday, the CME Group’s ag futures ended as they started, lower.

At the close, the December corn futures finished 3¢ lower at $3.65. March futures ended 2¢ lower at $3.77¼.

November soybean futures settled 6¼¢ lower at $8.38. January soybean futures closed 6¼¢ lower at $8.50¾.

December wheat futures ended 9¾¢ lower at $5.21¾.

December soy meal futures closed $1.50 per short ton lower at $309.70. December soy oil futures closed 0.22¢ lower at 28.56¢ a pound.

In the outside markets, the NYMEX crude oil market is $1.10 lower, the U.S. dollar is lower, and the Dow Jones Industrials are 18 points higher.

On Wednesday, private exporters reported to the USDA export sales of 101,736 metric tons of corn for delivery to Mexico during the 2018/2019 marketing year.

The marketing year for corn began September 1.

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Tuesday’s Grain Market Review

On Tuesday, the CME Group’s wheat market is taking it on the chin.

At the close, December corn futures finished 3¼¢ higher at $3.68¼; March futures ended 2½¢ higher at $3.79¾.

November soybean futures closed ¾¢ higher at $8.44¼; January soybean futures ended ¼¢ higher at $8.57.

December wheat futures settled 14¢ lower at $5.31½. December soy meal futures finished $4 per short ton higher at $311.20. December soy oil futures closed 0.01¢ higher at 28.78¢.

In the outside markets, the NYMEX crude oil market is 43¢ lower, the U.S. dollar is higher, and the Dow Jones Industrials are 2 points lower.

Jack Scoville, The PRICE Futures Group’s senior market analyst, says today’s trading is mostly some short covering in corn and beans.  

“Both are into big-time chart support and are trying to move away from it. There are some questions about corn yield given the weather, but the beans look to be big this year,” Scoville says.  

Scoville adds, “I kind of feel that wheat is oversold now and the news that Russia will not regulate or tax exports was kind of the final chunk of bad news. Maybe prices turn more stable until we cut something in corn and beans and since the harvest in spring wheat is winding down.”

Al Kluis, Kluis Advisors, says the market is digesting a lot of wheat news.

“The news from Friday afternoon (after the grains had closed) was that Canada and the U.S. were at a standstill with trade talks. The wheat market quickly traded 8¢ to 10¢ lower when trading resumed Monday evening. The Russian Ag Ministry announced on Monday that it does not see a need to curb grain exports at this time. This is contrary to what was reported earlier last week. The U.S. would see a nice boost to wheat exports if this story does unfold to be true,” Kluis stated in a daily note to customers Tuesday.

For soybeans, the investors are keeping an eye on news out of Argentina.

“Argentina announced a temporary increase on grain exports on Monday,” Kluis stated. “How will this impact China’s willingness to source extra soybeans from Argentina?” 

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