DES MOINES, Iowa -- On Wednesday, the CME Group’s farm markets have turned mixed, as soybean prices moe up.
At mid-session, the March corn futures are 1 3/4¢ lower at $3.63, and new crop December 2017 futures are 1 1/2¢ lower at $3.91 per bushel.
March soybean futures are 4 1/4¢ higher at $10.73, while November 2017 soybean futures are 8 1/4¢ higher at $10.28.
March wheat futures are 2 3/4¢ lower at $4.30.
March soy meal futures are $1.60 short ton higher at $350.40. March soy oil futures are $0.14 higher at 35.70¢ per pound.
In the outside markets, the Brent crude oil market is $0.35 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 18 points lower.
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Tuesday’s Grain Market Review
On Tuesday, the CME Group’s farm markets remain stronger, with the soybean complex leading the way.
At the close, the March corn futures finished 7¢ higher at $3.65½, and new-crop December 2017 futures finished 6¼¢ higher at $3.92½ per bushel.
March soybean futures closed 23¢ higher at $10.69¼; November 2017 soybean futures finished 1½¢ higher at $10.20.
March wheat futures ended 7½¢ higher at $4.33½.
March soy meal futures closed $14.90 per short ton higher at $348.80. March soy oil futures closed 0.04¢ lower at 35.56¢ per pound.
In the outside markets, the Brent crude oil market is 12¢ per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 107 points lower.
The trade is eyeing the crop-damaging floods in Argentina.
On Tuesday, private exporters reported to the U.S. Department of Agriculture export sales of 102,944 metric tons of corn for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for corn began September 1.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says it is a weather market right now.
“There were widespread reports of 5-inch rains in central and northern Argentina over the weekend, plus northeast Brazil and southern Argentina remain dry. The buying started right away last night and has been building today. It is holding well,” Scoville says.
“We will trade the weather for a while. March beans have swing targets to $10.86 per bushel right now, and November’s contract could run close to $10.40. Corn prices are going along for the ride, but it can go higher and up to $3.75 or so, then $3.88 longer term. The threat of losses in Argentina is real, and we are putting all that into price,” Scoville says.
source: successful farming
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