Grains took a breather today on old crop months as increased farmer selling, slow plantings, and a slightly different weather forecast put the brake on the recent rally. Old crop corn closed 2 cents lower while old crop soybeans lost 2 cents. New crop corn and bean prices were able to close steady to higher, as December ’24 corn closed unchanged and new crop November ’24 soybeans closed up 8 cents. Wheat traded weaker, with Chicago wheat down 4 to 6 cents, and KC wheat down 10 to 11 cents.
The outside markets were mixed, with gold trading $8 lower and the dollar index was up 0.336 points. The Dow Jones index was 32 points higher, and crude oil was up 9 cents. The latest 8 to 14 day weather maps show warm temps with normal to above normal precipitation for most areas. Rains will need to [ … ]
Grains took a breather today on old crop months as increased farmer selling, slow plantings, and a slightly different weather forecast put the brake on the recent rally. Old crop corn closed 2 cents lower while old crop soybeans lost 2 cents. New crop corn and bean prices were able to close steady to higher, as December ’24 corn closed unchanged and new crop November ’24 soybeans closed up 8 cents. Wheat traded weaker, with Chicago wheat down 4 to 6 cents, and KC wheat down 10 to 11 cents.
The outside markets were mixed, with gold trading $8 lower and the dollar index was up 0.336 points. The Dow Jones index was 32 points higher, and crude oil was up 9 cents. The latest 8 to 14 day weather maps show warm temps with normal to above normal precipitation for most areas. Rains will need to [ … ]
It was a strong day in the soy complex, as July beans closed 33 3/4 cents higher. July soymeal was up $15.40. Corn also got in the act with July corn closing 8 3/4 cents higher and July CBOT wheat closing 26 1/4 cents higher. KC July wheat closed 25 cents higher. New corn futures finished nearly 6 cents higher with new beans up 19 cents. The DJIA closed 176.59 points higher for the fourth straight day. June crude oil was up $.46 at $78.57.
Heavy short covering amid weather concerns both in the U.S. & South America pushed values to 3-month highs in both corn and beans. The funds were noted buying 60 million bushels of beans, 50 million CBOT wheat and 30 mbu of corn. Wet forecasts and slowed planting in the ECB have made for nervous shorts. There is too much rain in southern Brazil which isn’t just slowing [ … ]
It was a strong day in the soy complex, as July beans closed 33 3/4 cents higher. July soymeal was up $15.40. Corn also got in the act with July corn closing 8 3/4 cents higher and July CBOT wheat closing 26 1/4 cents higher. KC July wheat closed 25 cents higher. New corn futures finished nearly 6 cents higher with new beans up 19 cents. The DJIA closed 176.59 points higher for the fourth straight day. June crude oil was up $.46 at $78.57.
Heavy short covering amid weather concerns both in the U.S. & South America pushed values to 3-month highs in both corn and beans. The funds were noted buying 60 million bushels of beans, 50 million CBOT wheat and 30 mbu of corn. Wet forecasts and slowed planting in the ECB have made for nervous shorts. There is too much rain in southern Brazil which isn’t just slowing [ … ]
What a great way to end the week…with higher prices! July corn finished the day up 1/2 cent, with new crop up 3 cents. Soybeans closed near the high of the day. July settled 16 cents higher with November adding 13. Wheat also joined the party. July CBOT finished 18 cents higher, KC up 14 and MPLS rallied a nickel. A combination of both technical and fundamental factors supported today’s rally.
For the week, old corn gained a dime with new crop up 9 cents. July soybeans finished the week nearly 38 cents higher and new crop gained 26 cents. Wheat gains were mixed. July CBOT was only up 1/4 cent, KC down 4 cents with an 11 cent gain in MPLS wheat.
The payroll report came out today, and numbers were lower than expected. The April payroll rolled in at 175,000, down sharply from the March number of 315,000. US unemployment [ … ]
What a great way to end the week…with higher prices! July corn finished the day up 1/2 cent, with new crop up 3 cents. Soybeans closed near the high of the day. July settled 16 cents higher with November adding 13. Wheat also joined the party. July CBOT finished 18 cents higher, KC up 14 and MPLS rallied a nickel. A combination of both technical and fundamental factors supported today’s rally.
For the week, old corn gained a dime with new crop up 9 cents. July soybeans finished the week nearly 38 cents higher and new crop gained 26 cents. Wheat gains were mixed. July CBOT was only up 1/4 cent, KC down 4 cents with an 11 cent gain in MPLS wheat.
The payroll report came out today, and numbers were lower than expected. The April payroll rolled in at 175,000, down sharply from the March number of 315,000. US unemployment [ … ]
Grains had their best day in a long time with corn, soybean meal, and soybeans surging higher, while wheat followed along. For the day, soybeans were up 28 ¾ in July, and 22 ¾ on new crop. Corn rallied 9 cents on July, and 6 ¾ on new crop, while Chicago wheat rallied 5 cents, and KC wheat gained 11 cents. Soybean meal was up $13 to $15 a ton, and soybean oil lost 2-5 cents. In other commodity news, cocoa was down 700 and coffee was down $10.40. Both are well off recent highs, with cocoa correcting almost 33% since last week!
The outside markets were mixed today, with crude oil up 3 cents, gold $1 higher, and the dollar index down 0.368. The Dow Jones index gained 332 points and the NASDAQ gained 235 points as investors further digested the Fed report from yesterday, which [ … ]
Grains had their best day in a long time with corn, soybean meal, and soybeans surging higher, while wheat followed along. For the day, soybeans were up 28 ¾ in July, and 22 ¾ on new crop. Corn rallied 9 cents on July, and 6 ¾ on new crop, while Chicago wheat rallied 5 cents, and KC wheat gained 11 cents. Soybean meal was up $13 to $15 a ton, and soybean oil lost 2-5 cents. In other commodity news, cocoa was down 700 and coffee was down $10.40. Both are well off recent highs, with cocoa correcting almost 33% since last week!
The outside markets were mixed today, with crude oil up 3 cents, gold $1 higher, and the dollar index down 0.368. The Dow Jones index gained 332 points and the NASDAQ gained 235 points as investors further digested the Fed report from yesterday, which [ … ]
The first day of May ushered in a pleasant surprise today. After early session weakness, corn and soybeans finished higher. The volume was light and buying was believed to be technical in nature. July corn closed 4 cents higher, but more importantly 7 cents off session lows. December corn closed 3 cents higher. After yesterdays big sell-off, July soybean futures found a way to stop the bleeding. July finished 7 cents higher, and 14 cents off session lows. November beans moved 5 cents higher. The winning streak stopped with wheat. July CBOT wheat closed 4 cents lower, KC down 10 and MPLS fell 2 cents.
We suspected some big moves were in store for outside markets today given the Fed’s meeting. Fed Chairman Powell said interest rates are high enough to slow inflation, and a rate hike is unlikely. Rates were left unchanged. The Dow bounced in a 533 point range [ … ]
The first day of May ushered in a pleasant surprise today. After early session weakness, corn and soybeans finished higher. The volume was light and buying was believed to be technical in nature. July corn closed 4 cents higher, but more importantly 7 cents off session lows. December corn closed 3 cents higher. After yesterdays big sell-off, July soybean futures found a way to stop the bleeding. July finished 7 cents higher, and 14 cents off session lows. November beans moved 5 cents higher. The winning streak stopped with wheat. July CBOT wheat closed 4 cents lower, KC down 10 and MPLS fell 2 cents.
We suspected some big moves were in store for outside markets today given the Fed’s meeting. Fed Chairman Powell said interest rates are high enough to slow inflation, and a rate hike is unlikely. Rates were left unchanged. The Dow bounced in a 533 point range [ … ]