Mixed action was the feature at the CBOT today. Seems like whenever corn moves lower, beans move higher….and vice versa. December corn made ANOTHER 2-year low at $4.69 1/2 and then closed the day down a nickel. The Nov soybean contract settled up and over the $13 level for just the 2nd time since September. Most buyers are using the January for their cash bids, though. It settled 13 1/4 higher on the day.Wheat futures managed slight gains of 1-3 cents at the three exchanges. Oats continue to suffer a major beat-down. The nearby contract was down 3 cents today closing at $3.76 1/2. Hard to believe, but true……this contract traded as high of $5.22 1/2 in September. It was actually higher than the price of nearby corn for a while!
The DJIA exploded 564 points higher (the best move since June) to settle at 33,839. The equity market liked the [ … ]
One of the information services we use described today’s session as “a painfully quiet session” claiming you’d have to go back to May to find a lower volume session for corn trading. The funds were virtually non-existent buying just 5 mln corn, 5 mln beans and 10 mln wheat on the day. Wouldn’t be so surprising except USDA is currently calling this year’s corn crop the second largest ever at 15.1 bln bu. A lack of farmer selling interest, plenty of storage space early in the harvest process and processing plants still bidding up for quick shipment is keeping the sellers at bay. December corn traded a very narrow 4-cent range on the day and finished 2 cents higher. Nearby wheat and beans both traded about 10-cent ranges. The Chicago December wheat contract closed 3 3/4 higher. The November soybean contact closed out the day 2 1/2 cents higher. However, [ … ]
Grains closed mixed as wheat and corn closed higher, and soybeans closed lower. For the day, corn closed 6 to 7 cents higher, wheat closed 15 to 16 cents higher, and soybeans lost 18 cents on the July contract, and 9 cents on the new crop contract. The outside markets were mixed, with crude oil up $1.12, the dollar index was up 0.37, and gold was unchanged. The financials were weaker, with the Dow Jones index trading 231 points lower, and the NASDAQ closing down 160 points.
Wheat traded higher on reports that the Russians are not allowing ships into the Yuzhny port. The Wall Street Journal reported that Ukranian backed volunteers are fighting Russians in Southern Russia. This was an unexpected development, as Russia is on the defense.
The planting progress report from yesterday showed good progress as corn is now 81% planted, compared to 69% last year, and 75% for [ … ]
Grains closed mixed as wheat and corn closed higher, and soybeans closed lower. For the day, corn closed 6 to 7 cents higher, wheat closed 15 to 16 cents higher, and soybeans lost 18 cents on the July contract, and 9 cents on the new crop contract. The outside markets were mixed, with crude oil up $1.12, the dollar index was up 0.37, and gold was unchanged. The financials were weaker, with the Dow Jones index trading 231 points lower, and the NASDAQ closing down 160 points.
Wheat traded higher on reports that the Russians are not allowing ships into the Yuzhny port. The Wall Street Journal reported that Ukranian backed volunteers are fighting Russians in Southern Russia. This was an unexpected development, as Russia is on the defense.
The planting progress report from yesterday showed good progress as corn is now 81% planted, compared to 69% last year, and 75% for [ … ]
Chop, chop, dig, dig and now outta the hole. CBOT futures spend the overnight and morning sessions probing support levels, found them solid and then spent rest of the session grinding higher. Corn and soybean futures continue to respect the LONG-TERM upward trending channels. Granted we are at the bottom of these channels and vulnerable to a technical sell-off at any time, but we’ll take it as a friendly/supportive factor for now. December corn finished the day up about a nickel. Today’s high was $6.99 1/2. The $7 level still looks like a sellers’ haven. The November soybean contract traded as high as $14.05 today and then finished about unchanged at $13.95 3/4. USDA announced 18.6 million bushels of export sales to China and Unknown Destination this morning. That’s on top of the 19.3 million bushels to China announced yesterday. Seems that China is back! Wheat futures did violate the [ … ]
Choppy market action at the CBOT these days. March corn was steady at best and then finished 7 1/4 lower. It’s still trading above the $6 level, but feels vulnerable at that lofty level! Soybeans traded both sides of steady on the day. The March contract settled a nickel higher. A flash sale of new crop beans was announced this morning (first one since Dec 27). It was 4.8 mln bu to an unknown destination. New crop Nov 22 contract traded to about $13.05 at the high. The contract high was set last June at $13.13 3/4. Wheat continues its slow slide to lower levels. Chicago fared best with the nearby contract down just 9 1/4 cents. Nearby KC was down 17. Both contracts are still hanging (barely) above recent lows. The nearby Minneapolis contract was down about 22 cents today. That makes it a 94-cent slide from last week’s [ … ]
Choppy market action at the CBOT these days. March corn was steady at best and then finished 7 1/4 lower. It’s still trading above the $6 level, but feels vulnerable at that lofty level! Soybeans traded both sides of steady on the day. The March contract settled a nickel higher. A flash sale of new crop beans was announced this morning (first one since Dec 27). It was 4.8 mln bu to an unknown destination. New crop Nov 22 contract traded to about $13.05 at the high. The contract high was set last June at $13.13 3/4. Wheat continues its slow slide to lower levels. Chicago fared best with the nearby contract down just 9 1/4 cents. Nearby KC was down 17. Both contracts are still hanging (barely) above recent lows. The nearby Minneapolis contract was down about 22 cents today. That makes it a 94-cent slide from last week’s [ … ]
Interesting session at the CBOT. The September contracts are approaching their delivery periods, volume is thin and they were on the wild side today. Especially the soybean contract that traded from 43 lower to a penny higher on the day, and then closed 8 1/4 lower. The new crop November contract finished 3 lower, December corn was 3 cents higher and December wheat was down 6 3/4. Spring wheat went the other direction today with the Sep contract up 7 3/4 on the day. The $9.53 contract high set two weeks ago might be a target.
Federal Reserve chief Jerome Powell said this morning the central bank will begin tapering off the buying of bonds before the end of 2021. The trade took this as a sign the economy is headed in the right direction. The DJIA was up 242 points today. Late in the session nearby crude oil was up [ … ]
Mixed action was the feature at the CBOT today. Nearby corn was up 8 at the high, down 8 at the low and then finished 1 1/4 higher. Soybeans saw both sides of steady, too. The September contract finished near the high of the day, though……up 22 3/4 on the close. The USDA reported 16.5 million bushels of flash sales of soybeans this morning. That makes it 7 days in a row for a total of nearly 58 million bushels to China or Unknown (probably China). Wheat futures also traded up, down and all around today. Chicago and Minneapolis futures finished mostly 8-10 cents higher. KC futures ended their session 2-4 higher old crop and 2-3 lower new crop.
The DJIA scored another contract high today (fourth day in a row) at the 35,610.6 level. The index settled just 16 points higher, though. A consumer sentiment survey number reported this [ … ]
TGIF. Well, close enough. It sure feels like a full week of trading. Crazy, but true the November 21 soybean contract traded $1.01 from yesterday’s low to this morning’s high. Back in 2001 the new crop November contract traded the whole year inside a dollar range ( $4.17 1/2 to $5.17 1/2). Share that at the Easter Dinner table on Sunday and someone might be impressed. So, at the high today the May soybean contract was up nearly 20 cents and then finished 35 lower. The grains were volatile as well with nearby corn up 21 cents at the high, down 8 at the low and then settled 4 1/2 lower. It wasn’t quite as wild in wheat with the nearby Chicago contract up about 8 at the high, down 17 at the low and then closed 7 cents lower. Both nearby KC and MPLS contracts ended about 11 cents [ … ]