On Wednesday, the CME Group’s farm markets have little support.At the close, the Dec. corn futures finished ¾¢ higher at $3.88¼. March corn futures ended ½¢ higher at $4.00.Nov. soybean futures closed ¼¢ lower at $9.33¼. Jan. soybean futures ended unchanged at $9.48.Dec. wheat futures settled 2¾¢ higher at $5.20¾.To get more soybean futures, you can visit shine news official website.
December soymeal futures closed $1.70 per short ton higher at $308.60. December soy oil futures ended 0.27¢ lower at 30.58¢ per pound.In the outside markets, the NYMEX crude oil market is $1.25 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 33 points lower.
Private exporters reported to the USDA export sales of 128,000 metric tons of soybeans for delivery to unknown destinations during the 2019/2020 marketing year.The marketing year for soybeans began September 1.Al Kluis, Kluis Advisors, says investors are still digesting what the Chinese announcement on trade tariffs means for the soybean market.
“The big headline on Tuesday was tied to comments that China might offer tariff exemptions on a sizable amount of U.S. soybeans. The key word is ‘might.’ If traders expected it to really happen, we should have seen prices make a convincing move higher. However, the soybean market was nearly flat at the end of trading on Tuesday. The lackluster price action that followed this headline warrants caution for the soybean bulls. Unless we see soybean exports pick up and confirm this headline, the bears will try to regain control of prices,” Kluis told customers in a daily note.
Kluis added, “Corn exports are falling further behind the USDA pace
on a weekly basis. Ethanol margins have not been profitable for much of
2019. A combination of decreased demand and lower production could leave
the corn market in a trading range until a trade deal is reached.”
December soy meal futures settled 80¢ per short ton lower at $306.90.
December soy oil futures closed 0.37¢ higher at 30.85¢ per pound.
In the outside markets, the NYMEX crude oil market is 90¢ per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 42 points higher.
Britt O’Connell, cash adviser for Commodity Risk Management Group, says corn and bean markets find themselves higher today, after the Chinese vice foreign minister said that if the U.S. and China continue to respect each other, no problem could not be resolved.
“After a strong open, the markets have backed off their earlier highs. Both markets continue to trade a 20¢ range where they have found comfort. I expect that to continue until we have reason not to – possibly the November 8 WASDE, as it is supposed to include either real or perceived damage from the frost and snow a couple of weeks ago,” O’Connell says.
