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3 weeks ago - last edited 3 weeks ago
At midsession, the December corn futures are unchanged at $3.62. March futures are 1/4¢ lower at $3.73.
January soybean futures are 10 1/4¢ higher at $8.84. March soybean futures are 10¢ higher at $8.97.
March wheat futures are 2¢ higher at $5.08.
December soymeal futures are 3.60¢ per short ton higher at $309.10. December soy oil futures are 0.03 higher at 27.35¢ per pound.
In the outside markets, the NYMEX crude oil market is $2.75 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 392 points lower.
Al Kluis, Kluis Advisors, says that the gyrating markets can be expected for awhile.
“This type of "up one week, down the next" week in the grain markets is likely to continue. The energy markets also rolled over on Monday, putting pressure on the ethanol and corn markets. The US stock market was sharply lower on Monday and the US and global stock markets are under pressure again today,” Kluis told customers in a daily note.
He added, “This is going to be a good week to lock in basis on your December Corn hedges. Historically, the week of Thanksgiving is a good week to make some sales.”
Jason Roose, U.S. Commodities, says that the markets will creep toward the Thanksgiving Holiday.
“Soybeans are trading cautiously higher today, after yesterday's sell off in all grains. Slow producer- selling, harvest progress under trade estimates, Holiday positioning and u.s. china trade optimism is giving the market support .
In early trading, the December corn futures are 1/2¢ lower at $3.61. March futures are 3/4¢ lower at $3.72.
January soybean futures are 3 3/4¢ higher at $8.77. March soybean futures are 3 3/4¢ higher at $8.91.
March wheat futures are 1/4¢ higher at $5.06.
December soymeal futures are 1.70¢ per short ton higher at $307.20. December soy oil futures are 0.12 lower at 27.20¢ per pound.
In the outside markets, the NYMEX crude oil market is $3.09 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 501 points lower.
Private exporters reported to the U.S. Department of Agriculture the following activity:
--Cancellations of export sales of 200,588 metric tons of corn for delivery to unknown destinations during the 2018/2019 marketing year; and
--Export sales of 123,567 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
The marketing year for corn and soybeans began Sept. 1.