All Farm Markets Start Higher Wednesday
Category: Miscellaneous
(Agriculture.com) – On Wednesday, the CME Group’s farm markets have found buying interest.
In early trading, the March corn futures are 1¾¢ higher at $3.67; May futures are 1½¢ higher at $3.75.
March soybean futures are 8¢ higher at $10.34; May soybean futures are 8¢ higher at $10.45.
May wheat futures are 1¾¢ higher at $4.64.
May soy meal futures are $3 per short ton higher at $382.30. January soy oil futures are 0.06¢ lower at 31.98¢ per pound.
In the outside markets, the NYMEX crude oil market is 31¢ lower, the U.S. dollar is higher, and the Dow Jones Industrials are 84 points higher.
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TUESDAY’S GRAIN MARKET REVIEW
On Tuesday, the CME Group’s soybean market closed higher but backed off its daily highs.
Following the closed markets yesterday, due to the Presidents’ Day holiday, the soybean complex is finding pent-up demand from investors.
At the close, the March corn futures settled 2¢ lower at $3.65½; May futures finished 1¼¢ lower at $3.73¾.
March soybean futures ended 5¢ higher at $10.26½; May soybean futures closed 5¢ higher at $10.37½.
March wheat futures ended 8½¢ lower at $4.49½.
May soy meal futures settled $3.30 per short ton higher at $379.30. January soy oil futures closed 0.31¢ higher at 32.04¢ per pound.
In the outside markets, the NYMEX crude oil market is 17¢ higher, the U.S. dollar is higher, and the Dow Jones Industrials are 160 points lower.
Jack Scoville, The PRICE Futures Group’s senior market analyst, says the soybean complex is well supported by global weather.
“The soybean rally is based on Argentina’s crop weather. Some rains in a few provinces over the weekend, but hot and dry again this week. Wheat is down on U.S. Plains weather and weak world prices. Corn market is finally riding the demand train,” Scoville says.
