Chicago Closing Comments
Soybeans
Nov soybean closed at $9.10, up 25 cents, and Oct soymeal closed at $285.50, up $10.00. Rain, cold, snow and freezing temperatures are forecast for large parts of the northern Midwest over the next week or so. Given the late nature of this season's crop the market seemed to need to add a bit of 'protection money' into current prices. A sharply lower US dollar index and higher crude oil futures provided additional outside market support.
Corn
Dec corn finished at $3.58 ¼, up 16 ¾ cents. A poor weekend weather forecast, given the slow state of crop maturity announced by the USDA last night is making the market a bit nervous. A sharply lower US dollar index and higher crude oil futures provided additional outside market support.
Wheat
Wheat settled at $4.60 ¼, up 17 ½ cents. Spillover strength from beans and corn helped wheat today, as did a steeply dropping US dollar index. Whilst spec shorts have reduced their exposure recently, they are still heavily short on wheat. That leaves the market vulnerable to a corrective bounce for little or no apparent reason.
Nov soybean closed at $9.10, up 25 cents, and Oct soymeal closed at $285.50, up $10.00. Rain, cold, snow and freezing temperatures are forecast for large parts of the northern Midwest over the next week or so. Given the late nature of this season's crop the market seemed to need to add a bit of 'protection money' into current prices. A sharply lower US dollar index and higher crude oil futures provided additional outside market support.
Corn
Dec corn finished at $3.58 ¼, up 16 ¾ cents. A poor weekend weather forecast, given the slow state of crop maturity announced by the USDA last night is making the market a bit nervous. A sharply lower US dollar index and higher crude oil futures provided additional outside market support.
Wheat
Wheat settled at $4.60 ¼, up 17 ½ cents. Spillover strength from beans and corn helped wheat today, as did a steeply dropping US dollar index. Whilst spec shorts have reduced their exposure recently, they are still heavily short on wheat. That leaves the market vulnerable to a corrective bounce for little or no apparent reason.
