Ag markets finish mostly higher. Thursday, November 11, 2021

On Thursday, the CME Group’s farm markets trade mostly higher.

At the close, the Dec. corn futures finished ¼¢ higher at $5.69. March futures finished 3/4¢ lower at $5.78. May corn futures ended 1¼¢ lower at $5.82.

January soybean futures settled 4¾¢ higher at $12.21.

March soybean futures closed 4¼¢ higher at $12.33¼. May soybean futures finished 3¼¢ higher at $12.42¾.

Dec. wheat futures ended 9½¢ higher at $8.12½.

Dec. soymeal futures closed $2.10 per short ton higher at $344.50.

Dec. soy oil futures finished unchanged at 59.14¢ per pound.

In the outside markets, the crude oil market is $0.04 per barrel higher at $81.38, the U.S. dollar is higher, and the Dow Jones Industrials are 133 points lower (-0.37%) at 35,946.

Jason Roose, U.S. Commodities, says that today’s farm markets are stuck in a mixed pattern.

“Grains continue to stay range-bound and mixed today with harvest in the U.S. in its final stages the next few days. The grains are trading well off their highs as energies show maturity, after posting strong gains post USDA crop report. Large crop prospects in Brazil may limit rallies,” Roose says.

Bob Linneman, Kluis Advisors, says that investors are watching local basis prices. The U.S. soybean crop could get smaller.

“Based on the USDA data in the Tuesday report, are we now trading at price levels that reflect supply and demand? If so, should we expect grain prices to start consolidating until fresh news hits the headlines,” Linneman stated in a note to customers.

Linneman added, “The weekly export sales report will be released tomorrow, Friday, in recognition of Veteran’s Day. Continue to watch basis levels across the Midwest. The western Corn Belt is approximately 10¢ tighter than the Eastern Belt, on average. Will these levels start to widen once ethanol plants feel they have enough coverage to start the 2022 year.”

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Tags: farm markets, wheat futures, soymeal futures, soy oil futures, soybean futures, corn futures, Grains