Corn, wheat markets close higher. Wednesday, December 29, 2021

To end the session, the CME Group’s farm markets traded mostly higher Wednesday.

At the close, the March corn futures closed ¾¢ higher at $6.05. May futures ended ¼¢ higher at $6.06. July corn futures settled ¼¢ lower at $6.05.

January soybean futures settled 2¾¢ lower at $13.56.

March soybean futures closed ¾¢ higher at $13.68¾. May soybean futures closed 2½¢ higher at $13.77.

March wheat futures ended 4¼¢ higher at $7.87.

March soymeal futures finished $0.90 per short ton lower at $408.20.

March soy oil futures closed 0.24¢ higher at 56.91¢ per pound.

In the outside markets, the crude oil market is $0.47 per barrel higher at $76.45. The U.S. dollar is lower, and the Dow Jones Industrials are 118 points higher (+0.33%) at 36,516.

Grains turn higher

After trading lower to start the session, the CME Group’s farm markets have turned mostly higher.

At midsession, the March corn futures are 3¢ higher at $6.07. May futures are 2¼¢ higher at $6.08. July corn futures are 1¼¢ higher at $6.06.

January soybean futures are 5½¢ lower at $13.53.

March soybean futures are 2¾¢ lower at $13.65. May soybean futures are 1½¢ lower at $13.74.

March wheat futures are 6½¢ higher at $7.90.

March soymeal futures are $3.80 per short ton lower at $405.30.

March soy oil futures are 0.48¢ higher at 57.15¢ per pound.

In the outside markets, the crude oil market is $1.11 per barrel higher at $77.09. The U.S. eollar is lower, and the Dow Jones Industrials are 74 points higher (+0.21%) at 36,472.

FARM MARKETS FALL
On Wednesday, the CME Group’s farm markets fade the new year.

In early trading, the March corn futures are 3¼¢ lower at $6.01. May futures are 4¢ lower at $6.02. July corn futures are 4½¢ lower at $6.01.

January soybean futures are 8½¢ lower at $13.50.

March soybean futures are 8¢ lower at $13.60. May soybean futures are 7¾¢ lower at $13.67.

March wheat futures are 7¢ lower at $7.76.

March soymeal futures are $2.70 per short ton higher at $406.40.

March soy oil futures are 0.02¢ higher at 56.69¢ per pound.

In the outside markets, the crude oil market is $0.35 per barrel lower at $75.63. The U.S. Dollar is lower, and the Dow Jones Industrials are 38 points higher (+0.10%) at 36,436.

Bob Linneman, Kluis Advisors, says that investors are watching each and every weather update for South America.

“With the big heat wave this week in South America, traders are looking at the updated forecasts for signs of a return to normal. If the weather does turn more normal, then we could see prices retreat after the recent gains,” Linneman stated in a note to customers.

Linneman added, “The slide in wheat (30¢ to 40¢, so far this week) has surely aided the corn bears. Soybeans were able to hold their ground until late in the day, yesterday, before they settled down 3¢ at the close. Keep an eye on the spreads in the corn and soybeans. If they start making lower lows and lower highs, then we could be setting a much more significant high.”

Right now would be a good time to consider put options for those bushels that are unsold, since the January crop report is just around the corner, Linneman says.

“The funds are long 360,000 contracts of corn, 73,000 soybeans, and 61,000 of all wheat. Will we see profit-taking over the last few days of the year while money managers look to book gains,” Linneman stated.

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