Soybean Prices Hit New Highs; Corn & Wheat Higher

09 Mar in Blog, commodity trading, corn futures, futures broker, oat futures, rough rice futures, soybean futures, wheat futures

Grain Futures-- A wild trading session in the grain market today with soybeans finishing unchanged at 13.38 a bushel while twice climbing as high as 13.55 a bushel up $.16 cents at one point before selling off to finish unchanged while corn prices finished up seven cents to close at 643.2 a bushel in active trade in Chicago this afternoon. Wheat futures also were higher by six cents to close at 641.4 a bushel and at one point wheat and corn were both lower on the day before shooting much higher only to close mid-range. The crop report was very neutral for the second consecutive month in a row basically keeping the corn and soybean carryover the same as well as showing know new fundamental news. I still believe that the soybeans could break through $14 a bushel in the next month or so heading into spring planting with the heat and dry season of June, July and August coming soon. Corn and wheat are in two different situations and could go sideways or even head lower because the fundamental news is not as bullish for wheat with the 2nd highest supply since 1986 and if you go back to 1986 you will see prices around $2.50 cents a bushel. I don't believe that will happen again but I think there is a lid on wheat prices and if soybeans really skyrocket then corn and wheat the rest of grain market could ride their coattails. The higher soybean prices climb the more volatility will come into play with today’s trade showing the first sign of volatility which we have not seen in several weeks. I like markets grinding higher or lower with a solid chart structure and no price gaps to be filled and that’s the perfect description of the soybean chart as well as the natural gas chart. The May oats finished unchanged at 2.88 a bushel not able to rebound from yesterday debacle. Rough rice futures for the May delivery closes up 22 cents to close around $14.15 a bushel and still in a sideways chart pattern. Soybean oil rallied 93 points to close around 54.32 while soybean meal which has been the leader in the grain complex sold off 5 dollars to close around 362. If you have any questions about today’s crop report please call Michael Seery at 800-615-7649.

 

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