Market Closes – May 3, 2016

CBOT futures traded higher overnight, but sold off once markets reopened at 830 am CT. Futures were pressured by the strengthening US Dollar which reversed the downward trend in place the past 2 months; the weaker US$ helped fuel the rise in commodity prices over this period. The US$ was supported by a weak...

Market Closes – May 2, 2016

CBOT futures closed generally steady except for the soy complex which saw a very strong soybean meal market lead soybeans higher; a 2% drop in soybean oil futures limited soybean’s gains. Soybean oil has been selling off the past 10 trading days as traders buy more meal futures. Nearby meal futures hit a...

Market Closes – April 21, 2016

CBOT futures closed mostly lower except for strong gains in old-crop soybean and soybean meal contracts. Corn and wheat rallied overnight with soybeans, but they sold off from 7 am to 9 am, followed by a rally into midday. That’s when soybeans diverged from the corn and wheat prices. Soybeans maintained...

Market Closes – April 20, 2016

CBOT futures, except for soybean oil, closed strongly higher and near the day’s highs, as markets rallied into the closing bell. Soybeans lagged the corn and wheat rally early in the day, but old-crop contracts surged into the close. The strong move was fueled by aggressive fund buying as they cover their...

Market Closes – April 19, 2016

CBOT futures rallied strongly on continued fund buying, led by the soybean market. Traders bought soybean futures on technical considerations and concerns that rains are damaging Argentina’s soybean crop. May and November soybeans are now $1.25/bushel above the early March lows (a cheap call option...

Market Closes – April 18, 2016

CBOT futures closed mixed with Chicago Wheat being the star performer. Wheat soared today but still remains below the highs set in March and April. Wheat found support from apparent short-covering as opinions differ as to the benefit of the heavy rainfall in the Plains states. The spec funds have had a large...

Market Closes – April 14, 2016

CBOT trade was more subdued today with a mixed close. Soybean futures moved higher Wednesday evening on follow-through buying but soon headed lower until the morning opening. The higher levels reached this week have encouraged farmer selling and with soybean futures in overbought status, traders were eager...

Market Closes – April 13, 2016

The rally in CBOT futures rolled on today with strong price moves in nearly every commodity, but especially in corn, wheat, soybean meal and soybean futures; these four closed at or near the day’s highs. Soybeans, up four straight days, were supported by news that China’s March 2016 soybean imports were...

Market Closes – April 11, 2016

CBOT futures made some big moves today and in opposite directions. Soybean meal was the big winner with 2% gains and this pulled soybean futures up 1%. Support came from unwinding the soyoil/meal spread and a stronger Brazilian Real relative to the US$. The spec funds are already long soybeans and happy to...

Market Closes – April 6, 2016

CBOT futures closed mixed. Wheat dropped sharply after three days of fairly steady closing prices. Wheat futures were pressured by yesterday’s USDA Crop Condition rating of 59% good/excellent which was better than expected and well ahead of year-ago levels, as well as by forecasts for rain next week....

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