AFB Grain-Soybean Close: Positive End to the Week
Soybeans posted double digit gains today to erase all of yesterday’s losses and end up for the week: 6-cents on the nearby contract and 10-cents on November contract. Soybeans saw another week of good exports, which helped stead the market after yesterday’s announcement of China cancellations. While exports remain firm, they continue to trail last year, and continued reports of improving South American weather is likely to keep the pressure on soybean prices in the coming weeks.
July wheat closed higher today on support from outside markets and closed just above resistance at $4.90. Wheat gains today may be difficult to hold given the strength in the dollar and wheat’s continued poor export performance. Today’s report showed sales down 19-percent from last week, and up only 9-pecent from 4-week average.
Corn prices recovered losses from earlier in the week and managed to close the week up 2-cents on the March contract and a penny on the December contract. The market got a much needed boost from another good export sales report. While sales were not as high as last week they were still up 17-percent from the 4-week average. As we approach the half-way point for prices discovery for crop insurance corn prices are trending in the right direction are prices are up 8-cents since January 15. Corn prices continue to have difficulty maintaining gains and will need some more bullish news to help prices maintain gains today as a today’s rally in the dollar will have the market worried about exports going forward.
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After a strong start for the week, the ICE Dec contract encountered weakness following the dissemination of strong US export sales data, ultimately giving up 150 points on the week,