Wheat closes over $8.00 per bushel. Wednesday, November 10, 2021

On Wednesday, the CME Group’s farm markets add to this week’s gains.

At the close, the Dec. corn futures closed 14¼¢ higher at $5.69. March futures closed 14¼¢ higher at $5.78. May corn futures finished 14¼¢ higher at $5.83.

January soybean futures closed 4¾¢ higher at $12.16.

March soybean futures closed 5¼¢ higher at $12.29. May soybean futures closed 5¢ higher at $12.39.

Dec. wheat futures closed 24½¢ higher at $8.03.

Dec. soymeal futures closed $0.10 per short ton lower at $342.40.

Dec. soy oil futures closed 0.67¢ higher at 59.14¢ per pound.

In the outside markets, the crude oil market is $2.43 per barrel lower at $81.72, the U.S. dollar is higher, and the Dow Jones Industrials are 228 points lower (-0.63%) at 36,091.

On Wednesday, private exporters reported sales of 22,000 metric tons of soybean oil for delivery to unknown destinations during the 2021/2022 marketing year.

Bob Linneman, Kluis Advisors, says that the U.S. soybean crop could get smaller.

“On Tuesday, the USDA reduced the national soybean yield in the November report. The odds are good that we will see an additional reduction in yield in the final crop production report in January,” Linneman stated in a note to customers.

Linneman added, “I am watching global wheat ending stocks continue to move lower and wheat prices move higher. This should help the corn market stabilize. It may eventually lead to larger corn exports with wheat not working into feed rations in most areas of the world.”

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