While it was still ending in the green, CME Group farm markets closed their daily highs.
At the close, March corn futures closed 4 cents higher at $5.71 and 1/2. May futures closed 3 percent higher at $5.73. July corn futures settled 2 3/4 higher at $5.73.
January soybean futures closed 11¢ higher at $12.28.
March soybean futures ended up 8 1/2¢ at $12.35. May soybean futures settled 7 3/4 higher at $12.43.
March wheat futures ended 3 1/2 up at $7.90.
January futures closed up 7.30 per short ton at $349.10.
Soybean oil futures for January settled down 0.03 cents at 55.18 pounds.
In the overseas markets, the crude oil market is down $0.40 a barrel at $65.78, the US dollar is up, and the Dow Jones Industrial Average is up 70 points (+0.21%) at 34555.
As the trading session reaches midday, CME Group’s farm markets are gaining traction.
In the middle of the session, corn futures for March were up 8 percent at $5.75. May futures are up 7 3/4 at $5.77. July corn futures were up 7 cents at $5.77 3/4.
Soybean futures for January are up 16 3/4 at $12.34.
Soybean futures for March are up 14 3/4 at $12.41 and 1/2. May soybean futures were up 14¢ at $12.49.
March wheat futures were up 5 1/2¢ at $7.92.
Soybean flour futures for January were up $10.20 a tonne, short at $352.00.
Soybean oil futures for January were up 0.11 cents at 55.32 pounds.
In the overseas markets, the crude oil market was up $1.12 a barrel at $67.30, the US dollar was up, and the Dow Jones Industrial Average rose 373 points (+1.08%) at 34857.
On Wednesday, the Energy Information Administration (EIA) reported that weekly ethanol production in the United States fell to a seven-week low.
According to EIA data analyzed by the Renewable Fuels Association for the week ending November 26, ethanol production slowed by 43,000 barrels per day (b/j), or 4.1%, to a seven-week low of 1.035 million barrels per day, equivalent to 43.47 million gallons per day.
Production was 6.3% higher than the same week last year, which was affected by the epidemic, but was down 2.4% from the same week in 2019. The average four-week ethanol production volume fell 1.7% to 1.053 million barrels per day, equivalent to At an annual rate of 16.14 billion gallons (barrels).
Ethanol stocks rose 0.7 percent to a 12-week high of 20.3 million barrels. However, stocks were 4.4% lower than last year’s level and 1.6% lower than the same week in 2019. Stocks increased in the Midwest (PADD 2) and Gulf Coast (PADD 3) but decreased in other regions.
In early trading
On Wednesday, CME Group’s farm markets started December slightly higher.
In early trade, March corn futures were up 1/3 at $5.69. May futures are up 1/4 at $5.71. July corn futures were up 1/4 to $5.72.
Soybean futures for January are up 2 1/4 at $12.19 and 1/2.
Soybean futures for March are up 1/3 at $12.27 and 1/2. May soybean futures were up 1/2 at $12.35.
March wheat futures rose 3 1/2 to $7.90.
January soy flour futures rose 0.70 a short ton at $342.50.
Soybean oil futures for January were up 0.40 cents at 55.61 a pound.
In the overseas markets, the crude oil market rose by $2.09 per barrel at $68.27, while the US dollar was down, and the Dow Jones Industrial Average rose 213 points (+0.62%) at 34696.
On Wednesday, private exporters announced the sale of 150,000 metric tons of corn for delivery to Colombia during the 2021/2022 marketing year.
Al Kluis, Kluis consultants, says the corn market could face headwinds.
Clowes said in a note to clients.
Clowes added: “I’m watching what Stats Canada releases on Friday when they update their 2021 crop estimates. Trade is again expecting smaller estimates for their wheat and canola crops. I’ll be watching what the numbers are — and the trade reaction to the shutdown. Right now, it’s hard to report Bullish creation continues.”