29.09.2021 (www.agriculture.com) - On Wednesday, the CME Group’s farm markets move higher.
At the close, the Dec. corn futures finished 6½¢ higher at $5.39. March futures finished 6½¢ higher at $5.47. May corn futures ended 6¼¢ higher at $5.51.
November soybean futures closed 6¾¢ higher at $12.83.
Jan. soybean futures ended 6½¢ higher at $12.93. March soybean futures settled 6¢ higher at $12.98.
Dec. wheat futures finished 3¾¢ higher at $7.10.
Dec. soymeal futures settled $1.70 per short ton higher at $341.20.
Dec. soy oil futures closed 0.37¢ higher at 57.83¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.32 lower (-0.43%) at $74.97. The U.S. dollar is higher, and the Dow Jones Industrials are 135 points higher (+0.40%) at 34,435 points.
Al Kluis, Kluis Advisors, says that today’s markets are absent the macro market pressure that weighed on the ag markets Tuesday.
“The extreme pressure yesterday in the stock market put pressure on the energy and grain markets. I have watched the grain markets put in some extreme moves right at the end of the month. Thursday is the last trading day of the month and the third quarter,” Kluis stated in a note to customers.
Kluis added, “Looking ahead to October, watch to see if nearby crude oil can take out resistance at the potential double top at $77. If nearby crude can close over $77 on the weekly chart, then it will be very positive for commodity prices.”