Grains Futures Prices
- Stock Indexes Set New All-time Highs
Grain markets are quiet as harvest progress weighs on a rally. The US stock market setting record highs 4 out of 5 days last week and is suggesting a new...
- A recap of Friday afternoons news wire (Ags)
There were a few bits of new news that came across the wire Friday afternoon that could affect this weeks trade.
- Corn Prices Look To Head Lower
Lower but limited
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Corn futures ended Friday with most contracts 3 1/2 to 4 1/2 cents lower. The USDA announced private export sales of 125,000 MT of corn to Unknown Destinations, with an additional 120,000 MT to Spain for 17/18 delivery through their daily reporting system. The CFTC Commitment of Traders report showed spec traders adding another 7,747 contracts to their net short position during the week that ended 10/17. Their net position on that date totaled -170,684 contracts in corn futures and options. The Buenos Aires Grain Exchange sees planting progress at 27.7% complete, 5% above this time last year. Acreage intentions are larger. On Friday, China sold 1.95 MMT of the total 3.767 MMT offered at an auction of state reserves.Dec 17 Corn closed at $3.44 1/2, down 4 1/2 cents,Mar 18 Corn closed at $3.58 1/2, down 4 1/4 cents,May 18 Corn closed at $3.67 1/4, down 4 centsJul 18 Corn closed at $3.74 3/4, down 3 1/2 cents
Soybean futures lost 7 1/4 to 7 3/4 cents in the nearby contracts on Friday. Drier weather this week is pressuring the market, as most traders are ignoring forecasts for showers in the Eastern US next week and focused on harvest progress this week. December meal was $4.30/ton lower, with nearby bean oil 33 points higher. A private export sale to China of 198,000 MT for 17/18 delivery was reported by the USDA this morning. The CME is lowering the daily price limit to 65 cents for soybeans, which will take effect on November 1. The weekly COT report had spec traders adding another 37,186 contracts to their net long position in soybean futures and options. Their net position on Tuesday was net long 68,168 contracts.Nov 17 Soybeans closed at $9.78 3/4, down 7 3/4 cents,Jan 18 Soybeans closed at $9.89 1/4, down 7 3/4 cents,Mar 18 Soybeans closed at $9.99 1/4, down 7 3/4 cents,Jul 18 Soybeans closed at $10.16 3/4, down 7 1/4 cents,Dec 17 Soybean Meal closed at $317.10, down $4.30,Dec 17 Soybean Oil closed at $34.16, up $0.33
Wheat futures fell 4 to 7 cents in most contracts to end the week. Managed money spec funds in KC wheat futures and options went 5,505 contracts more bearish last week. They went home net short 4,662 contracts on October 17. In Chicago wheat futures and options, they increased the size of their CFTC net short position another 9,963 contracts to -77,692. The USDA Ag attach in Australia sees the 2017 production at 20 MMT, 1.5 MMT below the current WASDE supply and demand table, mainly due to dry weather impacts on yield. The Ukraine Ag Ministry estimates that winter wheat planting is 90% complete, while AgriMer projects the French wheat crop is 47% planted.Dec 17 CBOT Wheat closed at $4.26, down 6 3/4 cents,Dec 17 KCBT Wheat closed at $4.22 3/4, down 6 1/2 cents,Dec 17 MGEX Wheat closed at $6.11 1/4, down 4 1/2 cents