Chicago Wheat Commodity Markets, Prices & Futures
Use the chart below to check futures prices for soybean meal. Click the contract dates for more prices and trends. Cash price reflects the USDA Chicago terminal.
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Latest News From Chicago Wheat
Shawn Hackett with Hackett Financial Advisors says with corn and soybean prices plunging at the beginning of the week in response to the bearish USDA report, the lower price levels stimulated end user buying.
John Heinberg with Total Farm Marketing says soybeans rallied with the surging bean oil market on Thursday on talk of favorable biofuels policy in the Renewable Fuels Standard.
Don Roose with U.S. Commodities says the bearish USDA report news has been largely factored in but corn and soybeans are establishing new lower trading ranges.
Corn and soybeans try to bounce Wednesday morning. Vince Boddicker with Farmers Trading Company says some of this is short covering or corrective buying as the market was oversold but he’s not sure the bearish USDA news is all digested.
Brian Grete with Commstock Investments says the corn market is still trying to digest the shock of USDA’s January reports. March corn futures came within striking distance of the Aug. 12 low at $4.10.
Arlan Suderman, chief commodities economist with StoneX says the move surprised him even though their customer survey’s during the season had yield at 186 bu.
Darren Frye with Water Street Solutions says the trade guesses are fairly conservative with not many changes expected. However, that is not the history of the January reports. So could there be a surprise?
The January USDA reports have been historically a huge market mover and a great deal of the focus will be on final yields and production.
Tommy Grisafi with Nesvick Trading says the soybean market faded after hitting chart resistance but also seemed disappointed with the lack of confirmed China export business. The grain complex also saw report positioning.
Garrett Toay with AgTraderTalk attributes the rally mostly to corrective buying after a $1.40 break from the highs in soybeans. Traders are also short in the wheat market, which just came off of contract lows in SRW futures.