Grain markets up, but below early highs

The grain markets are higher, but well off the early day highs. It will be an interesting close. At this time corn is up 4¢ per bushel, 5¢ off the high, soybeans are up 18¢, 6¢ off the high and wheat futures are up 13-to-18¢ per bushel about 8¢ off the high. 

To keep the trend going I would like to see December corn close over $4.90, November soybeans above $13.50 and December CBOT wheat above $6.35. 

The weather looks very hot heading into next week. The GFS weather model that updates within the hour will impact how futures close today. The first run today keeps the heat in the plains for another 1-2 days.

In the outside markets. The stock market has traded on both sides the Dow is now up 11 points. The US dollar is down 14 points today, crude oil after a higher start today is now down 13 cents a barrel. 

Livestock futures are higher today. November feeder cattle have turned higher – last trade futures are up $1.30, October live cattle are up 70 cents, October lean hogs are up $2.30.

9 a.m.

The grain markets are higher today with wheat leading the gains. It is all about weather and it looks hot and dry through next Wednesday and Thursday in the central and western Corn Belt.  Temps cool down the following week, but not much rain in the forecasts.  

This morning the outside markets are mixed. the US stock market is lower, crude oil is up 50¢ per barrel and the US dollar index is lower. 

At this time grain markets are all higher.  Corn futures are 6¢ higher; soybean futures are 20-to-25¢ higher and wheat futures are 11-to-20¢ higher. The USDA did report another large corn sale to Mexico today.

The corn and soybean markets appear poised to make a weekly chart reversal higher if these gains hold into the close.

Around the world in the stock markets are all lower. The stock market in China is down 1.2% and in Japan the stock market is down 0.5%.  European stocks are down 1.2%. Livestock futures are lower this morning. October Hogs are up $1.70, October live cattle are down 27¢, and November Feeder cattle are 70¢ lower.

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Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.