Corn, wheat, and soybean futures all closed higher on Monday, amid rising optimism over the end of the US government shutdown.
The ag markets followed the stock markets higher as lawmakers appeared close to a deal that would end the record-long government shutdown, which hit 41 days today. Soybeans saw further gains on hopes for the resumption of Chinese buying, along with trader positioning ahead of USDA crop reports to be released Friday, the first since the government shutdown began. January beans climbed 13 cents to $11.30, and March was up 13 ½ cents at $11.39 ¼.
Corn drew additional strength from ideas that Friday’s crop reports will trim this year’s average US corn yield estimate from the current 186.7 bu/acre. December and March corn each added 2 ½ cents to end at $4.29 ¾, and $4.44 ½, respectively.
Wheat followed corn and soybeans higher, but the advances were limited by large global supplies and rising exports out of Russia. December Chicago rose 8 cents to $5.35 ¾, and December Kansas City was up 7 ¾ cents to $5.27. December Hard Red Spring jumped 11 ¼ cents to $5.23 ¼, and December Minneapolis was 6 ¼ cents higher at $5.64 ¼.
There will be no trading on Tuesday in observance of Veterans Day.
