Chicago Close: Positive Day for Crop Futures

Crop futures drifted higher in pre-US holiday trade. 

Soybean futures were slightly higher in advance of Thursday’s US Thanksgiving holiday. The market remains anxious about a lack of rain in Argentina, with only scattered showers expected over the coming week. January soybeans were up 6 1/4 cents at $14.36, and November 2023 was up 1 1/2 cents to $13.77 3/4. 

Wheat futures got a lift from some short covering leading up to the holiday, but the trend remains down from last week’s high. The market has been rattled by reports of European wheat being booked into the southeastern United States, suggesting American wheat is overpriced on the world market. The December Chicago future gained “just” 2 cents at $7.93 1/2, December Kansas City rebounded 4 3/4 on the day to $9.30 1/4, and December Minneapolis jumped 11 3/4 cents to $9.57 3/4. 

Corn futures got a lift from chart-based buying after the market was able to hold above the low made last week. The December 2022 future ended up 6 1/2 cents at $6.63 1/4, and new-crop December 2023 gained 3 1/4 cents at $6.08 1/2. 

Source: DePutter Publishing Ltd.

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