Market Update: Corn and Wheat See Gains as Trade Talks Progress

Published: 3:27 p.m. CT

Corn Market Insights

As markets closed Friday, September corn rose by 5 cents, closing at $4.11½ per bushel. This upward trend signals a renewed interest among traders, prompted by positive developments in U.S.-China trade discussions as well as oversold technical indicators.

Soybean Performance

November soybeans also experienced a boost, climbing by 8¼ cents to reach $10.24¾ per bushel. The overall market showed increased activity due to heightened attention on U.S. weather conditions, which are affecting crop yields.

Wheat Market Movement

The wheat markets closed positively on Friday. September CBOT wheat saw a gain of 4 cents, finishing at $5.40¾ per bushel, while September KC wheat remained steady at $5.33¾ per bushel. Interestingly, September Minneapolis wheat surged by 3¾ cents, reaching $6.25¾ per bushel.

Cattle and Hogs Trends

The livestock markets also showed strength, with August live cattle up by $4.10 at $213.30 per hundredweight (cwt). August feeder cattle experienced a significant uplift, increasing $4.60 to $307.90 per cwt. Meanwhile, August lean hogs gained 2 cents, closing at $110.27 per cwt.

Energy and Stock Market Impact

In energy markets, August crude oil was down slightly, decreasing by 11 cents to $65.13 per barrel. Stock indexes showed notable gains, with September S&P 500 futures rising by 25 points and the Dow climbing 390 points.

Outlook for Next Week

Looking ahead, traders are preparing for Monday’s USDA acres and stocks report, which has historically been known for its volatility. Insights from Karl Setzer, a partner at Consus Ag Consulting, indicate that pre-weekend short covering is supporting the market, but long liquidation has characterized the week.

Morning Market Update

As of 9:00 a.m. CT, September corn opened up 5 cents at $4.09 per bushel, continuing its upward trajectory. November soybeans saw a minor increase of 4 cents, reaching $10.20½ per bushel.

Stay tuned for more updates as the market continues to fluctuate amidst trade developments and weather-related crop concerns.

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