Weekly Market Wrap-Up

December 21 corn opened the trading week on Monday at 5.3000 and traded higher throughout the day to finish the day at 5.3300. The market was very quiet throughout the day with most of the trade action being pre-report positioning on Columbus Day. Soybeans opened the week at 12.4050 and traded lower to finish the day down 12.25 cents at 12.2825. The trade was expecting a slight bump in yields and lower demand on Soybeans which led the market lower on the day.

Tuesday’s trade had CZ21 futures falling down with the WASDE report finishing the day lower 10.50 cents at 5.2250 futures. November 21 soybeans fell lower with the report as well, trading to a low of 11.9475 before bouncing back up to 11.9825 to close the day down 28.25 cents. The WASDE report showed corn ending stocks rising from 1408 last month to 1,500 million this month. Soybeans raised their ending stocks in the US from 185 million bushels last month to 320 million bushels this month which set the markets back on the day. Corn harvest came in at 41% harvested this week and soybean harvest is now 49% complete.

The trade on Wednesday continued to see markets follow through on Tuesday’s report with corn falling as low as 5.0675 before bouncing back up to close the day at 5.1225. The soybean trade had beans opening at 11.9850 and finishing down the day 3.25 cents at 11.9525. China bought some of the dip in the soybean market booking 330 tmt on a flash sale with another 198 tmt booked to an unknown destination helping support the markets after the WASDE report on Tuesday.

Thursday saw the December 21 corn trade continue to climb after the low on Wednesday to finish the day up 4.5 cents at 5.1675 futures. Soybeans started to rebound on Thursday, climbing back through the $12 mark and closing at 12.0625. Ethanol production was up 54k barrels week over week helping bring support back to the corn market.

To finish the week off, corn continued the climb to climb back through the 200-day moving average to finish the week off up 9.5 cents at 5.2575 CZ21. Soybeans also traded higher on Friday, finishing the week at 12.1775, which was up 12 cents on the day.

December Corn futures opened the week at 5.3000, and closed the week at 5.2575, losing 4.25 cents on the week.

November Soybeans opened the week at 12.4050 and finished the week at 12.1775 losing 22.75 cents on the week.

December Wheat opened the week at 7.3400 and closed the week at 7.3400 ending even on the week.