June 22: Soybean Prices Snapback on Bargain Buying

Soybean prices rallied Friday as bargain buyers stepped in to snap up cheap contracts.  But wheat prices saw some weakness across the United States. Given that we’re working hard on our weekly recap of the markets for our premium readership, we’re going to keep it short today.

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Let’s take a quick look at contracts at the Chicago Board of Trade from Friday.

Wheat Prices Slide in Chicago, Kansas City

Wheat futures have trended down after a turbulent week, down between one to four cents on Friday. The Ukrainian Grain Association expects 500,000 MT less wheat to be exported next year due to lower yields.

In Chicago, July 2018 SRW wheat prices down 4 cents to close at $4.91. The September contract is also down, by 2.5 cents to close at a tick above $5.04

Kansas HRW July 2018 prices down 4.5 cents to close at one tick below $4.89.

In Minneapolis, July spring wheat prices dropped 3.75 cents to close at $5.49. The September spring wheat contract dropped 3.75 cents to end the day at $5.61.

Soybean Prices Bounce Back thanks to Bargain Buying

Commitments for soybeans exports are still 4.2% behind a year ago. July 2018 soybeans finished the day up 14 cents to close the day at $8.94 and a half cent. Sept 2018 soybeans up 14.75 cents to close at $9.06.

Corn Prices Flat in Chicago

Corn futures July 2018 prices up one-quarter of a cent to close at one tick above $3.57. September prices were flat, closing at $3.665.

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About the Author
Garrett Baldwin

Garrett Baldwin is a content strategist and editor at FarmLead. He covers the global grain markets and public policy issues related to the agricultural industry. He is a graduate of the Medill School of Journalism at Northwestern University. He also holds a Master’s Degree in Economic Policy from The Johns Hopkins University, an MS in Agricultural Economics from Purdue University, and an MBA in Finance from Indiana University.

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