Sunday, July 21, 2024

U.S. Grains Climb As Demand Improves; Soy Slides – Nasdaq


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By Jesse Newman

CHICAGO--U.S. grain futures settled higher on Friday as crude oil prices rebounded and greater demand boosted corn and
wheat markets.

Meanwhile, soybeans dipped.

Meanwhile, a rally in crude oil prices also boosted the corn market. Higher prices for crude oil often lead to greater
domestic demand for corn since it prompts refiners to blend more corn-based ethanol into the nation's gasoline supply.

"In an extremely volatile week for a lot of markets, corn was incredibly stable," said Doug Bergman, an analyst with
investment firm RCM Asset Management in Chicago.

Corn futures for March corn rose 3 1/4 cents, or 0.9%, to $3.70 1/4 a bushel at the Chicago Board of Trade, the
highest closing price since Dec. 21.

Wheat prices inched higher, propped up by strength in the corn market and improving export sales. Gains were limited,
however, by increasing competition in the world market, with Argentina exporting more wheat thanks in part to a weaker
peso, which makes grain supplies from that country less expensive for world importers.

CBOT March wheat added 1/2 cent, or 0.1%, to $4.75 1/2 a bushel.

Soybean prices dipped after trading higher for much of the day as U.S. and Argentine farmers began marketing crops to
take advantage of an upswing in the market. Prices for the oilseeds gained earlier in trade thanks to the rally in crude
oil prices and adverse weather in South America which is threatening soybean crops there.

CBOT March soybeans slid 2 cents, or 0.2%, to $8.76 1/2 a bushel.

Write to Jesse Newman at


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