CHICAGO – Chicago soybean and grain futures ended higher on Wednesday, as traders looked to even up their positions before the market closes for the US Thanksgiving holiday and ahead of a short trading day on Friday, analysts said.
Corn futures strengthened, as the market eyed dry weather forecasts that may cause more stress on Argentinian crops, analysts said.
“As we hit this weekend and going forward, South American weather is going to be a big deal to the markets,” said Don Roose, president of Iowa-based US Commodities. “There’s a huge soybean and corn crop in South America, so the question of weather is key.”
Soybeans firmed after trading lower earlier in the day amid ongoing concern about a rise in COVID-19 cases in China and oil prices falling as the Group of Seven (G7) nations looked at a price cap on Russian oil.
Exporters sold 110,000 tons of US soy to China for delivery in the 2022/23 marketing year, the US Department of Agriculture said Wednesday.
“You had two other things today: Options expire on Friday, so people were looking to get ahead of that, and the basis levels remain strong” as domestic demand remains robust, Roose said.
