Soy Fund Slips 0.22% as Corn Fund Falls 0.87% | Grains, Oct 16
Key Facts
- November soybean futures fell 1.75 cents to 1,261.25 cents a bushel on Friday 16 October, and December corn fell 3.75 cents to 474.25 cents.
- December Chicago wheat fell 9.50 cents to 660.50 cents, the largest fall of the three.
- The SOYB soybean fund fell 0.22% to US$26.88, the CORN fund 0.87% to US$18.19 and the WEAT wheat fund 1.15% to US$24.00.
- Bunge fell 0.81% to US$106.14 and Archer-Daniels-Midland 0.39% to US$82.61, while the Nasdaq fell 2.14%.
Today’s Focus
Grain futures ended lower on Friday 16 October. November soybeans fell 1.75 cents to US$12.6125 a bushel, December corn fell 3.75 cents to US$4.7425 and December Chicago wheat fell 9.50 cents to US$6.605, according to Brownfield Ag News.
The SOYB fund fell 0.22% to US$26.88, the CORN fund 0.87% to US$18.19 and the WEAT fund 1.15% to US$24.00. The broad DBA agriculture fund fell 0.18% to US$28.23.
Brazil and Argentina are major exporters of soybeans, corn and wheat, so Chicago prices matter for their farmers and currencies. Bunge and Archer-Daniels-Midland, two large grain traders, both fell.
What matters today. For US investors grain prices feed into food costs and farm incomes, and Friday’s small falls show a market waiting for demand news.
01 The session in one read
November soybeans closed at 1,261.25 cents a bushel, down 1.75 cents. December corn closed at 474.25 cents, down 3.75 cents.
December Chicago wheat closed at 660.50 cents, down 9.50 cents, according to Brownfield Ag News. Wheat fell furthest in percentage terms among the three crops.
The funds followed, with soybeans down 0.22%, corn down 0.87% and wheat down 1.15%. The moves were small in all three markets.
The declines were modest and the sources named no single cause. Harvest pressure and Wall Street’s weak tone are plausible background.
We could not confirm Friday’s export sales or Chinese purchases, so we make no claim about demand.
02 The board
| Instrument | Level | Change |
|---|---|---|
| November soybeans (cents a bushel) | 1,261.25 | -0.14% |
| December corn (cents a bushel) | 474.25 | -0.78% |
| December Chicago wheat (cents a bushel) | 660.50 | -1.42% |
| SOYB soybean fund (US$) | 26.88 | -0.22% |
| CORN fund (US$) | 18.19 | -0.87% |
| WEAT wheat fund (US$) | 24.00 | -1.15% |
| Bunge (US$) | 106.14 | -0.81% |
The futures changes are our calculation from the cent moves reported by Brownfield Ag News. The fund and share figures are RT closing prices.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 205,430.33 | +0.54% | +21.85% | 204,324.26 | 168,310 | 167,142 | — |
| IPSA | 10,969.16 | -0.02% | — | 10,971.88 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 68,420.16 | +1.12% | +12.17% | 67,663.29 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,848,945 | -0.35% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,566.28 | -0.55% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,210.69 | -0.91% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
Brownfield Ag News listed the closing moves but gave no single driver for Friday. In the days before, Business Recorder cited active US harvesting that supported supplies, limited by Chinese purchases of US cargoes.
The Nasdaq fell 2.14%, and oil surged, with Brent at US$109.86 a barrel. Higher fuel costs raise farm costs, but the grain market did not rally.
04 The Latin American read
Brazil is the world’s largest soybean exporter, and Argentina is the largest exporter of soybean meal and oil. Both benefit from higher Chicago prices, but Friday’s moves were small.
The Brazilian real firmed 0.28% to R$5.073 per dollar, which slightly reduces farmers’ local-currency income. Argentina’s peso rate was about 1,518 per dollar.
05 The names to watch
Bunge and Archer-Daniels-Midland are the large US-listed grain traders, and both fell. Mosaic, a fertiliser producer, fell 0.69% to US$18.82.
The SOYB fund gives the simplest US-dollar read on soybeans. It fell 0.22% to US$26.88.
06 The outlook
Grain prices enter next week with no clear trend. Harvest progress and Chinese buying are the main swing factors.
An oil price near US$110 could raise costs for farmers. A stronger US dollar would weigh on exports.
07 What to watch
- China: Chinese purchases of US soybeans would support prices.
- The harvest: Weather over the US Midwest affects supply.
- The dollar: A stronger dollar makes US grain dearer abroad.
- Brazil and Argentina: Watch the real and the peso for farmer selling.
Background: Soy Fund Slips 0.92% as Corn Fund Falls 0.38%.
Background: Brazil Stocks Rise 0.5% as Petrobras Adds 4%.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
How did grain futures close on 16 October?
November soybeans fell 1.75 cents to 1,261.25 cents a bushel, December corn fell 3.75 cents to 474.25 cents and December wheat fell 9.50 cents to 660.50 cents, according to Brownfield Ag News.
How did the grain funds do?
The SOYB fund fell 0.22% to US$26.88, the CORN fund 0.87% to US$18.19 and the WEAT fund 1.15% to US$24.00. These are RT closing prices.
Why do grains matter for Latin America?
Brazil is the world’s largest soybean exporter, and Argentina leads in soybean meal and oil. Chicago prices shape their farm income.
Which grain traders fell?
Bunge fell 0.81% to US$106.14 and Archer-Daniels-Midland fell 0.39% to US$82.61. Mosaic fell 0.69%.
Market data: RT; futures closes: Brownfield Ag News; drivers: Business Recorder.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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