# Ag Markets Close on Daily Highs

> CME farm markets closed near daily highs after the US and China phase one trade agreement was signed by President Trump. March corn closed 3 1/4 cents higher at $3.81, January soybeans rose 9 1/4 cents to $9.07 1/2, and March wheat finished 2 1/4 cents higher at $5.32 1/2. Soymeal gained $2.70 to $296.90 and soybean oil rose to 32.60 cents per pound.

- Date: 2019-12-13 · published 2019-12-13T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/6299-ag-markets-close-on-daily-highs
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Signing of the phase one deal and strong weekly exports support grain and soybean complex prices, while a growing fund net short in soybeans adds short-covering potential.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2019-12-18 | 5 | +7.0% | 3.4 | The signed US-China phase one deal lifted CME ag futures and soybean oil to 32.60 cents on Dec 13, adding demand optimism early in the 5-day window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2018-07-19 | [U.S. grains: Markets set one-week highs on export hopes, weather woes - AgCanada](https://feedsoft.ai/events/64079-u-s-grains-markets-set-one-week-highs-on-export-hopes-weather-woes-agcanada.md) | -1.3% | -0.2% |
| CORN | 2018-07-27 | [Soybean Futures Close Higher on Signs of Demand](https://feedsoft.ai/events/64076-soybean-futures-close-higher-on-signs-of-demand.md) | +0.9% | -1.9% |
| CORN | 2023-03-26 | [Daily Market Wire 27 March 2023 - Grain Central](https://feedsoft.ai/events/5084-daily-market-wire-27-march-2023-grain-central.md) | +1.6% | -0.0% |
| CORN | 2019-03-12 | [Daily Market Wire 13 March 2019 - Grain Central](https://feedsoft.ai/events/10671-daily-market-wire-13-march-2019-grain-central.md) | +5.0% | -0.3% |
| CORN | 2020-08-31 | [Current Cattle Markets Daily Headlines for Monday, August 31, 2020 \| American Cattle Markets](https://feedsoft.ai/events/51578-current-cattle-markets-daily-headlines-for-monday-august-31-2020-american.md) | +0.2% | +5.4% |
| SOY | 2018-07-19 | [U.S. grains: Markets set one-week highs on export hopes, weather woes - AgCanada](https://feedsoft.ai/events/64079-u-s-grains-markets-set-one-week-highs-on-export-hopes-weather-woes-agcanada.md) | +2.2% | +1.8% |
| SOY | 2018-07-27 | [Soybean Futures Close Higher on Signs of Demand](https://feedsoft.ai/events/64076-soybean-futures-close-higher-on-signs-of-demand.md) | +2.5% | -2.2% |
| SOY | 2023-03-26 | [Daily Market Wire 27 March 2023 - Grain Central](https://feedsoft.ai/events/5084-daily-market-wire-27-march-2023-grain-central.md) | +5.4% | +2.6% |

## Sources

- agriculture.com: https://www.agriculture.com/markets/analysis/soybean-futures-open-higher

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.