December soft red winter wheat (ZWZ25) futures hit a nearly three-week high on Friday and for the week gained 8 3/4 cents a bushel. December hard red winter wheat (KEZ25) also hit a three-week high on Friday and was up 10 cents for the week. December soybean meal (ZMZ25) futures on Friday hit a seven-week high and were $13.10 per ton higher on the week.
Importantly, these three markets had been serious laggards during the recent rallies in corn and soybean futures. Now that the overall grain futures complex is in better alignment on trending price direction, the grain market bulls are more confident that grains and soy complex prices can continue to grind sideways to higher in the coming weeks. Let’s break each market down further.
