Corn closes higher. Friday, March 11, 2022

At the close Friday, CME Group soybeans close lower while corn ends higher.

The May corn contract settled 6¾¢ higher at $7.62½. July futures ended 2¾¢ higher at $7.28¾. December futures finished 3½¢ higher at $6.55¼.

May soybean futures closed 10¼¢ lower at $16.76.

July soybean futures finished 8¼¢ lower at $16.51¼. New-crop November soybean futures settled 1¼¢ lower at $14.91.

May wheat futures ended 19½¢ higher at $11.06½.

May soymeal futures closed $6.60 per short ton lower at $477.10.

May soy oil futures finished 1.35¢ higher at 76.03¢ per pound.

In the outside markets, the crude oil market is $2.86 per barrel higher (+2.70%) at $108.88, the U.S. dollar is higher, and the Dow Jones Industrials are 37 points higher (+0.11%) at 33,211.

At midsession Friday, CME Group soybeans remain lower while nearby corn has rebounded, barely into positive territory.

The May corn contract is 2¼¢ higher at $7.58. July futures are ¼¢ higher at $7.26¼. December futures are 1¾¢ lower at $6.50.

May soybean futures are 15¼¢ lower at $16.71.

July soybean futures are 13¾¢ lower at $16.45¾. New-crop November soybean futures are 7½¢ lower at $14.84¾.

May wheat futures are 23½¢ higher at $11.10½.

May soymeal futures are $13.80 per short ton lower at $469.90.

May soy oil futures are 1.53¢ higher at 76.21¢ per pound.

In the outside markets, the crude oil market is $2.41 per barrel higher (+2.27%) at $108.43, the U.S. dollar is higher, and the Dow Jones Industrials are 204 points higher (+0.62%) at 33,378.

Earlier today, private exporters reported the following activity to USDA:

• 128,900 metric tons of corn for delivery to unknown destinations during the 2021/2022 marketing year

• 264,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year

Here are the views of market analysts on a relatively calm Friday:

From Jake Hanley at Teucrium Funds:

“The trade appears to be catching its breath this morning. Extreme volatility over the past two weeks has many wondering what is and is not priced into this market right now. There are mixed reports on peace talk progress, and traders are closely managing positions as we head into the weekend.”

From Matt Tranel at ever.ag:

“Markets today are reacting to comments from Ukrainian and Russian leaders. This morning Putin mentioned ‘positive shifts in talks with Ukraine.’ A possible Putin and Zelensky meeting was hinted at by the Russian Press Secretary. Through a televised statement, President Zelensky mentioned this morning, ‘This spring, as much as any spring, we must make a full-fledged sowing campaign. As much as possible.’ Given that markets lately have been hearing about Ukraine possibly not planting and leaving a production gap, markets are trying to assess how that affects current prices. The result – some profit taking in grain space.”

From Jack Scoville at The Price Futures Group:

In early trading Friday, CME Group corn and soybean are lower.

The May corn contract is 4¼¢ lower at $7.51½. July futures are 7¼¢ lower at $7.18¾. December futures are 6¼¢ lower at $6.45½.

May soybean futures are 13¢ lower at $16.73¼.

July soybean futures are 12¾¢ lower at $16.46¾. New-crop November soybean futures are 14¢ lower at $14.78¼.

May wheat futures are 31¾¢ lower at $10.55¼.

May soymeal futures are $3.50 per short ton lower at $480.20.

May soy oil futures are 0.80 lower at 73.88¢ per pound.

In the outside markets, the crude oil market is $1.19 per barrel higher ((+1.12%) at $107.21, the U.S. dollar is lower, and the Dow Jones Industrials are 313 points higher (+0.95%) at 33,487.

While wheat prices get the headlines, Bob Linneman of Kluis Commodity Advisors saw significant moves in corn futures this week.

When he looks at the December daily corn futures chart, he points out: “We can see that prices were able to quietly push to new contract highs this week. This is rather impressive, considering the wild ride up and then down we saw wheat go through this week.”

The old contract high of $6.46 of February 24 might be new support.

“The bulls would like to see this price level hold as support when tested in the coming days,” he says in a note to clients.

Corn exports add another puzzle to ponder.

“The very strong weekly export sales report released yesterday caught a few traders off guard,” Linneman says. “Is this spike in demand an effort by importing countries to secure supply they know they will need at some point this year? Will any spike in short-term sales create a lull of business down the road?”

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Tags: soybean futures, corn futures, wheat futures, soymeal futures, soy oil futures, markets