Corn, soybeans close slightly higher. Thursday, February 17, 2022

While the NYSE stocks dropped 2%, the CME Group’s wheat market holds up the rest of the ag field Thursday.

At the close, the March corn futures finished 3¢ higher at $6.50. May futures finished 3½¢ higher at $6.49. December futures ended 2¼¢ higher at $5.96.

March soybean futures closed 4½¢ higher at $15.92.

May soybean futures ended 4¾¢ higher at $15.96. New-crop November soybean futures ended 5¼¢ higher at $14.60.

March wheat futures finished 17¼¢ higher at $7.98.

March soymeal futures settled $0.20 per short ton lower at $449.20.

March soy oil futures ended 0.16¢ lower at 66.81¢ per pound.

In the outside markets, the crude oil market is $1.92 per barrel lower at $91.74, the U.S. dollar is higher, and the Dow Jones Industrials are 536 points lower (-1.54%) at 34,397.

On Thursday, profit-taking is occurring in the the soybean complex.

At midsession, the March corn futures are ½¢ higher at $6.47. May futures are 1¢ higher at $6.46. December futures are ¼¢ lower at $5.93.

March soybean futures are 3½¢ higher at $15.91.

May soybean futures are 3¾¢ higher at $15.95. New-crop November soybean futures are unchanged at $14.55.

March wheat futures are 14¼¢ higher at $7.95.

March soymeal futures are $0.50 per short ton lower at $448.90.

March soy oil futures are 0.24¢ lower at 66.73¢ per pound.

In the outside markets, the crude oil market is $1.62 per barrel lower at $92.04, the U.S. dollar is higher, and the Dow Jones Industrials are 406 points lower (-1.20%) at 34,514.

On Thursday, the CME Group’s soybean complex continues to be the darling of ag commodities.

In early trading, the March corn futures are 3¾¢ higher at $6.50. May futures are 4¼¢ higher at $6.50. December futures are 1¢ higher at $5.94.

March soybean futures are 16¾¢ higher at $16.04.

May soybean futures are 16½¢ higher at $16.07. New-crop November soybean futures are 12¢ higher at $14.67.

March wheat futures are 7¼¢ higher at $7.87.

March soymeal futures are 2.40 per short ton higher at $451.80.

March soy oil futures are 0.01 higher at 66.98 per pound.

In the outside markets, the crude oil market is $2.35 per barrel lower at $91.31, the U.S. dollar is higher, and the Dow Jones Industrials are 240 points lower (-0.69%) at 34,693.

On Thursday, private exporters reported sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.

Separately, the USDA’s Weekly Export Sales Report Thursday shows strong demand figures for corn and soybeans.

Corn = 933,500 metric tons (mt.) vs. the trade’s expectations of 500,000 to 1.20 mmt.

Soybeans = 2.88 mmt. vs. the trade’s expectation of 900,000 mt to 2.8 mmt.

Wheat = 128,600 mt. vs. the trade’s expectation of 75,000 to 100,000

Soybean meal = 319,100 mt. vs. the trade’s expectation of 150,000 to 500,000

Bob Linneman, Kluis Advisors, says the geopolitical events could swing the farm markets.

“Grain traders will continue to watch the situation with Ukraine and Russia, even though it does appear like Russia is willing to resume discussions,” Linneman stated in a note to customers. “Weather in South America is supposed to turn wetter next week. Will it happen?”

Kluis added, “The day-to-day situation with Russia and Ukraine will keep traders on the edge of their seat. Large intraday price swings and elevated volatility levels are likely to remain in place for the short term.”

USDA released its 10-year baseline estimates Wednesday.

The estimates are used by the Congressional Budget Office for its 10-year outlook.

Within the report, the USDA pegged the 2022 U.S. acreage.

For corn, the USDA sees the U.S. farmers planting 92.0 million acres with an average yield at 181.0 bushels per acre.

For soybeans, farmers are seen planting 87.5 million acres with an average yield of 51.5 bushels per acre.

In its report, the USDA sees 2022 U.S. wheat acres at 49.0 million with an average yield of 49.1 bushels per acre.

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