Soybean prices closed 23¢ lower. Monday, December 13, 2021

On Monday, the CME Group’s soybean market sold off due to improved crop weather in Brazil.

At the close, the March corn futures closed 5¢ lower at $5.85. May futures settled 4¾¢ lower at $5.87. July corn futures ended 4¢ lower at $5.87.

January soybean futures closed 23½¢ lower at $12.44.

March soybean futures closed 23½¢ lower at $12.50. May soybean futures ended 22½¢ lower at $12.59.

March wheat futures closed 3½¢ higher at $7.88¼.

January soymeal futures finished 4.70 per short ton lower at $362.10.

January soy oil futures closed 0.34¢ lower at 53.35¢ per pound.

In the outside markets, the crude oil market is $0.46 per barrel lower at $71.21. The U.S. dollar is higher, and the Dow Jones Industrials are 232 points lower (-0.65%) at 35,738.

SOYBEANS EXTEND LOSSES
The CME group’s soybean market extends a sell-off that started from the beginning of today’s session.

At midsession, the March corn futures are 4¼¢ lower at $5.85. May futures are 4¾¢ lower at $5.87. July corn futures are 3¼¢ lower at $5.87.

January soybean futures are 16½¢ lower at $12.51.

March soybean futures are 15¾¢ lower at $12.58. May soybean futures are 14¾¢ lower at $12.67.

March wheat futures are 6¢ higher at $7.91¼.

January soymeal futures are $1.80 per short ton lower at $365.00.

January soy oil futures are 0.07¢ lower at 53.62¢ per pound.

In the outside markets, the crude oil market is $0.48 per barrel lower at $71.19. The U.S. dollar is higher, and the Dow Jones Industrials are 106 points lower (-0.30%) at 35,864.

Greg Lumsden, Cargill Elevate, says that today feels like a trade that lacks conviction and is leaning lower.

“Weather over the next few days in South America looks better than it did going home on Friday which is leading beans lower this morning. While rains are overperforming in the near term, the extended forecasts still appears dry today which will lend ongoing support. Corn lacks fresh inputs and a stronger dollar along with Fed updates later this week has the market drifting lower,” Lumsden says.

Lumsden added, “While corn and beans are coming off recent highs, wheat is looking for find near term bottom. Favorable harvest weather in Australia and lower global cash values have had wheat in decline recently, and we are looking for cash demand to solidify near term range.”

SOYBEANS DROP DOUBLE-DIGITS
On Monday, the CME Group’s farm markets start the week’s trading lower.

In early trading, the March corn futures are 3¼¢ lower at $5.86. May futures are 3¾¢ lower at $5.88. July corn futures are 3¼¢ lower at $5.87.

January soybean futures are 10½¢ lower at $12.57.

March soybean futures are 9¾¢ lower at $12.64. May soybean futures are 9¾¢ lower at $12.72.

March wheat futures are 5¢ lower at $7.80¼.

Jan. soymeal futures are $2.10 per short ton lower at $364.70.

Jan. soy oil futures are 0.06¢ higher at 53.75¢ per pound.

In the outside markets, the crude oil market is $0.48 per barrel lower at $71.19, the U.S. dollar is higher, and the Dow Jones Industrials are 106 points lower (-0.30%) at 35,864.

Al Kluis, Kluis Advisors, says that the basis markets will start to widen out as weather remains favorable for grain hauling.

“Week by week, we are likely to see corn and soybean crop projections for South America fall. The dry weather pattern is in place for another two weeks. Temperatures in Argentina are forecast to get over 100°F. by late this week. This is a critical time period for the crops in that region as we enter the time when corn is going through pollination and soybeans are flowering and setting pods,” Kluis stated in a note to customers.

Kluis added, “Cash basis levels are beginning to slip as farmers use mild weather this week to keep hauling grain. I think the pipeline will get filled in early January as we move into the new tax year.”

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