Soybean prices closed 36¢ per bushel higher. Wednesday, February 16, 2022

The CME Group’s soybean market rocketed higher and finished on its daily highs.

At the close, the March corn futures settled 9¢ higher at $6.47. May futures ended 8¾¢ higher at $6.45. December futures finished 4¢ higher at $5.93.

March soybean futures closed 36¼¢ higher at $15.87.

May soybean futures ended 35¢ higher at $15.91. New-crop November soybean futures closed 23¼¢ higher at $14.55.

March wheat futures settled ¾¢ higher at $7.80.

March soymeal futures ended $10.60 per short ton higher at $449.40.

March soy oil futures settled 1.34¢ higher at 66.97¢ per pound.

In the outside markets, the crude oil market is $1.73 per barrel higher at $93.80, the U.S. dollar is lower, and the Dow Jones Industrials are 119 points lower (-0.34%) at 34,869.

On Wednesday, the CME Group’s soybean complex is on fire.

At midsession, the March corn futures are 7¢ higher at $6.45. May futures are 6¾¢ higher at $6.44. December futures are 2¼¢ higher at $5.92.

March soybean futures are 28¢ higher at $15.79.

May soybean futures are 27¢ higher at $15.83. New-crop November soybean futures are 17¼¢ higher at $14.49.

March wheat futures are ¼¢ lower at $7.79.

March soymeal futures are 10.40 per short ton higher at $449.20.

March soy oil futures are 0.77¢ higher at 66.40¢ per pound.

In the outside markets, the crude oil market is $2.43 per barrel higher at $94.50, the U.S. dollar is lower, and the Dow Jones Industrials are 220 points lower (-0.63%) at 34,768.

On Wednesday, the CME Group’s farm markets mostly continue their strength.

In early trading, the March corn futures are 4¢ higher at $6.42. May futures are 3½¢ higher at $6.41. December futures are 1¢ higher at $5.90.

March soybean futures are 17¼¢ higher at $15.68.

May soybean futures are 16¼¢ higher at $15.72. New-crop November soybean futures are 8½¢ higher at $14.40.

March wheat futures are 2¼¢ lower at $7.77¼.

March soymeal futures are $5.30 per short ton higher at $444.10.

March soy oil futures are 0.72¢ higher at 66.35¢ per pound.

In the outside markets, the crude oil market is $1.35 per barrel higher at $93.42, the U.S. dollar is lower, and the Dow Jones Industrials are 94 points lower (-0.27%) at 34,894.

On Wednesday, private exporters reported sales of 132,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.

Al Kluis, Kluis Advisors, says price breaks will be bought.

“On Tuesday, easing of tension between Russia and the Ukraine pressured commodity prices,” Linneman stated in a note to customers. “This break will be short-lived. The crop in South America is still getting smaller. Some of the weak longs and the speculators that bought in last week are getting washed out.”

Kluis added, “I am watching for a low this week in corn and soybeans. On my hand-drawn charts, I chart one week black, and one week red. This is a black week. If you look back 10, 20, and 30 trading days, each black week was a low.”

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