Soybean prices finish up 23¢ per bushel. Friday, January 7, 2021

The CME Group’s soybean market closes 23¢ higher Friday.

At the close, the March corn futures finished 3¢ higher at $6.06¾. May futures finished 3½¢ higher at $6.07. July corn futures closed 2¼¢ higher at $6.04.

March soybean futures finished 23¢ higher at $14.07.

May soybean futures closed 22½¢ higher at $14.18. July soybean futures closed 22½¢ higher at $14.23.

March wheat futures ended 12¼¢ higher at $7.58.

March soymeal futures finished 14.00 per short ton higher at $425.00.

March soy oil futures settled 0.12¢ lower at 58.78 per pound.

In the outside markets, the crude oil market is $0.31 per barrel lower at $79.15. The U.S. dollar is lower, and the Dow Jones Industrials are 104 points higher (+0.29%) at 36,340.

After starting lower, the CME Group’s soybean market shoots higher.

At midsession, the March corn futures are 1¢ higher at $6.04. May futures are ½¢ higher at $6.05. July corn futures are ¼¢ lower at $6.01.

January soybean futures are 20¢ higher at $14.07.

March soybean futures are 19½¢ higher at $14.15. May soybean futures are 18½¢ higher at $14.19.

March wheat futures are 5¼¢ higher at $7.51.

March soymeal futures are $14.40 per short ton higher at $425.50.

March soy oil futures are 0.34¢ lower at 58.86¢ per pound.

In the outside markets, the crude oil market is $0.62 per barrel lower at $78.84. The U.S. dollar is lower, and the Dow Jones Industrials are 58 points higher (+0.16%) at 36,294.

On Friday, the CME Group’s farm markets fall.

In early trading, the March corn futures are 3½¢ lower at $6.00. May futures are 4¢ lower at $6.00. July corn futures are 4½¢ lower at $5.97.

January soybean futures are 1¢ lower at $13.86.

March soybean futures are 1¼¢ lower at $13.94. May soybean futures are 1¢ lower at $13.99.

March wheat futures are 1½¢ lower at $7.44.

March soymeal futures are $1.50 per short ton higher at $412.50.

March soy oil futures are 0.19¢ higher at 59.09¢ per pound.

In the outside markets, the crude oil market is $0.16 per barrel higher at $79.62. The U.S. dollar is lower, and the Dow Jones Industrials are 24 points lower (-0.07%) at 36,206.

On Friday, private exporters reported the following activity:

176,784 metric tons of corn for delivery to Mexico during the 2021/2022 marketing year
120,000 metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year
Bob Linneman, Kluis Advisors, says that investors eye next week’s USDA report.

“The export sales report was below the low end of expectations for everything. This is not a pattern the bull camp wants to see continue. Grain traders are more concerned with South American weather and the big USDA report next week. These price levels are worth protecting ahead of that report,” Linneman stated in a note to customers.

Linneman added, “With the aggressive decline in wheat recently, we could be seeing money managers spreading short wheat against long soybeans. Until the fundamentals behind this trade change, it is very tricky to pick a bottom in wheat.”

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