Soybean prices for new-crop delivery have jumped 53¢ in a week. Friday, February 11, 2022

On Friday, the CME Group’s farm markets finished strong.

At the close, the March corn futures closed 9¼¢ higher at $6.51. May futures settled 10¢ higher at $6.50½. December futures ended 10¢ higher at $5.94.

March soybean futures finished 8¾¢ higher at $15.83.

May soybean futures closed 9¾¢ higher at $15.86. New-crop November soybean futures finished 12¢ higher at $14.44.

March wheat futures settled 26¼¢ higher at $7.97.

March soymeal futures closed $2.60 per short ton higher at $456.60.

March soy oil futures ended 1.21¢ higher at 65.72¢ per pound.

In the outside markets, the crude oil market is $3.16 per barrel higher at $93.04. The U.S. dollar is higher, and the Dow Jones Industrials are 362 point lower (-1.03%) at 34,879.

The CME Group’s farm market buyers have backed off.

In early trading, the March corn futures are 1½¢ higher at $6.43. May futures are 2½¢ higher at $6.42. December futures are 2¢ higher at $5.87.

March soybean futures are 1¾¢ higher at $15.76.

May soybean futures are 2¼¢ higher at $15.78. New-crop November soybean futures are 7¢ higher at $14.39.

March wheat futures are 9¢ higher at $7.80.

March soymeal futures are 1.70 per short ton higher at $455.70.

March soy oil futures are 0.27 higher at 64.78 per pound.

In the outside markets, the crude oil market is $1.42 per barrel higher at $91.30, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points higher (+0.06%) at 35,263.

On Friday, the CME Group’s soybean market continues to lead the commodities higher.

In early trading, the March corn futures are 5¢ higher at $6.47. May futures are 5½¢ lower at $6.46. December futures are 4¢ higher at $5.88¾.

March soybean futures are 16½¢ higher at $15.90.

May soybean futures are 17¢ higher at $15.93. New-crop November soybean futures are 16½¢ higher at $14.48.

March wheat futures are 7¾¢ higher at $7.79.

March soymeal futures are $4.10 per short ton higher at $458.10.

March soy oil futures are 0.91¢ higher at 65.42¢ per pound.

In the outside markets, the crude oil market is $1.09 per barrel higher at $90.97, the U.S. dollar is higher, and the Dow Jones Industrials are 1 point lower (-0.00%) at 35,240.

On Friday, private exporters reported the following activity:

108,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year
128,000 metric tons of corn for delivery to Japan during the 2021/2022 marketing year
30,000 metric tons of soybean oil for delivery to unknown destinations during the 2021/2022 marketing year
Bob Linneman, Kluis Advisors, says that Thursday’s trade activity could be telling.

“The way prices traded on Thursday (with new highs being scored, then reversing and closing lower on the day) is not a good sign for the bulls. March soybeans had a 67¢ trading range, but the bulls managed to prevent prices from gaining momentum below the prior-day low. We should consider the possibility that the high on Thursday could mark a short-term high until we know more about the South American crop,” Linneman stated in a note to customers.

Linneman added, “The technical picture for the soybean market is going to be watched very closely over the next few days. A break below the low for the week ($15.59 on March) would likely trigger some long liquidation. The bull camp does not want to see new lows being etched on a Friday after scoring new contract highs the day before.”

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