Soybeans close 40¢ higher, wheat up 32¢. Wednesday, February 23, 2022

On Wednesday, the CME Group’s soybean and wheat markets ended on daily highs.

At the close, the March corn futures finished 9¢ higher at $6.83. May futures ended 8¾¢ higher at $6.81. December futures ended 5¼¢ higher at $6.11.

March soybean futures closed 40¢ higher at $16.75.

May soybean futures settled 36¢ higher at $16.71. New-crop November soybean futures ended 14¾¢ higher at $14.87.

May wheat futures closed 32½¢ higher at $8.84.

May soymeal futures finished $15.20 per short ton higher at $466.00.

May soy oil futures closed 0.52¢ higher at 70.58¢ per pound.

In the outside markets, the crude oil market is $0.31 per barrel lower at $91.60, the U.S. dollar is higher, and the Dow Jones Industrials are 411 points lower (-1.23%) at 33,184.

The CME Group’s soybean and wheat markets are rallying.

At midsession, the March corn futures are 1¢ lower at $6.73. May futures are 1¢ lower at $6.71. December futures are 2¼¢ higher at $6.08.

March soybean futures are 26½¢ higher at $16.61.

May soybean futures are 24¢ higher at $16.59. New-crop November soybean futures are 6¾¢ higher at $14.80.

May wheat futures are 21½¢ higher at $8.73.

May soymeal futures are $11.50 per short ton higher at $462.30.

May soy oil futures are 0.03¢ higher at 70.09¢ per pound.

In the outside markets, the crude oil market is $0.12 per barrel lower at $91.79, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points higher (+0.03%) at 33,605.

On Wednesday, China buys more U.S. soybeans and the CME Group’s soybean complex rises.

In early trading, the March corn futures are 2¢ lower at $6.72. May futures are 2¢ lower at $6.70. December futures are ¼¢ lower at $6.05.

March soybean futures are 17½¢ higher at $16.52.

May soybean futures are 14½¢ higher at $16.49. New-crop November soybean futures are 6¾¢ higher at $14.80.

May wheat futures are 5½¢ higher at $8.58.

May soymeal futures are $4.20 per short ton higher at $455.00.

May soy oil futures are 0.84¢ higher at 70.90¢ per pound.

In the outside markets, the crude oil market is $0.27 per barrel lower at $91.64, the U.S. dollar is lower, and the Dow Jones Industrials are 157 points higher (+0.47%) at 33,753.

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 investors remained watchful of the South American crop estimates.

“When Conab (Brazil’s USDA) gets done with their special crop survey later this month, they will take the projected size of the Brazilian soybean crop lower again in next month’s report,” Kluis stated in a note to customers.

Kluis added, “I am watching the bull spreads work in corn and soybeans. March corn is now trading at a 9¢ premium to the July contract and March soybeans are trading at a 7¢ premium to the July contract. When the bull spreads stop working, it will signal a short-term top in the markets.”

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