Soybeans close 8¢ higher. Tuesday, November 2, 2021

On Tuesday, the CME Group’s farm markets closed mixed.

At the close, the Dec. corn futures finished 6¢ lower at $5.73. March futures are 5¾¢ lower at $5.81. May corn futures settled 5¢ lower at $5.85.

January soybean futures settled 7¢ higher at $12.56.

March soybean futures ended 8¾¢ higher at $12.67. May soybean futures closed 9¼¢ higher at $12.76.

Dec. wheat futures settled 5¾¢ lower at $7.91.

Dec. soymeal futures finished $8.10 per short ton higher at $337.20.

Dec. soy oil futures closed 0.02¢ higher at 61.99¢ per pound.

In the outside markets, the crude oil market is $0.48 per barrel lower at $83.57, the U.S. dollar is higher, and the Dow Jones Industrials are 152 points higher (+0.42%) at 36,066.

Bob Linneman, Kluis Advisors, says that wheat is signaling an acreage battle in 2022.

“Global wheat prices are surging. A lot more wheat will be planted all over the world for the 2022 harvest. This sets up a very interesting acreage battle in the U.S. next spring,” Linneman stated in a note to customers.

Linneman added, “I am watching the November 2021 to January 2022 soybean spread. This spread widened out to 14¢ because of large deliveries against the November contract last week. On Monday, the spread closed at just 9¢. If the spread continues to narrow, then that is a bullish signal for soybeans.”

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Tags: soymeal futures, soy oil futures, global wheat prices, soybean futures, corn futures, farm markets, wheat futures