Soybeans close slightly higher, off their daily highs. Friday, December 10, 2021

On Friday, the CME Group’s farm markets ended mixed.

At the close, the March corn futures settled 1 1/4¢ lower at $5.90. May futures finished 1 3/4¢ lower at $5.92. July corn futures finished 3/4¢ lower at $5.91.

January soybean futures closed 3 1/4¢ higher at $12.67.

March soybean futures finished 2¢ higher at $12.74. May soybean futures settled 3¢ higher at $12.81.

March wheat futures closed 8 1/2¢ higher at $7.85 1/4.

Jan. soymeal futures settled 7.10 per short ton higher at $366.80.

Jan. soy oil futures finished 1.16 of a cent lower at 53.69 per pound.

In the outside markets, the crude oil market is $0.89 per barrel higher at $71.83 the U.S. Dollar is lower, and the Dow Jones Industrials are 99 points higher (+0.28%) at 35,853.

CORN FALLS, SOYBEANS RISE
After trading higher all morning, the CME Group’s farm markets have diverged.

At midsession, the March corn futures are 3¼¢ lower at $5.88. May futures are 2¾¢ lower at $5.90. July corn futures are 2¢ lower at $5.89.

January soybean futures are 6¼¢ higher at $12.70.

March soybean futures are 4½¢ higher at $12.76. May soybean futures are 5¾¢ higher at $12.84.

March wheat futures are 6¢ higher at $7.82.

Jan. soymeal futures are $9.40 per short ton higher at $369.10. Jan. soy oil futures are 1.07¢ lower at 53.78¢ per pound.

In the outside markets, the crude oil market is $0.40 per barrel higher at $71.34, the U.S. dollar is lower, and the Dow Jones Industrials are 68 points higher (+0.19%) at 35,822.

AG MARKETS RISE
On Friday, the CME Group’s farm markets move slightly higher.

In early trading, the March corn futures are ½¢ higher at $5.92. May futures are ½¢ higher at $5.93. July corn futures are ½¢ higher at $5.92.

January soybean futures are 6¾¢ higher at $12.71.

March soybean futures are 7¢ higher at $12.79. May soybean futures are 6¾¢ higher at $12.85.

March wheat futures are 6¾¢ higher at $7.83.

Jan. soymeal futures are $4.90 per short ton higher at $364.60.

Jan. soy oil futures are 0.18¢ lower at 54.67¢ per pound.

In the outside markets, the crude oil market is $0.85 per barrel higher at $71.79, the U.S. dollar is higher, and the Dow Jones Industrials are 125 points higher (+0.35%) at 35,879.

READ MORE: USDA data was neutral to negative for corn, soybean prices.

Bob Linneman, Kluis Advisors, says that the market has had little reaction to yesterday’s report.

“The USDA report on Thursday was quiet on the domestic front for corn and soybeans. There was little to no change in the U.S. balance sheet. Some analysts were hoping to see corn used for ethanol increased, since ethanol margins have been very strong the last few months. Data in the WASDE (world data) section of the report showed a cut to world supplies of soybeans while corn supplies increased. Wheat prices were negatively impacted by the report, since data suggests U.S. ending stocks rose due mostly to a cut in exports. World supplies of wheat increased; upward revisions to production in Australia and Russia were the culprit,” Linneman stated in a note to customers.

He added, “The bull spreads in corn reacted positively to the report on Thursday, while the soybean spreads were nearly unchanged. If corn spreads start to slip, then we could see some profit-taking as we approach year-end.”

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