Soybeans finish 13¢ lower, corn up 4¢. Monday, February 14, 2022

On Monday, the CME Group’s closed mostly lower.

At the close, the March corn futures finished 4¼¢ higher at $6.55. May futures closed 4¾¢ lower at $6.55. December futures ended 3½¢ higher at $5.98.

March soybean futures settled 13¢ lower at $15.70.

May soybean futures closed 12¼¢ lower at $15.74. New crop November soybean futures ended 1¼¢ lower at $14.42.

March wheat futures settled 1½¢ higher at $7.99.

March soymeal futures settled $8.20 per short ton lower at $448.40.

March soy oil futures closed 0.09¢ higher at 65.81¢ per pound.

In the outside markets, the crude oil market is $2.38 per barrel higher at $95.48, the U.S. dollar is higher, and the Dow Jones Industrials are 257 points lower (-0.74%) at 34,466.

On Monday, the CME Group’s soybean market falls by double-digits.

At midsession, the March corn futures are 3¼¢ lower at $6.47. May futures are 3¾¢ lower at $6.46. December futures are 3½¢ lower at $5.91.

March soybean futures are 21½¢ lower at $15.61.

May soybean futures are 20¼¢ lower at $15.65. New-crop November soybean futures are 8¼¢ lower at $14.35.

March wheat futures are 7¢ lower at $7.90.

March soymeal futures are $9.40 per short ton lower at $447.20.

March soy oil futures are 0.51¢ lower at 65.21¢ per pound.

In the outside markets, the crude oil market is $0.41 per barrel higher at $93.51, the U.S. dollar is higher, and the Dow Jones Industrials are 138 points lower (-0.40%) at 34,599.

On Monday, the CME Group’s farm markets are not so sweet.

In early trading, the March corn futures are 4¼¢ lower at $6.46. May futures are 4¢ lower at $6.46. December futures are 3½¢ lower at $5.91.

March soybean futures are 17½¢ lower at $15.65.

May soybean futures are 16¼¢ lower at $15.70. New-crop November soybean futures are 6¼¢ lower at $14.37.

March wheat futures are 12¢ lower at $7.85.

March soymeal futures are $7.80 per short ton lower at $448.80.

March soy oil futures are 0.14¢ lower at 65.58¢ per pound.

In the outside markets, the crude oil market is $0.65 per barrel lower at $92.45. The U.S. dollar is higher, and the Dow Jones Industrials are 125 points lower (-0.36%) at 34,612.

Al Kluis, Kluis Advisors, says that world crop estimates will remain a market driver.

“Private crop projections for the South American corn and soybean crops will move lower again this week. Our main crop consultant is taking the minimum for the Brazilian soybean crop down by another 4 million metric tons again this week,” Kluis stated in a note to customers.

Linneman added, “I am watching last week’s high and low. Last week’s low is now key support. A close below that low will confirm an important top. A close above $6.62 in March corn projects nearby corn up to $7.00, while a close in March soybeans above $16.33 projects prices up to $17.00.”

David Tolleris, WxRisk.com, says the extended models keep it warm and dry across most of Argentina, southern Brazil and Paraguay. “The forecasts today expand the dry areas in Argentina. The very wet weather pattern continues in central and northern Brazil,” Tolleris stated in a note to customers.
He added, “That will slow down soybean harvest and it is impacting quality. The 15- to 30-day forecast calls for more of the same.”

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