Soybeans, wheat close double-digits higher. Friday, February 4, 2022

The CME Group’s soybean, corn, and wheat markets finished on their daily highs.

At the close, the March corn futures finished 3¾¢ higher at $6.20. May futures ended 4½¢ higher at $6.21. December futures settled 5¾¢ higher at $5.73¾.

March soybean futures closed 9¼¢ higher at $15.53.

May soybean futures closed 10½¢ higher at $15.57. New-crop November soybean futures ended 3¢ higher at $13.95.

March wheat futures closed 11¾¢ higher at $7.63.

March soymeal futures settled $6.80 per short ton higher at $443.90.

March soy oil futures ended 0.39¢ lower at 65.36¢ per pound.

In the outside markets, the crude oil market is $2.39 per barrel higher at $92.66. The U.S. dollar is lower, and the Dow Jones Industrials are 96 points lower (-0.28%) at 35,014.

After starting weaker, the CME Group’s farm markets inch higher.

At midsession, the March corn futures are 2¾¢ higher at $6.19. May futures are 3½¢ higher at $6.20. December futures are 3¾¢ higher at $5.72.

March soybean futures are 4 ¼¢ higher at $15.48.

May soybean futures are 4¼¢ higher at $15.51. New-crop November soybean futures are 2¾¢ higher at $13.95.

March wheat futures are 9 ¾¢ higher at $7.61.

March soymeal futures are 6.00 per short ton higher at $443.10.

March soy oil futures are 0.15 lower at 65.60 per pound.

In the outside markets, the crude oil market is $2.39 per barrel higher at $92.66 the U.S. Dollar is lower, and the Dow Jones Industrials are 96 points lower (-0.28%) at 35,014.

On Friday, the CME Group’s farm markets lean lower.

In early trading, the March corn futures are 1¾¢ lower at $6.15. May futures are 1½¢ lower at $6.16. December futures are ½¢ lower at $5.67.

March soybean futures are 1¢ higher at $15.45.

May soybean futures are 1¼¢ higher at $15.48. New-crop November soybean futures are ½¢ higher at $13.93.

March wheat futures are 1½¢ lower at $7.50.

March soymeal futures are $0.30 per short ton higher at $437.40.

March soy oil futures are 0.21¢ higher at 65.96¢ per pound.

In the outside markets, the crude oil market is $1.72 per barrel higher at $91.99. The U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower (-0.10%) at 35,085.

On Friday, private exporters reported sales of 295,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 252,000 metric tons is for delivery during the 2021/2022 marketing year and 43,000 metric tons is for delivery during the 2022/2023 marketing year.

Bob Linneman, Kluis Advisors, says that investors eye the demand for U.S. corn and soybeans.

“The corn bulls did not expect to see a 380,000-metric-ton cancellation in the daily export sales report on Thursday morning. However, corn prices held up well, despite the sizable cancellation. The bull camp is hoping this is a one-time deal. However, this cancellation should not be ignored. Traders and analysts have said for a few months that China needs to step in and buy U.S. corn if we are going to come close to the USDA export target,” Linneman stated in a note to customers.

Linneman added, “The recent rise in grain prices has overshadowed the weakening basis across much of the Midwest. If the rally continues in the grains, we are likely to see basis weaken further. When futures pull back, we are unlikely to see basis improve. We have seen that scenario unfold in years when prices were high.”

The corn-to-soybean ratio is near 2.45, vs. 2.36 a week ago. The December corn futures price is about a nickel higher, while November soybean futures are 50¢ higher compared with last Friday.

“Will the ratio trade continue next week?” Linneman asks.

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