Corn, soybean, and wheat prices close higher. Friday, February 18, 2022

On Friday, the CME Group’s ag commodities finish near daily highs.

At the close, the March corn futures ended 4¼¢ higher at $6.54. May futures closed 3½¢ higher at $6.52. December futures settled 2¢ higher at $5.97.

March soybean futures closed 9½¢ higher at $16.01.

May soybean futures ended 7½¢ higher at $16.03. New-crop November soybean futures finished 3¢ higher at $14.63.

March wheat futures closed 1¢ lower at $7.97.

March soymeal futures settled $1.30 per short ton lower at $447.90.

March soy oil futures closed 0.76¢ higher at 67.57¢ per pound.

In the outside markets, the crude oil market is $0.30 per barrel lower at $91.46, the U.S. dollar is higher, and the Dow Jones Industrials are 80 points lower (-0.24%) at 34,231.

Jenny Wackershauser, ever.ag, says that the markets are in a sideways trade.

“Our grain markets are in a bit of a sideways trade this week as each day we try to determine if or when Russia may invade Ukraine. The crude oil market will be a big driver for a while in our greater commodity markets and grains are no exception: $16.00 soybeans seems to be a hard resistance to push through and hold. The buyers are showing that they are not enthusiastic about purchasing $16 soybeans,” Wackershauser says.

Corn has also traded near contract highs but in a sideways trade, she says.

“Some life has come into it as we finish the week and look ahead to markets closed for Presidents’ Day on Monday. New crop contracts are finishing the week at contract highs near $6.00, but we still need to break through it. These prices continue to give grain farmers a look at locking in profits despite high inputs for the coming year,” Wackershauser says.

As the South American soybean harvest progresses at its five-year average, Brazil’s Safrinha corn crop is getting planted on its heals.

“Corn markets will be watching the rains for the coming month as the Safrinha crop has become the larger corn crop in Brazil. Though this week has seen some dryness, moisture is back in the longer term forecast for most areas,” she says.

The ag markets gain strength on the CME Group’s exchange Friday.

At midsession, the March corn futures are 5¼¢ higher at $6.55. May futures are 5¼¢ higher at $6.54. December futures are 1¼¢ higher at $5.97.

March soybean futures are 6¾¢ higher at $15.98.

May soybean futures are 5½¢ higher at $16.01. New crop November soybean futures are 3¼¢ higher at $14.64.

March wheat futures are 7¢ higher at $8.05.

March soymeal futures are $0.60 per short ton higher at $449.80.

March soy oil futures are 0.49¢ higher at 67.30¢ per pound.

In the outside markets, the crude oil market is $0.67 per barrel lower at $91.09, the U.S. dollar is higher, and the Dow Jones Industrials are 249 points lower (-0.73%) at 34,062.

On Friday, the CME Group’s farm markets look to end the week on a high note.

In early trading, the March corn futures are 1¼¢ higher at $6.51. May futures are ¾¢ higher at $6.50. December futures are ¼¢ lower at $5.96.

March soybean futures are 5¼¢ higher at $15.97.

May soybean futures are 3¾¢ higher at $15.99. New-crop November soybean futures are 4¢ higher at $14.64.

March wheat futures are 3½¢ higher at $8.01.

March soymeal futures are $1.70 per short ton higher at $450.90.

March soy oil futures are 0.16¢ higher at 66.97¢ per pound.

In the outside markets, the crude oil market is $2.04 per barrel lower at $89.72, the U.S. dollar is higher, and the Dow Jones Industrials are 61 points lower (-0.18%) at 34,250.

On Friday, private exporters reported sales of 198,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 66,000 metric tons is for delivery during the 2021/2022 marketing year and 132,000 metric tons is for delivery during the 2022/2023 marketing year.

Bob Linneman, Kluis Advisors, says the market likes the demand story.

“The weekly export sales report showed what traders were expecting based on the strong daily sales posted during the week. Cumulative data for soybeans and corn is sitting in a better position than many analysts thought it would be, considering the absence of China business for much of December through January,” Linneman stated in a note to customers.

Linneman added, “The news for the soybean market still seems to favor the bull camp in a big fashion. However, the weekly chart posted a lower low and a lower high. Although this does not mean the rally is over, it could push some fund managers to the edge of their seat. Another week of lower lows and lower highs could trigger some long liquidation.”

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