Soybeans close 14¢ higher | Thursday, December 16, 2021

On Thursday, the CME Group’s farm markets ended with light activity.

At the close, the March corn futures settled 5 1/2¢ higher at $5.91. May futures ended 5 1/4¢ higher at $5.92. July corn futures finished 5 1/2¢ higher at $5.91.

January soybean futures settled 14 1/4¢ higher at $12.77.

March soybean futures finished 13¢ higher at $12.78. May soybean futures closed 11 1/4¢ higher at $12.84.

March wheat futures closed 14 1/4¢ higher at $7.70.

Jan. soymeal futures finished 0.10 per short ton higher at $372.30.

Jan. soy oil futures ended 1.18 of a cent higher at 54.65 per pound.

In the outside markets, the crude oil market is $1.61 per barrel higher at $72.48 the U.S. Dollar is lower, and the Dow Jones Industrials are 10 points higher (+0.03%) at 35,937.

PJ Quaid, RJ O’Brien broker, says that today’s trade was calm.

“Today was quiet. It was an inside trading day in the corn market. The trade volume was light. These markets are spinning their wheels at the top end of the range. The crop-weather in South America is a little bullish,” Quaid says.

SOYBEANS STAY STRONG
At midsession, the CME Group farm markets have mostly strengthened.

At midsession, the March corn futures are 4 1/2¢ higher at $5.90. May futures are 4 1/4¢ higher at $5.91. July corn futures are 4 1/2¢ higher at $5.91.

January soybean futures are 14 1/4¢ higher at $12.77.

March soybean futures are 13¢ higher at $12.78. May soybean futures are 11 1/4¢ higher at $12.84.

March wheat futures are 9 1/4¢ higher at $7.65.

Jan. soymeal futures are 0.80 per short ton higher at $373.00.
Jan. soy oil futures are 1.24 of a cent higher at 54.71 per pound.

In the outside markets, the crude oil market is $1.70 per barrel higher at $72.57 the U.S. Dollar is lower, and the Dow Jones Industrials are 101 points higher (+0.28%) at 36,028.

SOYBEANS JUMP UP 16¢
On Thursday, the CME Group’s farm markets are leaning on the double-digits strength in the soybean market.

In early trading, the March corn futures are 1 1/2¢ higher at $5.87. May futures are 1 1/4¢ higher at $5.88. July corn futures are 1 1/2¢ higher at $5.88.

January soybean futures are 16 1/4¢ higher at $12.78 3/4.

March soybean futures are 14 1/4¢ higher at $12.79. May soybean futures are 13 1/4¢ higher at $12.86.

March wheat futures are 1 1/4¢ higher at $7.57.

Jan. soymeal futures are 1.00 per short ton higher at $373.20.

Jan. soy oil futures are 1.66 of a cent higher at 55.13 per pound.

In the outside markets, the crude oil market is $0.67 per barrel higher at $71.54 the U.S. Dollar is lower, and the Dow Jones Industrials are 170 points higher (+0.47%) at 36,097.

On Thursday, private exporters reported sales of 20,000 metric tons of soybean oil for delivery to India during the 2021/2022 marketing year.

Separately, the USDA’s Weekly Export Sales Report Thursday shows strong demand figures for corn and soybeans.

Corn= 2.70 million metric tons (mmt.).
Soybeans= 1.44 mmt.
Wheat= 650,600 mt.
Soybean meal= 95,600 mt.
Jim Bower, Bower Trading Inc., says that the soybean market has a price-friendly weather forecast from Brazil.

“Soybeans mover higher on mixed weather forecasts for South America. It looks dry near term – possibly wetter first part of January,” Bower stated in a letter to customers.

He added, “A restricted rainfall pattern will be in place during the next two weeks from Paraguay to Parana, Santa Catarina, and Rio Grande do Sul and stress to crops should increase with serious stress and declining yield potentials from central Paraguay to western Parana.”

Bower stated, “Soil moisture is already short from central Paraguay to western Parana and with only one round of organized showers expected during the next ten days, stress to crops should continue to increase and may reduce yields.”

Al Kluis, Kluis Advisors, says that it’s time to preview the 2022 grain market.

On Friday, Al Kluis and Cory Bratland will discuss the macro market and the grain market outlook and strategies for 2022.

Successful Farming

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