Soybeans close 8¢ higher. Tuesday, November 2, 2021

On Tuesday, the CME Group’s farm markets closed mixed.
At the close, the Dec. corn futures finished 6¢ lower at $5.73. March futures are 5¾¢ lower at $5.81. May corn futures settled 5¢ lower at $5.85.
January soybean futures settled 7¢ higher at $12.56.
March soybean futures ended 8¾¢ higher at $12.67. May soybean futures closed 9¼¢ higher at $12.76.
Dec. wheat futures settled 5¾¢ lower at $7.91.
Dec. soymeal futures finished $8.10 per short ton higher at $337.20.
Dec. soy oil futures closed 0.02¢ higher at 61.99¢ per pound.
In the outside markets, the crude oil market is $0.48 per barrel lower at $83.57, the U.S. dollar is higher, and the Dow Jones Industrials are 152 points higher (+0.42%) at 36,066.
Bob Linneman, Kluis Advisors, says that wheat is signaling an acreage battle in 2022.
“Global wheat prices are surging. A lot more wheat will be planted all over the world for the 2022 harvest. This sets up a very interesting acreage battle in the U.S. next spring,” Linneman stated in a note to customers.
Linneman added, “I am watching the November 2021 to January 2022 soybean spread. This spread widened out to 14¢ because of large deliveries against the November contract last week. On Monday, the spread closed at just 9¢. If the spread continues to narrow, then that is a bullish signal for soybeans.”
Read also
European Commission approved transitional conditions for trade with Ukraine after ...
Rains in Argentina delay wheat planting and harvest
Tunisia’s olive oil export revenues fell 29% in the first half of this season
Canada’s pork sector under pressure: Quebec clashes and China tariffs weigh heavy
Corn harvest approaches while the market waits for export flow
Write to us
Our manager will contact you soon