Soybeans end unchanged on the day. Tuesday, December 28, 2021

On Tuesday, the CME Group’s soybean and wheat markets close double-digits lower.

At the close, the March corn futures settled 10¢ lower at $6.04. May futures ended 10¼¢ lower at $6.06. July corn futures closed 10¼¢ lower at $6.05.

January soybean futures ended 3½¢ lower at $13.59.

March soybean futures closed 3¼¢ higher at $13.68. May soybean futures settled 3¾¢ lower at $13.75.

March wheat futures closed 20¢ lower at $7.83.

March soymeal futures finished $0.80 per short ton higher at $409.10.

March soy oil futures closed 0.18¢ lower at 56.67¢ per pound.

In the outside markets, the crude oil market is $0.43 per barrel higher at $76.00. The U.S. Dollar is higher, and the Dow Jones Industrials are 127 points higher (+0.35%) at 36,429.

CORN, SOYBEANS TRADE MIXED
On Tuesday, the CME Group’s farm markets watch the soybean complex reverse higher.

At midsession, the March corn futures are 2½¢ lower at $6.12. May futures are 3¾¢ lower at $6.13. July corn futures are 3½¢ lower at $6.12.

January soybean futures are 5½¢ higher at $13.68.

March soybean futures are 5¼¢ higher at $13.76. May soybean futures are 4¾¢ higher at $13.83.

March wheat futures are 17¢ lower at $7.87.

March soymeal futures are $5.50 per short ton higher at $413.80.

March soy oil futures are 0.03¢ higher at 56.88¢ per pound.

In the outside markets, the crude oil market is $0.43 per barrel higher at $76.00. The U.S. dollar is higher, and the Dow Jones Industrials are 188 points higher (+0.52%) at 36,490.

Jack Scoville, PRICE Futures Group, says that the day’s trade is slow.

“Slow day, despite the moves in the market. Wheat is lower on disappointing exports finally catching up to people, plus a little stronger U.S. dollar. Corn and soybeans are in a weather market with the dry weather in southern Brazil and Argentina and perhaps too wet farther north in Brazil. I’m not sure why corn is not better supported, but the investors are thinking more about soybeans,” Scoville says.

GRAINS DROP
After a sharp rally yesterday, today’s CME Group’s soybean market starts lower.

In early trading, the March corn futures are 2½¢ lower at $6.12. May futures are 2¾¢ lower at $6.14. July corn futures are 2½¢ lower at $6.13.

January soybean futures are 3¾¢ lower at $13.58.

March soybean futures are 4¼¢ lower at $13.67. May soybean futures are 4¾¢ lower at $13.74.

March wheat futures are 12¢ lower at $7.92.

March soymeal futures are $0.70 per short ton lower at $407.60.

March soy oil futures are 0.10¢ higher at 56.95¢ per pound.

In the outside markets, the crude oil market is $0.70 per barrel higher at $76.27. The U.S. dollar is higher, and the Dow Jones Industrials are 48 points higher (+0.13%) at 36,351.

If you missed it, Monday’s grain markets continued to rally as the weather stays hot and dry in South America. Corn closed 9¢ higher, soybeans closed 30¢ higher, and wheat futures closed 8¢ to 14¢ lower.

Al Kluis, Kluis Advisors, says that South America’s crop weather remains the driver of the markets.

“The total soybean crop in South America may be smaller than last year’s crop. Our main South American weather consultant, Dr. Michael Cordonnier, reduced the total South American soybean crop to now be lower than the last USDA report and down from last year,” Kluis stated in a note to customers.

Kluis added, “I am watching the soybean oil and crude oil markets. Yesterday palm oil futures went from sharply higher to close lower. If soybean oil and crude turn lower, then it may signal a short-term top in the grain complex. The weather in South America is very hot and dry this week but the pattern may change early next year.”

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