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Soybeans add over 60¢ per bushel in two sessions | Thursday, January 20, 2022

USDA’s weekly export sales data delayed until Friday.

On Thursday, the CME Group’s farm markets lean on the soybean run-up to eight-year highs for momentum.

At the close, the March corn futures finished ½¢ higher at $6.11. May futures ended ¼¢ lower at $6.10. December futures closed 2½¢ lower at $5.62. 
 
March soybean futures settled 34¾¢ higher at $14.25. 

May soybean futures ended 33¾¢ higher at $14.34. New-crop November soybean futures closed 15½¢ higher at $13.20.

March wheat futures closed 6¼¢ lower at $7.90.
 
March soymeal futures finished $2.50 per short ton higher at $400.80.


March soy oil futures closed 2.12¢ higher at 62.88¢ per pound.

In the outside markets, the crude oil market is $0.61 per barrel lower at $86.35. The U.S. dollar is higher, and the Dow Jones Industrials are 123 points higher (+0.35%) at 35,152.

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Soybean complex heats up

On Thursday, the CME Group’s soybean complex is on fire.

At midsession, the March corn futures are 2¢ higher at $6.12. May futures are 1½¢ higher at $6.12. December futures are 1¢ higher at $5.65. 
 
March soybean futures are 34¾¢ higher at $14.25. 

May soybean futures are 33¾¢ higher at $14.34. New-crop November soybean futures are 18½¢ higher at $13.23.

March wheat futures are 1¼¢ lower at $7.95.
 
March soymeal futures are $5.10 per short ton higher at $403.40.


March soy oil futures are 2.02¢ higher at 62.78¢ per pound.

In the outside markets, the crude oil market is $0.69 per barrel higher at $87.65. The U.S. dollar is higher, and the Dow Jones Industrials are 408 points higher (+1.16%) at 35,439.

Jack Scoville, PRICE Futures Group, says that the soybean rally has to do with outside buyer support. 

“In the soybean complex, spec-buying is pushing up prices, but not so much anywhere else. I heard of potential Chinese buying of U.S. soybeans, so maybe that is the reason. It’s only a rumor though, so I don’t know. Paraguay crops are burning up a bit with much of Argentina in better shape. Brazil is better, too. So, not really sure today’s rally is based on the weather in South America,” Scoville says.

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Soybeans surge higher

On Thursday, the CME Group’s farm markets diverge.

In early trading, the March corn futures are 2¼¢ lower at $6.08. May futures are 2½¢ lower at $6.08. December futures are 2¢ lower at $5.62. 
 
March soybean futures are 4¾¢ higher at $13.96. 

May soybean futures are 4¾¢ higher at $14.05. New-crop November soybean futures are 3½¢ higher at $13.08.

March wheat futures are 8¢ lower at $7.88.
 
March soymeal futures are $3.50 per short ton lower at $394.80.


March soy oil futures are 0.93¢ higher at 61.69¢ per pound.

In the outside markets, the crude oil market is $0.12 per barrel lower at $86.84. The U.S. dollar is lower, and the Dow Jones Industrials are 115 points higher (+0.33%) at 35,144.

Bob Linneman, Kluis Advisors, says that investors continue to eye the Ukraine, Russia conflict talks.

“Traders have quickly added risk premium back to the grain markets as the situation between Ukraine and Russia continues to escalate. Ukraine is the world’s fourth-largest exporter of corn and wheat. Any disruption to their export capabilities will surely have an impact on grain prices,” Linneman stated in a note to customers. 

Linneman added, “The weekly USDA export sales report will be released tomorrow, due to the holiday to start the week. Traders are hoping to see an uptick in sales as the dollar dipped below the 95 mark briefly last week.”

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