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Corn ends higher, wheat up 20¢ | Monday, January 24, 2022

China buys more U.S. soybeans Monday.

On Monday, the CME Group’s farm market traders watch corn gain strength to close higher and wheat ending on daily highs.

At the close, the March corn futures finished 4¾¢ higher at $6.21. May futures ended 3½¢ higher at $6.17. December futures ended 2¼¢ higher at $5.67. 
 
March soybean futures settled 11½¢ lower at $14.03. 

May soybean futures finished 12¢ lower at $14.11. New-crop November soybean futures ended 8¾¢ lower at $13.07.

March wheat futures settled 20½¢ higher at $8.00. 

March soymeal futures closed $1.20 per short ton higher at $393.90. 

March soy oil futures ended 1.03¢ lower at 61.97¢ per pound.

In the outside markets, the crude oil market is $1.84 per barrel lower at $83.30. The U.S. dollar is higher, and the Dow Jones Industrials are 735 points lower (-2.15%) at 33,530.

Jack Scoville, PRICE Futures Group, says that the soybean market took the biggest hit, while wheat is well supported. 

“The soybean prices were down on the Argentina rains that ended being very beneficial in central parts of Argentina. Topsoil now surplus in some areas and the subsoil will get a boost. Paraguay and surrounding areas still very hot and dry.  Corn was up with wheat and wheat was up on the increased tensions between Russia and the west over Ukraine. This could mean less exports from Russia and Ukraine,” Scoville says.  

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Losses deepen for soybeans

On Monday, the CME Group’s corn market is trimming losses as the wheat market surges higher.

At midday, the March corn futures are ½¢ lower at $6.15. May futures are 1½¢ lower at $6.12. December futures are 2¾¢ lower at $5.62. 
 
March soybean futures are 17½¢ lower at $13.96. 

May soybean futures are 18½¢ lower at $14.04. New-crop November soybean futures are 13¾¢ lower at $13.02.

March wheat futures are 14¼¢ higher at $7.94.
 
March soymeal futures are $1.20 per short ton lower at $391.50.


March soy oil futures are 1.27¢ lower at 61.73¢ per pound.

In the outside markets, the crude oil market is $2.15 per barrel lower at $82.99. The U.S. dollar is higher, and the Dow Jones Industrials are 865 points lower (-2.50%) at 33,409.
 

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Corn, soybeans fall

On Monday, South American weather, demand from China, and the conflict talks between Ukraine and Russia are factors that traders are considering in a sell-off environment.  

 In early trading, the March corn futures are 6¢ lower at $6.10. May futures are 6¢ lower at $6.07. December futures are 5 1/4¢ lower at $5.60. 
 
March soybean futures are 14¢ lower at $14.00. 

May soybean futures are 15 3/4¢ lower at $14.07. New crop November soybean futures are 10¢ lower at $13.06.

March wheat futures are 2¢ lower at $7.78.
 
March soymeal futures are 0.60 per short ton lower at $392.10.


March soy oil futures are 0.86 lower at 62.14 per pound.

In the outside markets, the crude oil market is $1.64 per barrel lower at $83.50 the U.S. Dollar is higher, and the Dow Jones Industrials are 399 points lower (-1.17%) at 33,865.

On Monday, private exporters reported the following activity:

  • 150,000 metric tons of corn for delivery to unknown destinations during the 2021/2022 marketing year.
  • 132,000 metric tons of soybeans for delivery to China.  Of the total, 66,000 metric tons is for delivery during the 2021/2022 marketing year and 66,000 metric tons is for delivery during the 2022/2023 marketing year.

Al Kluis, Kluis Advisors, says that it's important to remain focused on crop weather in South America.
"South American corn and soybean estimates will move lower in future USDA reports. The initial yield reports from central and northern Brazil are not as good as expected and the quality is not good," Klis stated in a note to customers. 

Kluis added, "I am watching crude oil to see if it keeps moving higher. This will signal more fund and investment money coming into the market."

David Tolleris, WxRisk.com, says the forecast for South America is little changed since Friday.  

"It was very hot on Friday and Saturday, with 95-107 degrees Fahrenheit in most of Argentina, southern Brazil and Paraguay. Then, as forecast, a major front moved south to north bringing in cooler temps and more beneficial rain. The northern areas were slammed with heavy rain over this weekend. 

Tolleris added, "The extended forecast calls for normal temps with seasonal rainfall.  Central and northern Brazil remains dry. The 6-to-10 and 11-to-15-day forecasts bring several chances of rain to southern Brazil, and part of northern Argentina, while Paraguay remains dry."

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