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Soybeans close 11¢ higher | Thursday, October 14, 2021

Unknown buyer purchases U.S. soybeans Thursday.

On Thursday, the CME Group’s farm markets finish higher.

At the close, the Dec. corn futures finished 4¼¢ higher at $5.16. March futures finished 3¾¢ higher at $5.25. May corn futures settled 3¢ higher at $5.31. 
November soybean futures ended 11¢ higher at $12.06. 

Jan. soybean futures closed 9½¢ higher at $12.15. March soybean futures finished 8¼¢ higher at $12.24.

Dec. wheat futures closed 6¢ higher at $7.24.
Dec. soymeal futures closed $2.40 per short ton higher at $314.10.

Dec. soy oil futures settled 0.85¢ higher at 60.44¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.90 higher (+1.12%) at $81.34. The U.S. dollar is higher, and the Dow Jones Industrials are 539 points higher (+1.57%) at 34,917 points.

On Thursday, private exporters reported sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.     

Al Kluis, Kluis Advisors, says that investors remain intrigued by the falling futures prices vs. tightening local basis prices.

“The bearish data from the USDA on Tuesday is not sitting well with some traders, since basis levels across the U.S. are at record-tight levels in many locations,” Kluis stated in a note to customers. “Is the commercial market being so aggressive in their bids so they can secure bushels sooner than last year? If so, where will basis levels be next spring and summer?”

Kluis added, “The U.S. dollar hit a 12-month high during trade on Tuesday but was unable to keep the momentum going. The dollar closed below the prior two-day low on Wednesday and is seeing further pressure in the overnight trade. We should see support near the 20-day average at 93.83. If futures close below that mark, then the dollar could be setting up for a much larger slide lower.”

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