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323276

Soybeans close 32¢ higher, wheat falls 23¢ | Wednesday, January 26, 2022

Investors eye contraction trends.

With the CME Group's soybean market closing up double-digits, wheat settled down double-digits Wednesday.

At the close, the March corn futures settled 7¢ higher at $6.27. May futures settled 6 1/2¢ higher at $6.25. December futures finished 3¢ higher at $5.72 3/4. 
 
March soybean futures settled 32 3/4¢ higher at $14.40. 

May soybean futures closed 31¢ higher at $14.47. New crop November soybean futures ended 15 1/2¢ higher at $13.34.

March wheat futures closed 23¢ lower at $7.95.
 
March soymeal futures closed 8.50 per short ton higher at $400.50.


March soy oil futures ended 1.42 higher at 63.93 per pound.

In the outside markets, the crude oil market is $1.12 per barrel higher at $86.72 the U.S. Dollar is higher, and the Dow Jones Industrials are 129 points lower (-0.38%) at 34,168.

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Soybeans jump up 28¢

On Wednesday, the CME Group's soybean complex is rising sharply.

At midsession, the March corn futures are 1¢ higher at $6.21. May futures are 1/2¢ higher at $6.19. December futures are 1/2¢ higher at $5.70. 
 
March soybean futures are 28 1/2¢ higher at $14.35. 

May soybean futures are 26 1/4¢ higher at $14.42. New crop November soybean futures are 16¢ higher at $13.34.

March wheat futures are 26 1/2¢ lower at $7.91.
 
March soymeal futures are 8.60 per short ton higher at $400.60.


March soy oil futures are 1.08 higher at 63.59 per pound.

In the outside markets, the crude oil market is $2.05 per barrel higher at $87.65 the U.S. Dollar is higher, and the Dow Jones Industrials are 347 points higher (+1.04%) at 34,653.

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Soybean complex rises

On Wednesday, the CME Group's farm markets have seen the leadership shift from wheat to soybeans.

In early trading, the March corn futures are 1/4¢ higher at $6.20. May futures are unchanged at $6.18. December futures are unchanged at $5.69. 
 
March soybean futures are 9 1/4¢ higher at $14.16. 

May soybean futures are 8 3/4¢ higher at $14.24. New crop November soybean futures are 4 1/2¢ higher at $13.23.

March wheat futures are 13 1/2¢ lower at $8.04.
 
March soymeal futures are 0.30 per short ton higher at $392.30.


March soy oil futures are 0.85 higher at 63.36 per pound.

In the outside markets, the crude oil market is $0.90 per barrel higher at $86.50 the U.S. Dollar is higher, and the Dow Jones Industrials are 209 points higher (+0.61%) at 34,507.

Bob Linneman, Kluis Advisors, says that how the markets closed yesterday could signal a sell-off approaching.

"March corn came under pressure after wheat prices backed off the mid-session highs by 15¢. The March corn chart traded below the Tuesday low during the overnight trading, which could trigger further selling if the bulls do not regain control soon. Keep an eye on the spreads in corn and soybeans in the near term. The price action of the spreads so far this week suggests we are ready for a pullback in futures," Linneman stated in a note to customers. 

Linneman added, "The basis levels continue to widen from the record tight levels seen in November and December. On average, the Western Corn Belt is seeing tighter basis levels than what is being offered in the eastern Belt. Will this trend continue as we get closer to spring weather in the U.S.?"

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