Soybeans close 23¢ higher | Friday, December 3, 2021
For Friday, the CME Group’s farm markets close mostly higher, led by the soybean complex all session.
At the close, the March corn futures finished 7¼¢ higher at $5.84. May futures ended 7¢ higher at $5.86. July corn futures settled 6½¢ higher at $5.85.
January soybean futures finished 23¢ higher at $12.67.
March soybean futures closed 21¼¢ higher at $12.71. May soybean futures finished 21¢ higher at $12.78.
March wheat futures closed 11¢ lower at $8.03.
Jan. soymeal futures settled 9.80 per short ton higher at $358.60.
Jan. soy oil futures closed 0.88¢ higher at 57.22¢ per pound.
In the outside markets, the crude oil market is $0.57 per barrel lower at $65.93, the U.S. dollar is lower, and the Dow Jones Industrials are 242 points lower (-0.70%) at 34,396.
Corn, soybeans trade higher
At midsession, the CME Group’s farm markets move mostly higher.
At midsession, the March corn futures are 4¼¢ higher at $5.81. May futures are 23¾¢ higher at $5.83. July corn futures are 3¾¢ higher at $5.82.
January soybean futures are 18¢ higher at $12.62.
March soybean futures are 17¢ higher at $12.67. May soybean futures are 17¢ higher at $12.74.
March wheat futures are 14¢ lower at $8.01.
Jan. soymeal futures are $8.00 per short ton higher at $356.80.
Jan. soy oil futures are 0.97¢ higher at 57.31¢ per pound.
In the outside markets, the crude oil market is $0.60 per barrel higher at $67.10, the U.S. dollar is lower, and the Dow Jones Industrials are 125 points lower (-0.36%) at 34,514.
Soybeans pop double-digits
On Friday, the CME Group’s farm markets are led by the sobean complex.
In early trading, the March corn futures are 3¢ higher at $5.79. May futures are 2½¢ higher at $5.82. July corn futures are 2½¢ higher at $5.81.
January soybean futures are 16¢ higher at $12.60.
March soybean futures are 15¢ higher at $12.65. May soybean futures are 16¢ higher at $12.73.
March wheat futures are 2¾¢ lower at $8.12.
Jan. soymeal futures are $3.50 per short ton higher at $352.30.
Jan. soy oil futures are 1.41¢ higher at 57.75¢ per pound.
In the outside markets, the crude oil market is $2.40 per barrel higher at $68.90, the U.S. dollar is higher, and the Dow Jones Industrials are 93 points higher (+0.27%) at 34,732.
On Friday, private exporters reported sales of 122,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.
Bob Linneman, Kluis Advisors, says that momentum indicators are now in favor of the bulls.
“The weekly export sales data showed that accumulated exports for corn are approximately 7% behind last year’s pace, while soybeans are 23% behind. With the U.S. entering a slow time for exports, grain traders will be updating their export targets ahead of the upcoming USDA report. Crude oil managed to post a strong close on Thursday after posting a new low. Crude traded to the lowest level since August 23 before rebounding nearly $5 off the low,” Linneman stated in a note to customers.
Linneman added, “The big recovery in crude oil on Thursday is a good sign for the corn bulls. The recent decline in the energy sector pushed prices lower than many thought we would see in the final trading month of 2021.”