Wheat surges above $8 per bushel | Tuesday, January 25, 2022
The ag markets close mostly higher, corn falls off of its daily highs.
At the close, the March corn futures settled 1¢ lower at $6.20. May futures ended 1¢ higher at $6.18. December futures closed 2½¢ higher at $5.69. The corn contracts traded as high as 9¢, during the session.
March soybean futures closed 4¼¢ higher at $14.07.
May soybean futures settled 5¢ higher at $14.16. New-crop November soybean futures closed 11¢ higher at $13.18.
March wheat futures finished 17½¢ higher at $8.18.
March soymeal futures closed $1.90 per short ton lower at $392.00.
March soy oil futures closed 0.54¢ higher at 62.51¢ per pound.
In the outside markets, the crude oil market is $2.17 per barrel higher at $85.48. The U.S. dollar is higher, and the Dow Jones Industrials are 184 points higher (+0.54%) at 34,548.
Wheat jumps up 20¢
On Tuesday, the CME Group’s corn and soybean markets follow the wheat trade higher.
At midsession, the March corn futures are 9½¢ higher at $6.30. May futures are 9¼¢ higher at $6.27. December futures are 3½¢ higher at $5.71.
March soybean futures are 9¼¢ higher at $14.12.
May soybean futures are 9¾¢ higher at $14.20. New-crop November soybean futures are 14¢ higher at $13.21.
March wheat futures are 21¢ higher at $8.21.
March soymeal futures are $0.20 per short ton higher at $394.10.
March soy oil futures are 0.75¢ higher at 62.72¢ per pound.
In the outside markets, the crude oil market is $1.60 per barrel higher at $84.91. The U.S. dollar is higher, and the Dow Jones Industrials are 477 points lower (-1.39%) at 33,886.
On Tuesday, the CME Group’s farm markets continue to lean on wheat for strength.
In early trading, the March corn futures are 1¢ higher at $6.22. May futures are 1¼¢ higher at $6.18. December futures are unchanged at $5.67.
March soybean futures are ¼¢ lower at $14.02.
May soybean futures are ¾¢ lower at $14.10. New crop November soybean futures are 1¢ lower at $13.06.
March wheat futures are 15¢ higher at $8.15.
March soymeal futures are $4.20 per short ton lower at $389.70.
March soy oil futures are 0.70¢ higher at 62.67¢ per pound.
In the outside markets, the crude oil market is $0.20 per barrel higher at $83.51. The U.S. dollar is higher, and the Dow Jones Industrials are 393 points lower (-1.15%) at 33,970.
Bob Linneman, Kluis Advisors, says that the markets are off to a wild week, already.
“On Monday, the USDA’s weekly Export Inspection data was well below expectations, and traders are still waiting for confirmation of the rumored huge sales to China. On Monday, the March corn futures contract found buyers late in the trading day and was able to close right at the highs. The next upside target for March corn is $6.33,” Linneman stated in a note to customers.
Linneman added, “The huge swing from negative to positive in the stock market yesterday could mean the bearish slide is nearing an end. Although the grain market has held together during the stock market sell-off, a more stable stock market will surely help grain traders sleep at night. The Ukraine and Russia story is not going away, which should continue to add risk premium to wheat futures.”