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Soybean Market Finds a Bid Friday

USDA releases Weekly Export Sales Report Friday.

DES MOINES, Iowa -- On Friday, the CME Group’s farm markets are leaning on the slight momentum in the soybean complex.

At midsession, the March corn futures are ¼¢ lower at $3.50. May futures are ¼¢ lower at $3.59.

January soybean futures are 3½¢ higher at $9.71. March soybean futures are 3½¢ higher at $9.82.

March wheat futures are 5¢ lower at $4.29.

March soy meal futures are $1.40 per short ton higher at $321.20. January soy oil futures are 0.04¢ lower at 33.83¢ per pound. 

In the outside markets, the NYMEX crude oil market is $0.60 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 94 points higher.

The USDA released its weekly Export Sales Report Friday. All sales were way off the previous week’s averages. Here are the details:

  • Corn: 1,200 mt 
  • Soybeans: 560,800 mt
  • Wheat: 131,000 mt
  • Soy meal: 117,900 mt

 

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Thursday’s Farm Markets Review

On Thursday, the CME Group’s farm markets keep searching for any bullish news.

At the close, the March corn futures finished 2¢ lower at $3.51; May futures closed 2¢ lower at $3.59.

Janiuary soybean futures settled 1¢ lower at $9.67¾; March soybean futures closed 1¢ lower at $9.78½.

March wheat futures ended 2¢ lower at $4.34.

March soy meal futures closed $1.20 per short ton higher at $319.80. January soy oil futures are 0.03¢ lower at 33.87¢ per pound. 

In the outside markets, the NYMEX crude oil market is 42¢ higher, the U.S. dollar is lower, and the Dow Jones Industrials are 156 points higher.

Jason Roose, U.S. Commodities grain analyst, says to not expect much change in the markets until later in the month.

“Grains continue to trade in a range with a weaker tone, as weather concerns are limited in Brazil and Argentina. Also, the weak dollar along with slow producer-selling and heavy fund short will limit any downside until the USDA’s January 12 crop report,” Roose says.

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