Corn closes lower, soybean prices finish slightly lower | Thursday, February 3, 2022

The CME Group's soybean complex had a 29¢ trading range, from high-to-low, closing mixed Thursday.

At the close, the March corn futures settled 5¢ lower at $6.16. May futures finished 5½¢ lower at $6.17. December futures ended 4¾¢ lower at $5.68¼.

March soybean futures settled 1¢ lower at $15.44.

May soybean futures closed 2½¢ lower at $15.47. New-crop November soybean futures settled 3¢ higher at $13.92.

March wheat futures closed 3¼¢ lower at $7.51.

March soymeal futures finished $2.00 per short ton higher at $437.10.

March soy oil futures closed 0.23¢ lower at 65.75¢ per pound.

In the outside markets, the crude oil market is $1.97 per barrel higher at $90.23 the U.S. Dollar is lower, and the Dow Jones Industrials are 303 points lower (-0.85%) at 35,325.

PJ Quaid, R.J. O'Brien broker, says that today's volatility stemmed from outside market factors as well as fundamentals.

"The European Central Bank President Christine Lagarde's hawkish comments, keeping policy unchanged, is what spooked the outside markets. Also, South America's weather is mixed. March soymeal is close to making new contract highs and same with the March soybean futures contract."

O'Brien added, "The corn market did not like the China cancelation of U.S. soybeans. The index roll starts Monday and it feels like the outside markets are doing a little front-running in corn. Wheat is lower off of weaker European values," Quaid says.

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Soybeans lose ground

After trading both sides of zero, the CME Group's soybean market is mixed.

At midday, the March corn futures are 5¢ lower at $6.17. May futures are 5½¢ lower at $6.16. December futures are 5¾¢ lower at $5.67.

March soybean futures are 2½¢ lower at $15.42.

May soybean futures are 4½¢ lower at $15.45. New-crop November soybean futures are ¾¢ higher at $13.90½.

March wheat futures are 6¢ lower at $7.49.

March soymeal futures are $2.90 per short ton higher at $438.00.

March soy oil futures are 0.49¢ lower at 65.49¢ per pound.

In the outside markets, the crude oil market is $0.25 per barrel higher at $88.51. The U.S. dollar is lower, and the Dow Jones Industrials are 336 points lower (-0.94%) at 35,293.

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Soybeans bounce around

After trading both sides of zero, the CME Group's soybean complex is mixed.

At midday, the March corn futures are 5¢ lower at $6.17. May futures are 5 1/2¢ lower at $6.16. December futures are 5 3/4¢ lower at $5.67.

March soybean futures are 2 1/2¢ lower at $15.42.

May soybean futures are 4 1/2¢ lower at $15.45. New crop November soybean futures are 3/4¢ higher at $13.90 1/2.

March wheat futures are 6¢ lower at $7.49.

March soymeal futures are 2.90 per short ton higher at $438.00.

March soy oil futures are 0.49 lower at 65.49 per pound.

In the outside markets, the crude oil market is $0.25 per barrel higher at $88.51 the U.S. Dollar is lower, and the Dow Jones Industrials are 336 points lower (-0.94%) at 35,293.

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Soybeans bounce around

On Thursday, the CME Group's farm markets have started the session by selling off. By mid-morning, the soybean market had turned higher.

At 10 a.m., the March corn futures are 5¢ lower at $6.17. May futures are 4½¢ lower at $6.17. December futures are 2¾¢ lower at $5.70.

March soybean futures are 10¢ higher at $15.56.

May soybean futures are 9¢ higher at $15.58. New-crop November soybean futures are 9¼¢ higher at $13.99.

March wheat futures are 7¾¢ lower at $7.47.

March soymeal futures are $1.50 per short ton lower at $436.60.

March soy oil futures are 0.72¢ lower at 65.26¢ per pound.

In the outside markets, the crude oil market is $0.47 per barrel lower at $87.79. The U.S. dollar is higher, and the Dow Jones Industrials are 239 points lower (-0.67%) at 35,389.

On Thursday, the USDA confirmed the cancellation of export sales of 380,000 metric tons of corn for delivery to China during the 2021/2022 marketing year.

Separately, the USDA's Weekly Export Sales Report Thursday shows strong demand figures for corn and soybeans.

• Corn = 1.17 million metric tons (mmt.) vs. the trade expectations of 600,000 to 1.30 mmt.
• Soybeans = 1.97 mmt. vs. the trade's expectation of 600,000 mt to 1.2 mmt.
• Wheat = 161,000 mt.
• Soybean meal = 604,200 mt.

Bob Linneman, Kluis Advisors, says that the strength in the soybean pit may be fading.

"The general feeling after trading Wednesday was that trading action is feeling very toppy," Linneman stated in a note to customers. "Will the bulls buy the dip? Or are we ready for a bigger pullback?"

Linneman added, "The 380,000 metric ton sale of U.S. soybeans to China announced on Tuesday morning was a great sign for the bulls. However, traders should have been disappointed that we were unable to make new highs above the overnight high when trading resumed at 8:30 a.m. This could be a warning sign for the bulls that the rally is running out of gas."