Markets Markets Analysis Crop Markets Corn, soybean prices close lower | Tuesday, February 8, 2022 Tomorrow’s USDA February Supply/Demand Report will not lower South America’s crop estimates as much as private analysts’ guesses, analyst says. By Mike McGinnis Mike McGinnis Mooresville, North Carolina Started as a radio and television broadcaster for 15 years, then began a long career in web and magazine publishing. Has experience in leading grain markets coverage, leading staff and freelance writers in agricultural coverage of the business of farming. Joined Successful Farming in 2005 as Markets Editor. Successful Farming's Editorial Guidelines Published on February 8, 2022 Close Photo: iStock: simazoran On Tuesday, the CME Group's farm markets close mostly lower. At the close, the March corn futures closed 3¢ lower at $6.32. May futures finished 3¢ lower at $6.34. December futures ended 1¢ higher at $5.82.March soybean futures settled 12¾¢ lower at $15.69. May soybean futures closed 13½¢ lower at $15.72. New-crop November soybean futures finished 3¢ lower at $14.13. March wheat futures closed 10¢ higher at $7.78.March soymeal futures finished 1.30 per short ton higher at $454.10. March soy oil futures are 1.99¢ lower at 63.35¢ per pound. In the outside markets, the crude oil market is $2.03 per barrel lower at $89.29. The U.S. dollar is higher, and the Dow Jones Industrials are 310 points higher (+0.89%) at 35,402. -------------- Soybeans drop double-digits On Tuesday, the CME Group's farm markets remain mostly lower. At midsession, the March corn futures are 7¢ lower at $6.28. May futures finished 7¢ lower at $6.30. December futures are 3½¢ lower at $5.77. March soybean futures are 18¢ lower at $15.63. May soybean futures are 18½¢ lower at $15.67. New-crop November soybean futures are 10¾¢ lower at $14.05. March wheat futures are 4½¢ higher at $7.73. March soymeal futures are $0.30 per short ton lower at $452.50. March soy oil futures are 2.05¢ lower at 63.29¢ per pound. In the outside markets, the crude oil market is $2.23 per barrel lower at $89.09. The U.S. dollar is higher, and the Dow Jones Industrials are 331 points higher (+0.94%) at 35,422. ---------------- Markets fall On Tuesday, the CME Group's ag markets fade tomorrow's USDA report. In early trading, the March corn futures are 2¢ lower at $6.33. May futures finished 2¾¢ lower at $6.34. December futures are 1¢ lower at $5.80.March soybean futures are 9¢ lower at $15.72. May soybean futures are 10½¢ lower at $15.75. New-crop November soybean futures are 3¾¢ lower at $14.12. March wheat futures are 3½¢ higher at $7.72March soymeal futures are $2.50 per short ton higher at $455.30. March soy oil futures finished 1.79¢ lower at 63.55¢ per pound. In the outside markets, the crude oil market is $1.77 per barrel lower at $89.55. The U.S. dollar is higher, and the Dow Jones Industrials are 95 points higher (+0.27%) at 35,202. On Tuesday, private exporters reported the following activity: 132,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year 332,000 metric tons of soybeans for delivery to unknown destinations during the 2022/2023 marketing year Al Kluis, Kluis Advisors, says that investors eye the USDA report that will be released tomorrow. "The USDA is not likely to take the South American corn and soybean production estimates as low as the private race to the bottom. The USDA has a history of making smaller incremental changes," Kluis stated in a note to customers. Kluis added, "I am watching the $16.00 price level on nearby soybeans and then the June 2021 high at $16.23. Soybean futures are now $13.56 off the low made on January 10." Was this page helpful? Thanks for your feedback! Tell us why! Other Submit