Soybeans close 25¢ higher, near $16 per bushel | Wednesday, February 9, 2022

On Wednesday, the CME Group's farm markets found strong buying to close double-digits higher.

At the close, the March corn futures finished 14½¢ higher at $6.46¾. May futures ended 12¾¢ higher at $6.46. December futures ended 6¼¢ higher at $5.88.

March soybean futures settled 25¾¢ higher at $15.94.

May soybean futures closed 23¢ higher at $15.95. New-crop November soybean futures ended 24½¢ higher at $14.37.

March wheat futures ended 6¼¢ higher at $7.85.

March soymeal futures settled $7.80 per short ton higher at $461.90.

March soy oil futures closed 0.75¢ higher at 64.10¢ per pound.

In the outside markets, the crude oil market is $0.12 per barrel higher at $89.48, the U.S. dollar is lower, and the Dow Jones Industrials are 331 points higher (+0.94%) at 35,794.

Jason Roose, U.S. Commodities, says that the farm markets still have some support, despite the USDA not offering big surprises.

"Grains are trading cautiously firm after today's monthly U.S. and world production report. U.S. corn demand was unchanged from January, leaving ending stocks unchanged at 1.54 billion bushels. Soybean crush increased by 25 mln, which lowered ending stocks to 325 mln down from January. Brazil and Argentina's soybean production numbers were both lowered slightly, with possible adjustments next month. Lower China bean imports, U.S. weather, and the energy markets will be the focus in a market that has been dominated by South America weather," Roose says.

----------------

USDA data causes little movement

The USDA reports offered very little reaction to the grain markets Wednesday.

The USDA released its February Supply/Demand and WASDE reports Wednesday.

At midsession, the March corn futures are 5¢ higher at $6.37. May futures are 2 3/4¢ higher at $6.36. December futures are 1/4¢ higher at $5.82.

March soybean futures are 14 3/4¢ higher at $15.83.

May soybean futures are 10¢ higher at $15.83. New crop November soybean futures are 9¢ higher at $14.22.

March wheat futures are 3 1/2¢ higher at $7.82.

March soymeal futures are 3.10 per short ton higher at $457.20.

March soy oil futures are 0.32 higher at 63.67 per pound.

In the outside markets, the crude oil market is $0.26 per barrel lower at $89.10 the U.S. Dollar is lower, and the Dow Jones Industrials are 228 points higher (+0.65%) at 35,691.

---------------

Markets rise

On Wednesday, the CME Group's soybean market is fully supported, pushing up corn and wheat prices.

In early trading, the March corn futures are 5¢ higher at $6.37. May futures are 2¾¢ higher at $6.36. December futures are ¾¢ higher at $5.82.

March soybean futures are 12¾¢ higher at $15.81.

May soybean futures are 11¢ higher at $15.83. New crop November soybean futures are 12¢ higher at $14.25.

March wheat futures are 1¢ higher at $7.79.

March soymeal futures are $1.10 per short ton higher at $455.20.

March soy oil futures are 0.69¢ higher at 64.04¢ per pound.

In the outside markets, the crude oil market is $0.23 per barrel higher at $89.59. The U.S. dollar is lower, and the Dow Jones Industrials are 288 points higher (+0.81%) at 35,751.

On Wednesday, private exporters reported sales of 240,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year.

Bob Linneman, Kluis Advisors, says that investors eye today's USDA Supply/Demand and WASDE Reports that will be released at 11:00 a.m. CT.

"The size of the total soybean crop in South America will continue to fall in future USDA reports. The numbers the USDA will put out today are as of the first of the month, but crop conditions and yield potential continue to slide," Linneman stated in a note to customers.

Linneman added, "I am watching the USDA estimates for soybean production in South America. The global demand for soybeans continues to grow, and we see no evidence yet of price rationing. The most important number today will be what the USDA indicates for global soybean ending stocks."