Soybeans close at $15.86, corn at $6.37 | Monday, February 7, 2022

To start the week, the CME Group's farm markets were led by the soybean complex.

At the close, the March corn futures finished 14¾¢ higher at $6.35. May futures finished 15¾¢ higher at $6.37. December futures closed 7¼¢ higher at $5.81.

March soybean futures finished 28¼¢ higher at $15.81.

May soybean futures closed 28½¢ higher at $15.86. New-crop November soybean futures closed 20¾¢ higher at $14.16.

March wheat futures ended 5¾¢ higher at $7.68.

March soymeal futures closed $8.90 per short ton higher at $452.80.

March soy oil futures finished 0.02¢ lower at 65.34¢ per pound.

In the outside markets, the crude oil market is $1.02 per barrel lower at $91.29. The U.S. dollar is higher, and the Dow Jones Industrials are 164 points higher (+0.47%) at 35,254.

Jason Roose, U.S. Commodities, says the soybean market is well supported.

"Grains continue to surge higher with soybeans leading the charge in contract highs as production losses mount in South America. Also, large soybean purchase overnight is keeping premiums in all markets. This suggests that export demand and inflation buying at these levels are continuing," Roose says.

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$16 soybeans?

The CME Group's farm markets are off to a blazing start for the week.

At midsession, the March corn futures are 13¾¢ higher at $6.34. May futures are 13¾¢ higher at $6.35. December futures are 6¾¢ higher at $5.80.

March soybean futures are 28¼¢ higher at $15.82.

May soybean futures are 28½¢ higher at $15.86. New-crop November soybean futures are 22¾¢ higher at $14.18.

March wheat futures are 5¾¢ higher at $7.69.

March soymeal futures are $6.60 per short ton higher at $450.50.

March soy oil futures are 0.36¢ higher at 65.72¢ per pound.

In the outside markets, the crude oil market is $0.88 per barrel lower at $91.37, the U.S. dollar is higher, and the Dow Jones Industrials are 41 points lower (-0.12%) at 35,048.

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Sharp rally

On Monday, the CME Group's soybean market is acting like it can't be stopped from going higher.

In early trading, the March corn futures are 3¾¢ higher at $6.20. May futures are 4½¢ higher at $6.21. December futures are 5¾¢ higher at $5.73¾.

March soybean futures are 9¼¢ higher at $15.53.

May soybean futures are 10½¢ higher at $15.57. New-crop November soybean futures are 3¢ higher at $13.95.

March wheat futures are 11¾¢ higher at $7.63.

March soymeal futures are $6.80 per short ton higher at $443.90.

March soy oil futures are 0.39¢ lower at 65.36¢ per pound.

In the outside markets, the crude oil market is $0.94 per barrel lower at $91.37. The U.S. dollar is higher, and the Dow Jones Industrials are 14 points lower (-0.04%) at 35,066.

On Monday, private exporters reported sales of 507,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 249,000 metric tons is for delivery during the 2021/2022 marketing year and 258,000 metric tons is for delivery during the 2022/2023 marketing year.

Bob Linneman, Kluis Advisors, says that investors eye Chinese demand for U.S. soybeans.

"Private crop projections for the South American corn and soybean crops are likely to drop again this week. The forecasts for next week are keeping wet in the central and northern states in Brazil, and mostly hot and dry in southern Brazil, and northern Argentina," Linneman stated in a note to customers.

Linneman added, "Will China continue to be a major buyer of old and new crop soybeans again this week? Cash prices and basis bids are surging in Brazil and Argentina."