Soybean prices reverse, climb 20 per bushel | Friday, January 7, 2021

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After starting lower, the CME Group soybean market is skyrocketing.

At mid-session, March corn futures are $ 1-6.04 higher. May futures are 1/2 higher at $ 6.05. July corn futures are 1/4 at $ 6.01 lower.

January soybean futures are $ 20-14.07 higher.

March soybean futures are 19 1/2 higher at $ 14.15. May soybean futures are 18 1/2 higher at $ 14.19.

March wheat futures are 5 1/4 ¢ higher at $ 7.51.

March soybean meal futures are $ 14.40 per short ton higher at $ 425.50.

Soybean oil futures in March were 0.34 a cent lower at 58.86 a pound.

In foreign markets, the crude oil market is $ 0.62 per barrel lower at $ 78.84, the US dollar is lower, and the Dow Jones Industrials is 58 points (+ 0.16%) higher at 36,294 .

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The markets are starting to go down

On Friday, the CME Group’s farm markets fall.

In early trading, March corn futures are 3½ ¢ lower at $ 6.00. May futures are $ 4-6.00 lower. July corn futures are 4½ ¢ lower at $ 5.97.

January soybean futures are $ 1 at $ 13.86 lower.

Soybean futures in March are 1¼ ¢ lower at $ 13.94. May soybean futures are $ 1 – $ 13.99 lower.

March wheat futures are 1½ ¢ lower at $ 7.44.

March soybean meal futures are $ 1.50 per short ton higher at $ 412.50.

March soybean oil futures are 0.19 to 59.09 a pound higher.

In foreign markets, the crude oil market is $ 0.16 per barrel higher at $ 79.62. The US dollar is lower and the Dow Jones Industrials is 24 points (-0.07%) lower at 36,206.

Private exporters reported the following activity on Friday:

  • 176,784 tonnes of maize to be delivered to Mexico during the 2021/2022 campaign

  • 120,000 tonnes of soybeans for delivery to unknown destinations during marketing year 2022/2023

Bob Linneman, Kluis Advisors, said investors are eyeing next week’s USDA report.

“The export sales report was below the lower bound of expectations for everything. This is not a model that the bull camp wants to see continue. Grains traders are more concerned about the weather in South America and the big USDA report next week. These price points deserve to be protected before this report, ”Linneman said in a note to customers.

Linneman added, “With the aggressive decline in wheat recently, we might see fund managers split short wheat against long soybeans. Until the fundamentals behind this trade change it is very difficult to find a bottom in wheat. ”


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