On Thursday, the CME GRoup’s farm markets lean on the soybean run-up to 8-year highs for momentum.
At the close, the March corn futures finished 1/2¢ higher at $6.11. May futures ended 1/4¢ lower at $6.10. December futures closed 2 1/2¢ lower at $5.62.
March soybean futures settled 34 3/4¢ higher at $14.25.
May soybean futures ended 33 3/4¢ higher at $14.34. New crop November soybean futures closed 15 1/2¢ higher at $13.20.
March wheat futures closed 6 1/4¢ lower at $7.90.
March soymeal futures finished 2.50 per short ton higher at $400.80.
March soy oil futures closed 2.12 higher at 62.88 per pound.
In the outside markets, the crude oil market is $0.61 per barrel lower at $86.35 the U.S. Dollar is higher, and the Dow Jones Industrials are 123 points higher (+0.35%) at 35,152.
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Soybean complex heats up
On Thursday, the CME Group’s soybean complex is on fire.
At midsession, the March corn futures are 2¢ higher at $6.12. May futures are 1 1/2¢ higher at $6.12. December futures are 1¢ higher at $5.65.
March soybean futures are 34 3/4¢ higher at $14.25.
May soybean futures are 33 3/4¢ higher at $14.34. New crop November soybean futures are 18 1/2¢ higher at $13.23.
March wheat futures are 1 1/4¢ lower at $7.95.
March soymeal futures are 5.10 per short ton higher at $403.40.
March soy oil futures are 2.02 higher at 62.78 per pound.
In the outside markets, the crude oil market is $0.69 per barrel higher at $87.65 the U.S. Dollar is higher, and the Dow Jones Industrials are 408 points higher (+1.16%) at 35,439.
Jack Scoville, PRICE Futures Group, says that the soybean rally has to do with outside buyer support.
“In the soybean complex, spec-buying is pushing up prices, but not so much anywhere else. I heard of potential Chinese buying of U.S. soybeans, so maybe that is the reason. It’s only a rumor though, so I don’t know. Paraguay crops are burning up a bit with much of Argentina in better shape. Brazil is better too. So, not really sure today’s rally is based on the weather in South America,” Scoville says.
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Soybeans surge higher
On Thursday, the CME Group’s farm markets diverge.
In early trading, the March corn futures are 2¼¢ lower at $6.08. May futures are 2½¢ lower at $6.08. December futures are 2¢ lower at $5.62.
March soybean futures are 4¾¢ higher at $13.96.
May soybean futures are 4¾¢ higher at $14.05. New-crop November soybean futures are 3½¢ higher at $13.08.
March wheat futures are 8¢ lower at $7.88.
March soymeal futures are $3.50 per short ton lower at $394.80.
March soy oil futures are 0.93¢ higher at 61.69¢ per pound.
In the outside markets, the crude oil market is $0.12 per barrel lower at $86.84. The U.S. dollar is lower, and the Dow Jones Industrials are 115 points higher (+0.33%) at 35,144.
Bob Linneman, Kluis Advisors, says that…
Read More: Soybeans add over 60¢ per bushel in two sessions | Thursday, January