Soybeans start February trading over $15 per bushel | Tuesday, February 1, 2022

On Tuesday, the CME Group’s farm markets have loads of information to commerce.

In early buying and selling, the March corn futures are 4½¢ larger at $6.30. Could futures are 4½¢ larger at $6.28. December futures are 1¼¢ larger at $5.74.

March soybean futures are 19¢ larger at $15.09. 

Could soybean futures are 19¢ larger at $15.14. New-crop November soybean futures are 11¾¢ larger at $13.78.

March wheat futures are 12¼¢ larger at $7.73.

March soymeal futures are $12.10 per brief ton larger at $431.00. 

March soy oil futures are 0.11¢ decrease at 64.71¢ per pound.

Within the exterior markets, the crude oil market is $0.79 per barrel decrease at $87.36. The U.S. greenback is decrease, and the Dow Jones Industrials are 10 factors decrease (-0.03%) at 35,120.

On Tuesday, personal exporters reported the next exercise:

• 132,000 metric tons of soybeans for supply to China through the 2022/2023 advertising and marketing 12 months
• 110,000 metric tons of corn for supply to Mexico through the 2021/2022 advertising and marketing 12 months

Bob Linneman, Kluis Advisors, says that information of a decrease soybean crop in Brazil, mixed with China shopping for continues to underpin the markets.

“Additional discount to manufacturing estimates to begin the week is constant the pattern. New targets for whole soybean manufacturing now relaxation between 128.5 and 130 million metric tons. That’s down from the preplanting targets of near 145 million metric tons. Wheat costs gave up early-session good points to put up a giant exterior day down. Costs closed under the prior-week low and under the 20-day common. The weak spot in wheat put stress on the old-crop corn contracts. March corn additionally had an outdoor day on the each day chart, with costs closing close to the lows of the day.”  

Linneman added, “The pattern of declining crop manufacturing estimates for Brazil has fueled the rally for the soybean bulls. Ultimately, merchants will wish to verify these manufacturing targets earlier than including extra danger premium to the market. $15 may very well be that mark, however merchants are prone to hold the rally alive if China continues to purchase U.S. soybeans.”