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Soybeans close slightly higher, corn lower

On Monday, the CME Group’s soybean market closed higher on fresh demand news.

At the close, the Sept. corn futures closed 3¼¢ lower at $5.64. New-crop Dec. futures ended 4¼¢ lower at $5.68. March corn futures settled 3¾¢ lower at $5.76. 
 
Sept. soybean futures ended 3¢ higher at $13.76. 

Nov. soybean futures closed 3¾¢ higher at $13.68. January soybean futures finished 3¼¢ higher at $13.72.

Sept. wheat futures closed 1¢ lower at $7.60. 

Dec. soymeal futures settled $2.10 per short ton higher at $362.50.

Dec. soy oil futures closed 0.34¢ lower at 62.94¢ per pound.

In the outside markets, the NYMEX crude oil market is 0.98 lower (-1.43%) at $67.46. The U.S. dollar is higher, and the Dow Jones Industrials are 34 points higher (+0.10%) at 35,549 points.

On Monday, private exporters reported to the USDA export sales of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.

The marketing year for soybeans began Sept. 1.

Al Kluis, Kluis Advisors, says that investors will be watching to see if China’s soybean purchases continue. 

“The USDA Crop Progress report today will show national corn and soybean ratings that are steady to 1% lower than last week. The dry areas in the northern and western Corn Belt are likely to pull the average lower,” Kluis stated in a note to customers. 

Kluis added, “Will China continue its soybean buying spree? This has really helped keep prices moving higher. If the uptrend is to continue, then watch for a Monday or Tuesday low in the grain markets and another Friday high again this week.”

On Friday, the grain markets closed mostly higher on surging global wheat prices and additional Chinese purchases of soybeans. September corn closed 1¢ higher, November soybeans closed 24¢ higher, and wheat futures closed 3¢ to 11¢ higher.

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2 Comments

  1. Oliver says:

    Soy beans are used to make tofu, which is essential for vegans and vegetarians, that's probably why.

  2. Stacy says:

    I love soy products. I am personally vegan so I use it a lot, but it does taste amazing.

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