Soybeans close up 25¢ | Wednesday, December 28, 2022

Soybeans close up 25¢: 3:00 p.m.

By Bob Linneman

The grain bulls closed out trading on Wednesday in control with the exception of soybean oil, which closed over 2% lower on the day.

March corn was up 8¢, while January soybeans were up 25 cents.

Wheat settled the day steady to up 11¢.

The corn bulls have set their sights on $7.00, while the soybean bulls are looking to surpass the Tuesday highs.

The stock market remains down 1.1% while crude oil is down about $1.00. The U.S. dollar is trading near $104.27 this afternoon.

Livestock futures closed mixed. March feeder cattle were quietly higher while February live cattle were quietly lower.

• READ MORE: Argentina's soy sales near 80% of harvest, lag previous year

Grain markets continue higher at midday: 11:14 a.m.

The grain markets continue higher with corn also now on the plus side. Soybean meal remains strong, while soybean oil and crude oil prices move lower. Everyone is waiting for the noon weather model updates.

At this time in grain markets corn futures are 5¢ higher, soybean futures are 12 to 14¢ higher and wheat futures are 3 to 5¢ higher.

The key chart areas I am watching is at $6.77 for March Corn, $15.17 for January soybeans.

The stock market has turned lower this morning with the Dow futures up down over 240 points. Crude oil is down $1.55 per barrel while the US dollar is now higher up 20 points.

Livestock futures are mixed. Feeder cattle are up 45¢. Live cattle up 10¢. Lean hogs are 5¢ lower.

Grain prices mostly higher in early trading: 8:53 a.m.

Grain prices are mostly higher in early trade as increasing weather concerns about the crop in Argentina keep global traders and funds on the buy side.

At this time in grain markets corn futures are 1¢ lower, soybean futures are 12 to 13¢ higher and wheat futures are 1 to 3¢ higher. The soybean market is moving higher to challenge yesterday’s high while corn and wheat are locked into a narrow – holiday trading channel.

The trade focus is on weather in Argentina and just like last week the extended forecasts are hinting at more rain but in the short-term additional damage is occurring.

The outside markets are mixed this morning with the Dow futures up over 100 points. Crude oil is down 55¢ per barrel while the US dollar is again lower, now down 0.16 points.

Livestock futures are mixed this morning. Feeder cattle are up 5¢ at $183.15. Live cattle up 10¢. Lean hogs are 45¢ lower.