Weekly Market Wrap-Up

Monday’s trade fell lower to begin the week as a result of month-end liquidation and continued fears of the new Omicron COVID variant. Global wheat weather forecasts stabilized, creating less concern for wheat production. Export inspections released showed soybeans exceeding trade expectations and corn and wheat on the low end of expectations. December corn futures closed the day 5.75 cents lower at $5.81. January soybean futures closed the day 11.25 cents lower at $12.4150.

Trade on Tuesday showed continued weakness due to economic fears of the Omicron variant. Crude oil marked fresh lows with the trade concerned about gasoline and ethanol demand. The USDA confirmed the sale of 132,000 tonnes of U.S. soybeans for delivery to unknown in 2021/22. December corn futures closed the day at 5.67, a loss of 14 cents. January soybean futures closed the day at 12.1725, a loss of 24.25 cents.

Wednesday’s session showed rebounds for the commodity sector after COVID fears subsided following Monday and Tuesday’s sell-off. Weekly ethanol production data revealed a decrease in production and an increase in stocks, showing slightly weaker demand. The USDA confirmed the sale of 150,000 tonnes of corn for delivery to Colombia in 2021/22. December corn futures closed the day 5 cents higher at 5.72. January soybean futures closed the day 11 cents higher at 12.2825.

Trade on Thursday presented upside for corn led by wheat and upside for soybeans led by soybean oil. The USDA confirmed the sale of 164,100 tonnes of soybeans to unknown and 130,000 tonnes of soybeans to China for delivery in 2021/22. Export sales data showed corn and soybean sales within trade expectations and wheat below trade expectations. December corn futures closed the day at 5.77, a gain of 5 cents. January soybean futures closed the day at 12.4425, a gain of 16 cents.

Friday’s session showed gains to finish off the week due to strong demand for soybeans. The USDA confirmed the sale of 122,000 tonnes of soybeans for delivery to unknown in 2021/22. Rumors lingered throughout the session that China is buying more U.S. soybeans.  December corn futures closed the day 9 cents higher at 5.86. January soybean futures closed the day 23 cents higher at 12.6725.