Soybeans trade 32¢ higher, with investors eyeing the $14 market Monday - Successful Farming

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On Monday, the CME Group’s soybean market surges higher, as South America’s crop continues to battle dry weather.

In early trading, the March corn futures are 7¼¢ higher at $4.91¼. May corn futures are 7¾¢ higher at $4.91. 
 
January soybean futures are 31¼¢ higher at $13.42¼. March soybean futures are 32½¢ higher at $13.39¼.

March wheat futures are 7¢ higher at $6.47¼. 

March soymeal futures are $6.60 short term higher at $436.00.

March soy oil futures are 1.02¢ higher at 43.42¢ per pound.

In the outside markets, the NYMEX crude oil market is $0.03 per barrel lower (-0.06%) at $48.49. The U.S. dollar is lower, and the Dow Jones Industrials are 52 points higher (+0.17%) at 30,658 points.

Al Kluis, Kluis Advisors, says that the grain markets are off to a great start.

“For the first time ever, I see a gap on my weekly, monthly, and even yearly continuation charts for corn and soybeans. The bull spreads firming in corn and soybean futures show continued strong demand. I see no evidence yet of price rationing. The gap higher sets up our next price targets,” Kluis stated in a daily note to customers.

Kluis added, “I am watching weather and crop conditions in Argentina where I see no major rain events in the forecast. Now their yield potential will continue to drop. Corn production in the five main grain-producing countries is already below last year. It is just a matter of weeks until the soybean production falls as well.”

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Soybeans trade 32¢ higher, with investors eyeing the $14 market Monday - Successful Farming
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