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January soybeans opened 1/2 cent higher on the day at 1039 1/2 and established an early range of 1031 1/2 to 1047 3/4. Early market action pushed the January soybean contract below the overnight lows, extending a late break in that session as a strong US dollar helped to pressure. Prices then firmed to marginally higher in the January contract into early mid session, but traders said this came on light to moderate volume. The meal/oil spreads were near unchanged in the early going with oil making minor gains early and meal generally erasing its losses by early mid session. Weather forecasts in the US still call for mostly dry conditions today through Sunday which should allow many farmers to finish the harvesting of soybeans. Rains and some snow from Sunday into early next week could cause some last minute delays in the extreme northern and NW Midwest along with rain-only delays in the mid south and SE. Crop conditions in Brazil remain mostly favorable, albeit with too much soil moisture in parts of the third largest soybean state: Rio Grande do Sul in southern Brazil. Argentina is also seeing more favorable conditions after good rains there this past week. Additional welcome rains are forecast into the middle of next week.
The daily commentaries provide a recap of each commodity's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.
The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.