May 20, 2022
Fargo, US 47 F

Closing Market Report- 1/20/22- Soybeans Soar Again on Thursday

Soybeans were the star of the show on Thursday, soaring higher along with soy oil and meal. With estimates of South American corn and soybeans ratcheted lower each week, funds continue to add to their bullish bets in both markets. Argentina will see from 1 to 4 inches of rain over the next 10 days, with southern Brazil much lighter coverage. Both areas are facing excessive heat. There are also some rumors in the trade that Brazilian farmers are not selling new crop supplies due to poor crop conditions and also a report that China may be preparing to make a sizable corn and soybean purchase from the US to make up for not fulfilling the Phase One commitments.

Corn and wheat were mixed to lower on the session with little in the way of fresh news. Lean hogs had another triple digit higher day while cattle were lower and stocks rallied some. Crude oil continues to push near $88 per barrel.

Farm and Ranch Director Jesse Allen has our closing report:

Also, more analysis with Bryan Doherty of Total Farm Marketing and Jesse Allen on today’s Market Talk below:

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