February 7, 2022
Soybean and corn prices up, set for weekly gains
March soybeans and corn futures recovered above critical price levels to maintain recent gains, after losing ground due to profit-taking on Friday, Reuters reported.
After the heavy selling eased, there was renewed interest for purchasing soybeans that restored its most-active March futures contract, now on target to hit its highest weekly increase since June 2021 and possibly see follow-through buying once traders from China return from their Lunar New Year holidays.
Soybean's most active contract increased US$0.66 at US$15.54-1/2 per bushel.
The Buenos Aires grains exchange slashed its projections for Argentina's 2021/2022 soybean harvest to 42 million tonnes last week from 44 million tonnes, because of reduced yields and a smaller planting area than first planned.
Wang Tao, a Reuters analyst, said soybeans surpass resistance at US$15.50 per bushel to maintain nine consecutive weeks of positive closes. Once it surpasses US$15.60, it is set to hit US$15.72-1/4 to US$15.91-1/4.
Corn and wheat also ended higher but not as advanced as soybeans. The most active corn contracts gained 0.53% to US$6.20 per bushel, while wheat increased 0.73% to US$7.57-1/2 per bushel.