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$15 & rising: July soybeans surge

06/29/2012 @ 8:04am

DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market became the floor leader, closing 46 cents higher Friday and at a four-year high for nearby contracts. Meanwhile, both corn and soybeans remained well supported by hot/dry crop weather Friday.

The July corn futures settled 20 cents higher at $6.72, while the Dec. contract finished 2 cents higher at $6.34 3/4. The July soybean contract settled 46 cents higher $15.12, while the Nov. 2012 contract closed 25 cents higher at $14.28 1/4. The July wheat futures closed 13 cents higher at $7.39. July soyoil futures ended $1.23 higher at $52.15. The July soymeal futures finished $10.80 higher at $437.40.

In the outside markets, the NYMEX crude oil is $6.87 per barrel higher, the dollar is lower and the Dow Jones Industrials are 240 points higher.

Tim Hannagan, PFGBest.com senior grain analyst, says the traders betting the report would be not as bearish as pre report estimates suggested bought prior the reports release with corn and beans up 12 to 15.

"But, a slightly more bearish report had them sell the reports release only to find the weather traders waiting to buy. Weather longs sold out yesterday looking to re-enter on a lower open today," Hannagan says.

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