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Corn, soybeans close higher

Updated: 04/26/2012 @ 2:05pm

DES MOINES, Iowa (Agriculture.com)--After trading both sides of zero,  the CME Group soybean market closed higher Thursday. 

Late in the day, Argentina's Exchange released a lower estimate for that country's soybean crop…now estimated at 43 mmt, down 1.0 mmt from its earlier estimate.

The July corn futures settled 6 1/2 cents higher at $6.07 1/2. The July soybean contract finished 4 1/4 cents higher at $14.80 1/4. The July wheat futures closed 9 cents higher at $6.35 1/2. The July soymeal futures settled $4.60 per short ton lower at $421.80 and July soyoil futures finished $0.28 lower at $55.75. 
In the outside markets, the NYMEX crude oil is $0.20 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 120 points.

Jack Scoville, PRICE Futures Group vice president, says the export sales Thursday were very strong, but the market had expected strong sales.  "There seems to be a lot of liquidation-selling going on as the month ends next week.  In addition, you got the usual world economic concerns going on too," Scoville says.  

Outside markets turned favorable, late in the day. 

Despite finishing higher, the soybean market fought off selling and negative outside forces most of the trading session, he says.

"It really seems to be just speculative-selling related to the calendar as much as anything else.  Midwest weather forecasts are more moderate now and this is helping the bear case.  Charts show that beans and meal made some upside targets for now and that is causing some of the liquidation, as there was not enough follow-through yesterday," Scoville says.

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