Soybeans rally to end 9¢ up
DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market used continuing strong demand to trade at a two-month high, while corn and wheat followed Monday.
The Dec. corn futures contract finished 2 1/2 cents higher at $4.24 3/4. The Jan. soybean futures contract finished 9 3/4 cents higher at $13.29. Dec. wheat futures closed 3 cents higher at $6.52 1/2 per bushel. The Jan. soymeal futures contract settled $9.40 per short ton higher at $437.20. The Dec. soyoil futures closed $0.50 lower at $40.66.
In the outside markets, the NYMEX crude oil is $0.84 per barrel lower, the dollar is higher and the Dow Jones Industrials are 39 points higher.
Tim Hannagan, Walsh Trading Inc. grain analyst, says a holiday shortened week has traders positioning themselves early.
"Wheat and corn are having more month-end and shortened holiday short- covering. Early on, soybeans experienced long-liquidation from last week's demand rally. As the session went on, buying reoccured for the soybean market," he says.