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Old soybeans close 28¢ higher

Updated: 06/11/2013 @ 2:59pm

DES MOINES, Iowa (Agriculture.com)--While the CME Group old-crop soybean market closed sharply higher on thoughts of increased crushing, the corn and wheat markets settled higher on positioning ahead of tomorrow's USDA June Production Report.

The July futures corn contract settled 10 cents higher at $6.59. New-crop Dec. futures finished 5 cents higher at $5.50. The July soybean futures contract ended 28 cents higher at $15.40, new-crop Nov. soybeans settled 8 cents higher at $13.27. July wheat futures closed 7 cents higher at $6.96 per bushel. The July soymeal futures finished $15.10 per short ton higher at $463.40. The July soyoil futures closed $0.03 lower at $48.04.

In the outside markets, the NYMEX crude oil is $0.41 per barrel lower, the dollar is lower and the Dow Jones Industrials are 106 points lower.

Tim Hannagan, Walsh Trading grain analyst, says that today's market  action is all about positioning ahead of Wednesdays big USDA crop report. 

"New crop corn contracts are up on fear that Wednesday's USDA Report may lower corn acres and yields, due to the excessive spring rains," Hannagan says. 

The November soybean contract is dragging its feet on fear corn acres may move to beans, he says. 

Underpinning beans is the thinking of a strong crush pace that may show up on the report, Hannagan says. 

"Don’t expect any big moves into the close today, as these fears are muted by the thinking that the USDA may wait until the June 28 final acreage report to make big yield adjustments."

That report includes survey information that runs through June 16.

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