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Old soybeans end 30¢ higher

07/22/2013 @ 8:44am

DES MOINES, Iowa (Agriculture.com)--Much like it traded all session, the CME Group soybean market settled sharply higher, while corn ended weaker Monday.

The Sept. futures corn contract closed 3 cents lower at $5.40. New-crop Dec. corn futures finished 3 cents lower at $4.98. The Aug. soybean futures contract ended 30 cents higher at $15.20; new-crop Nov. soybeans settled 14 cents higher at $12.88. Sept. wheat futures settled 5 cents lower at $6.59 per bushel. The Dec. soyoil futures finished 1 cent per short ton lower at $45.31. The Dec. soymeal futures finished $7.40 per short ton higher $389.90.

In the outside markets, the NYMEX crude oil is $1.27 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 23 points higher.

Alan Brugler, president of Brugler Marketing & Management LLC, says the feature for today's trade is a short traders squeeze in August beans. "About 40,000 contracts of OI, delivery notices start on July 31, almost no old-crop receipts available for delivery. Commercials will hold long in August, as deliveries can still be crushed at end of month. Not the case for September, but spread traders have it along for the ride," Brugler says.


Weekend rain totals are light, but the forecasts have absolutely no dome, lots of thunderstorm activity that on average means most folks get some water, he says.  "It's tough to rally corn in that environment, given largest acreage since 1930s," Brugler says. 

Jack Scoville, PRICE Futures Group vice president, says soybeans and meal are leading because of short supply. 

"I think that is all it is. The weather was a little drier than forecast, but areas that got rains got real good rains, and I think the market is generally reflecting this today. Even beans to some extent. Forecasts imply that areas that got missed should have some chances later in the week, which the market is also recognizing. In addition, the trade consensus for Monday's USDA Crop Progress Report is that crop conditions will be down 2% this week, in both beans and corn good to excellent rating. 

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