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Soy prices turn higher

03/10/2011 @ 9:38am

CHICAGO, Illinois (Agriculture.com)--For the third day in a row, the CME Group grain and soybean markets started lower Thursday. However, at least the soybean market has been able to stage a turnaround. A bearish USDA Supply/Demand Report is pressuring prices.

At mid-session, the May corn futures are 4 cents lower at $6.97. The May soybean contract is 14 cents higher at $13.62.  The May wheat futures are 14 3/4 cents lower at $7.44. The May soymeal futures are $5.50 higher per short ton at $358.20. The May soyoil futures are $1.20 lower at $57.00.

In the outside markets, the NYMEX crude oil is $2.84 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 135 points.

Joe Bedore, FC Stone's CME Group grain floor manager says a turnaround for soybeans is not surprising. "We saw fresh soybean sales today, I think it's China. We can talk about all we want about China not buying from the U.S. instead South America. The fact is they are buying beans here."

Also helping the turnaround is this idea that traders wanted to sell the market on the open, only to return as a buyer, he says.

"I think corn will eventually be unchanged. Because we already have taken a 'buck' out of the wheat and soybean markets, 50¢ out of the corn market, I think it's a natural to come into today's market and buy it, off a bearish USDA report. So, I think you'll see buyers come into this market yet today," Bedore says.


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