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Soybean market closes higher

Updated: 03/06/2012 @ 2:29pm

DES MOINES, Iowa (Agriculture.com)--After starting sharply lower, CME Group soybean prices finished sharply higher, while corn and wheat ended lower Tuesday.

The May corn futures settled 6 3/4 cents lower at $6.54. The May soybean contract ended 10 1/4 cents higher at $13.35 1/4. The May wheat futures ended 18 cents lower at $6.55 3/4.  The May soymeal futures finished $7.70 per short ton higher at $365.90. The May soyoil futures settled $0.45 lower at $53.28.
In the outside markets, the NYMEX crude oil is $1.90 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 215 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the soybeans are rallying in large part due to technical factors. 

"They hit resistance on the charts yesterday, so funds sold. Today, they hit support points, so they (funds) bought," Hannagan says. Funds are 90% technical, with fundamental knowledge only on the monthly crop reports, he says. 

"Funds were poised to take profits, prior to the Friday crop report.  And with two month highs hit yesterday, it was a easy decision as the longs had the profits and therefore the risk into the report. But no one has lost site of the big picture that’s very bullish for corn and beans. So, breaks remain buying opportunities," he says.

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