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Soybean prices close sharply higher

09/20/2010 @ 9:45am

CHICAGO, Illinois (Agriculture.com)--Despite the corn and wheat markets giving way to profit-taking pressure, the CME Group soybean market remained sharply higher Monday.

The Dec corn futures settled 5 cents lower at $5.08 1/4. The Nov. soybean contract closed 15 1/2 cents higher at $10.84 1/2. The Dec. wheat futures finished 7 1/2 cents lower at $7.31 3/4.  The Dec. soyoil futures closed 75 points higher at $43.05. The Dec. soymeal futures closed $1.70 higher at $310.20 per short ton.

In the outside markets, the NYMEX crude oil is $1.31 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 134 points.

Jack Scoville, PRICE Futures Group vice-president, says today has been more two-sided than first thought, looking at the beans. "There has been follow-through spec-buying.  There might be user-buying but my users are quiet so far in both beans and Corn.  There has also been spec-selling and some farm-selling here as well," he says. 

Scoville adds, "Trends are up in both the soybeans and corn, but corn should have somewhat limited upside potential as it has run quite a bit.  Charts do not show any real resistance until 550 Dec, but some liquidation-type trading from specs and some farm-selling might keep futures from getting that high.  The fundamental is the weather in Canada, Asia, and South America right now.  Freezes and drought will do it!"

Meanwhile, USDA announced Monday that China bought 225,000 metric tons of U.S. soybeans for 2010-11.

Also, an unknown bought 110,000 metric tons of U.S. corn for 2010-11 delivery. And, South Korea bought 165,000 metric tons of U.S. corn for 2010-11.

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