DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market closed sharply higher, due to fresh demand reports Thursday.

The July corn futures closed 5 cents higher at $6.25, while the Dec. contract finished 2 cents higher at $5.28 1/4. The July soybean contract settled 16 cents higher $14.38, while the Nov. 2012 contract ended 4 1/4 cents higher at $13.06 1/2. The July wheat futures ended 19 cents higher at $6.57 1/2. July soyoil futures settled up $0.29 at $50.72. July soymeal futures closed $3.00 at $428.00. 
In the outside markets, the NYMEX crude oil is $0.26 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 91 points.

Jack Scoville, PRICE Futures Group vice president, says the fresh demand news Thursday is supporting the markets.

"Soybeans are up on the China purchase.  The fact that China bought old crop, after buying so much new crop in recent tenders, helped the markets go higher," Scovile says.

At mid-session, the markets started to fade. "It is possible that between yesterday and today the news is in the price now.  If so, the market can fade more," he says.

Specs were buying early but not so much now, he says.

Wheat is up on weather concerns in the U.S. and in Russia/Kazakhstan. That seems to be pretty much spec-buying there, Scoville says.  

"Corn is quiet, with not much direction either way. But, if beans and wheat hold, corn will have to come back," he says.