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Soybean prices close up double-digits

Updated: 10/17/2012 @ 3:47pm

DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets remain higher Wednesday.

The December futures corn contract settled 7 1/4 cents higher at $7.45. November soybean futures contract finished 15 cents higher at $15.09. December wheat futures finished 8 cents higher at $8.56 per bushel. The December soyoil futures contract settled 56 cents higher at $51.03. The December soymeal futures contract finished $1.90 per short ton higher at $454.70.

In the outside markets, the NYMEX crude oil is 14 cents per barrel lower, the dollar is lower, and the Dow Jones Industrials are 1 point higher.

Jack Scoville, PRICE Futures Group vice-president, says the markets were overdone yesterday to the down side, and that, combined with a weaker dollar, helped the farm markets Tuesday.  

"Corn demand seems to be very light but nothing is moving, as farmers try to get corn and beans out before the storm that is bringing some pretty big winds," Scoville says.  We are close to competitive in wheat prices around the world, which will help demand. And, I am hearing of Chinese interest in soybeans. So, the market acts like maybe it has gone down enough."

Somewhere we've got a harvest low coming, he says. "I'm not seeing much commercial activity here, although some buying by them, if anything at all." 

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