Soybeans Chop but End 13¢ Higher
DES MOINES, Iowa (Agriculture.com)--After starting on a double-digit rally, the CME Group soybean market turned negative, only to reverse again to close higher Thursday.
The May corn futures contract settled 4 1/4 cents higher at $5.00. The Dec. corn futures settled 4 1/2 cents higher at $5.01. The May soybean futures contract settled 13 cents higher at $14.75. The Nov. soybean futures finished 5 1/2 cents higher at $12.03. May wheat futures finished 6 3/4 cents higher at $6.76 per bushel. The May soymeal futures contract closed $3.60 per short ton higher at $480.10. The May soyoil futures finished $0.82 higher at $41.67.
In the outside markets, the Brent crude oil is $0.44 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 30 points lower.
Dustin Johnson, EHedger LLC grain analyst, says planting uncertainty is keeping the markets propped up. "Not seeing any specific news, besides the strong meal sales this morning. I know that a lot of traders have stopped trading old-crop soybeans just because the carryout is so uncertain."
Informa's 2014 acreage numbers didn't trigger much of a market reaction either, he says. "We think there is still room to pick up corn and bean acres from what was reported on Monday. That may cap corn and soybean prices in the new crop until a weather event comes along. At the same time, the market has kept a lot of uncertainty premium in the price ahead of planting. We could potentially see a range-bound pattern form until heavy planting occurs. For now, we will just watch weather until that happens," Johnson says.