Soybeans Close 10¢ Higher
DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group soybean market stopped its recent fall by closing up double-digits. Corn and wheat found buyers, too.
At the close, the July corn futures contract settled 2 3/4 cents higher at $4.41. The Dec. corn futures finished unchanged at $4.39. The July soybean futures contract settled 10 3/4 cents higher at $14.09. The Nov. soybean futures finished 1 cent higher at $12.13.
July wheat futures closed 5 1/4 cents higher at $5.87. The July soymeal futures contract settled $2.50 per short ton higher at $453.20. The July soyoil futures closed $0.45 higher at $40.13.
In the outside markets, the NYMEX Brent crude oil is $0.21 per barrel lower, the dollar is lower, and the Dow Jones Industrials are 22 points higher.
Peter Meyer, PIRA Energy grain analyst, says the markets have little to trade this week. "Overnight old-crop bean sales and concerns over severe weather continuing in the upper Midwest are the only talking points. Wheat’s just short covering. There’s really nothing of interest in these markets currently."