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Soybeans close 17¢ higher

Updated: 03/06/2014 @ 2:44pm

DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group's soybean market used strong demand and tightening supplies to close higher.

At the close, the May corn futures contract closed 9 cents higher at $4.91. The May soybean futures contract settled 17 cents higher at $14.38. May wheat futures finished 3 1/2 cents higher at $6.46 per bushel. The May soymeal futures contract ended $1.30 per short ton higher at $450.90. The May soyoil futures finished $1.09 higher at $44.49.

Jack Scoville, PRICE  Futures Group vice-president, says the export sales are helping the markets rally.

"Export sales were above expectations and that is what sent the market higher.  Moderating temps and the chance of a little light precip in the Great Plains keeping the wheat down," Scoville says.  

He adds, "On the price action, what I said yesterday applies, we need to see the beans keep going.  If not, beans could be toast."  

Corn made new highs and we see the close, but getting much over $5.00 level might be hard, he says.  "There is still corn around, after all.  The funds are buying less today, but the funds own lots of grains and soybeans after the huge buying they did this week, and the farmer owns less of them."

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