Soybeans Close 21¢ Higher Monday
DES MOINES, Iowa (Agriculture.com)--On Monday, a forecast with a lack of rain in it helped push up the CME Group's corn, soybean and wheat markets.
At the close, the Dec. corn futures settled 7 cents higher at $3.69.
Nov. soybean futures closed 21 cents higher at $10.79.
Sep. wheat futures finished 9 3/4 cents higher at $5.44.
Dec. soymeal futures closed $5.40 higher at $347.80. Dec. soyoil futures settled $0.69 higher at $36.40.
In the outside markets, the NYMEX Brent crude oil is $0.20 per barrel higher, the dollar is higher and the Dow Jones Industrials are 68 points higher.
Jack Scoville, PRICE Futures Group vice-president, says the crops look good but clearly need a drink.
"We had good forecasts for rains at the end of this week when we went home on Friday, now they do not look so good. I think some other people probably came to the same conclusion I did that the crops need a drink," Scoville says. Plus,. Nothing for sale here or in Latin America and the market might be a little short."
There are some worried buy-side guys, as they are having some small problems getting offers, at least out of South America, Scoville says. "Wheat market is more a function of the rains in Europe hurting the quality there and leading to a potential increase in demand here. The market is short on the spec side and is getting more evened up as the fundamentals get a little modified," Scoville says.