Home / Markets / Markets Analysis / Corn market / Soybeans Close 21¢ Higher Monday

Soybeans Close 21¢ Higher Monday

08/04/2014 @ 8:38am

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.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Corn, Soybeans, and Wheat Close Lower By: 09/23/2014 @ 8:37am DES MOINES, Iowa (Agriculture.com)—On Tuesday, a lack of fresh news, other than big yield…

Soybeans Seen Trading Slightly Higher By: 09/23/2014 @ 7:45am On Tuesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly…

Outlook: Harvest Weather Seen Favorable… By: 09/19/2014 @ 11:47am At least one thing is clear: The Midwest frost threat is no longer a worry (through early October)…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Before Harvest Begins