Soybeans close 21¢ higher
DES MOINES, Iowa (Agriculture.com)--On Thursday, the CME Group soybeans closed double-digits higher, as the government's carryout remains unrealistic with the trade.
The March corn futures contract settled 1/4 of a cent higher at $4.40. The March soybean futures contract finished 21 cents higher at $13.44. March wheat futures closed 8 1/2 cents higher at $5.95 per bushel. The March soymeal futures contract finished $9.30 per short ton higher at $452.80. The March soyoil futures settled $0.55 higher at $39.54.
In the outside markets, the NYMEX crude oil is $0.06 per barrel higher, the dollar is lower and the Dow Jones Industrials are 67 points lower.
Tim Hannagan, Walsh Trading senior grain analyst, says the soybean rally is all about the export sales figures.
"Beans are the leader. The trade wanted to see cancellations knocking down demand from China. The weekly export sales were 175,000 mt. That is about as bearish an overall number as you can get. But, it had a twist in the break down. It showed 301,000 mt were switched away to another port and decreases of previous exports of 326,000 mt clearly done by China. But, then it showed new exports of 320,000 mt. to China. They bought back as much as they got rid of. This report won't add any beans back to carryover which is badly needed," Hannagan says.