Soybeans close 24¢ higher
DES MOINES, Iowa (Agriculture.com)--Tight supplies and crop-weather concerns sparked the CME Group corn, soybean, and wheat markets to close up double-digits.The December futures corn contract closed 12 3/4 cents higher at $7.64. January soybean futures contract settled 24 cents higher at $14.49. March wheat futures finished 24 cents higher at $8.88 per bushel. The January soyoil futures contract settled 83 cents higher at $50.41. The January soymeal futures contract settled $6.50 per short ton higher at $433.40.
In the outside markets, the NYMEX crude oil is 59 cents per barrel lower, the dollar is higher, and the Dow Jones Industrials are 72 points lower.
Tim Hannagan, Alpari (U.S.) LLC senior grain analyst, says the soybeans and wheat markets are leading the charge today on two issues. "One, China is actively buying bean oil from the U.S., lending to thoughts of improved bean exports to crush for its oil and meal. Two, Chinese trade groups are projecting that country will double U.S. wheat imports to satisfy demand shortages and wheat for the feed ration, as well," he says.
This came after talk yesterday that Argentina's wheat harvest under way was showing big yield losses after heavy rains hit during key yield development time, he says. "Argentine wheat is the current fresh harvest after bad harvest projections out of Australia and Russia," Hannagan says.