Home / Markets / Markets Analysis / Corn market / Soybeans close 24¢ higher

Soybeans close 24¢ higher

Updated: 11/27/2012 @ 5:56pm

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.

CancelPost Comment

Soybeans Stay 5¢ Higher, Corn Up 3¢ By: 11/30/2015 @ 8:59am DES MOINES, Iowa (Agriculture.com)--On Monday, the CME Group's corn and soybean markets remain…

2016 Basis Prices Vary Widely Depending on… By: 11/25/2015 @ 2:24pm This marketing year, farmers who are looking to pick up a few more cents per bushel for their corn…

Soybeans Close 11¢ Higher Wednesday By: 11/25/2015 @ 8:48am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the bulls stole the feast from the bears, with…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Successful Marketing Newsletter