Soybeans close 8¢ higher
DES MOINES, Iowa (Agriculture.com)--Though off its daily highs, the CME Group soybean market finished strong, due to unfavorable crop-weather in South America.
The soybean crop needs a rain, and the 10-day forecast is not calling for any for much of the Brazilian and Paraguayan crops.
The Dec. corn futures contract closed 3 1/2 cents higher at $4.26. The Jan. soybean futures contract settled 8 3/4 cents higher at $13.46. March wheat futures ended 2 cents lower at $6.19 per bushel. The March soymeal futures contract closed $6.80 per short ton higher at $436.60. The March soyoil futures finished $0.47 lower at $39.63.
In the outside markets, the NYMEX Brent crude oil is $1.08 per barrel lower, the dollar is lower and the Dow Jones Industrials are 30 points lower.
Jack Scoville, PRICE Futures Group vice-president, says today's rally has been firm all day.
"I think just no offers in the market and the market needs a little corn is driving these markets higher. It does not hurt that Japan bought all that corn too, after all the rejections from China. That corn is finding a home.," Scoville says.
Beans a bit of a mystery, but it's more suspicion, more talk of Chinese buying, he says.
"I think, though, what we are really seeing is a lack of offer for beans and corn in the cash market, with specs buying corn to get out of some shorts, but seemingly willing to go longer in soybeans futures. The beans are moving out as we saw in the export inspections yesterday, but domestic demand is said to be covered into late next month. I was expecting a softer day in the beans, but they held support and are looking pretty impressive right now."