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Soybeans close higher

Updated: 11/14/2011 @ 5:52pm

With a risk-off mentality, due to uncertainty in the world economic picture, combined with technical signals supporting buying in the CME Group soybean market, the farm markets ended in mixed territory Monday.

The Dec. corn futures settled 5 cents lower at $6.33 1/2. The Jan. soybean contract finished 2 3/4 cents higher at $11.78 1/4. The Dec. wheat futures closed 1 cent lower at $6.15 3/4. The Dec. soymeal futures ended $0.30 per short ton lower at $299.20. The Dec. soyoil futures closed $0.24 higher at $51.22. 

In the outside markets, the NYMEX crude oil is $0.10 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 74 points.

Jack Scoville, PRICE Futures Group vice-president, says the market is supposedly digesting talk of China soybean buying. "It's very quiet day here, waiting for news on MF Global and Europe like everyone else," Scoville says. "Europe's situation is maybe more of a market detriment than MF Global's bankruptcy. It is a tough time. 

"Regardless, both have seemed to have knocked the markets back with no volumes to speak of and lots of unhappy people.  I think the entire last two weeks have pushed people out and they will take some time to come back," Scoville says.

Meanwhile, Marketeye is traveling along I-80 today. I'm seeing a lot of field work. You name it and someone is doing it in these rolling hills across central and eastcentral Iowa. I'm seeing tiling, chiseling, harvesting, nitrogen application, and even coyotes chasing one another across just harvested bean fields.

Discuss the corn, soybean and wheat markets and 2012 planting intentions. Join the discussion in Marketing Talk. 

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