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Soybeans close higher

Updated: 12/12/2011 @ 1:57pm

DES MOINES, Iowa (Agriculture.com)--After trading in a choppy pattern most of the trading session, the CME Group soybean market closed higher on buying interest and weather threatening South America's crop Monday. 

The March corn futures settled 1/4 of a cent lower at $5.94. The Jan. soybean contract settled 5 cents higher at $11.12. The March wheat futures closed 1 3/4 cents lower at $5.94 1/4. The January soymeal futures contract settled $2.60 per short ton higher at $279.50. The January soyoil futures settled $0.28 lower at $49.32.

In the outside markets, the NYMEX crude oil is $1.64 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 229 points.

Jack Scoville, PRICE Futures Group vice president, says the market is acting sold out. "The weakness overnight was caused as much by the dollar as anything. The strong dollar is still around, but even last Friday this market was trying to act like it was running out of bear influence.  Dry weather talk in South America is supporting the beans too.  So far, a light volume day," Scoville says.

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funny 12/12/2011 @ 10:36am Its so funny all last week the cbot said that without a europe deal prices would stay down then just by chance there is a deal on friday then shocking the usda comes out with a bearish report like we didn't see that one coming the usda and cbot are the 2 worst things for farmers.

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