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Soybeans close higher

06/12/2012 @ 7:55am

DES MOINES, Iowa (Agriculture.com)--The CME Group soybean market closed higher, off of a bullish USDA Report Tuesday. Meanwhile, corn and wheat ended lower.

The July corn futures closed 9 cents lower at $5.83, while the Dec. contract settled 15 cents lower at $5.19. The July soybean contract settled 9 3/4 cents higher $14.34 1/2, while the Nov. 2012 contract finished 6 3/4 cents higher at $13.38. The July wheat futures settled 14 cents lower at $6.16 1/2. July soyoil futures settled $0.09 lower at $49.65. The July soymeal futures closed $5.50 higher at $433.50. 
In the outside markets, the NYMEX crude oil is $0.42 per barrel higher, the dollar is lower and the Dow Jones Industrials are 123 points higher.

Tim Hannagan, PFGBest.com senior grain analyst, says the traders bought the lower crop condition ratings and lower ending stocks, giving us higher trade twice today. 

"Meanwhile, sellers pushed us lower on a big rain event in the Midwest for Sunday to Wednesday. There's lots to buy and sell today. When we come in Wednesday they will say what report, how's the weather? Weather remains 90% of our pricing influence."

Discuss the corn, soybean and wheat markets in Marketing Talk.

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