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Soybeans close sharply higher

Updated: 03/13/2012 @ 1:28pm

DES MOINES, Iowa (Agriculture.com)--Strong buying in the CME Group soybean market, along with falling global soybean production estimates helped prices close sharply higher Tuesday.

The May corn futures settled 2 1/2 cents higher at $6.62. The May soybean contract ended 14 1/4 cents higher at $13.48 3/4. The May soymeal futures closed $3.70 per short ton higher at $365.80. The May soyoil futures settled $0.96 higher at $54.92.
In the outside markets, the NYMEX crude oil is $0.56 per barrel higher, the dollar is higher and the Dow Jones Industrials are up 111 points.

Jack Scoville, PRICE Futures Group vice president, says the rally in soybeans is supposed to be in response to the recent strength in corn.  "There is need to show some price to keep soybean plantings up.  Probably something to it as Oil World and others are talking better demand for U.S. beans now, with the lost production in Brazil," Scoville says.  

The market is experiencing both fund and speculator buying.

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