Home / Markets / Markets Analysis / Corn market / Soybeans close sharply higher

Soybeans close sharply higher

03/13/2012 @ 9:36am

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.

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

Soybeans Close 20¢ Higher Tuesday By: 10/21/2014 @ 8:39am DES MOINES, Iowa (Agriculture.com)—Slow harvest pace and buyers’ participation have underpinned…

Harvest Pressure Sinks Soybeans By: 10/20/2014 @ 8:50am DES MOINES, Iowa (Agriculture.com)— The CME Group’s corn, soybean, and wheat markets finished…

Corn, Soybeans Seen Falling Monday By: 10/20/2014 @ 6:49am On Monday, the CME Group's corn, soybean, and wheat markets are expected to start…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Are We In a Climate Change?