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

Soybeans close sharply higher

03/26/2012 @ 9:36am

DES MOINES, Iowa (Agriculture.com)--Bullish news and trader nervousness ahead of this week's USDA Reports have the CME Group helped the CME Group soybean market close sharply higher Monday.

The July corn futures settled 8 1/2 cents lower at $6.36. The July soybean contract settled 12 1/2 cents higher at $13.84 1/4. The July wheat futures closed 5 3/4 cents higher at $6.70 1/4. The July soymeal futures finished $4.50 per short ton higher at $378.40. The July soyoil futures are trading $0.55 higher at $55.84. 
In the outside markets, the NYMEX crude oil is $0.28 per barrel higher, the dollar is lower and the Dow Jones Industrials are up 153 points.

Tim Hannagan, PFGBest.com senior grain analyst, says the rally is based off of the traders factoring in the common fear of recent years that we won't plant enough acres of corn, beans or wheat to keep up with demand. 

"But, as always, expect profit-taking by 'longs' in the market ahead of the report, as longs have the risk going into Friday's report. Note, they made new highs for the month of March and February's reports to start the week. Prior to the March 9 USDA Report, profit-taking occurred days ahead of its release. So, positioning and posturing for the bulls and bears will leave its foot print this week," Hannagan says. 

CancelPost Comment
MORE FROM MIKE MCGINNIS more +

USDA Data Is Friendly, Soybeans Don't… By: 12/10/2014 @ 10:14am DES MOINES, Iowa (Agriculture.com)—The strong pace of U.S. exports has encouraged the USDA to…

Pre-USDA, Markets Drop Wednesday By: 12/10/2014 @ 8:53am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, soybean and wheat…

Corn, Soybeans Seen Extending Gains By: 12/10/2014 @ 5:52am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
The Future of Livestock Production
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]